Cash flow is a critical aspect of financial management for nonprofit organizations. Although nonprofits do not aim to generate profits, they still depend on a steady flow of cash to support their operations, deliver programs, and fulfill their mission. Effective cash flow management ensures that an organization can meet its obligations and continue serving its … Read more
If you’re leading a nonprofit, you already know how critical financial transparency is to sustaining trust. Donors, grant makers, board members, and even the public want reassurance that funds are being managed responsibly. One of the best ways to demonstrate transparency is through assurance services, which help to: Provide credibility to financial statements Satisfy grant … Read more
This H2R CPA webinar was presented live on May 15, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary People often lean on their local nonprofits during challenging times, but how do nonprofits serve those who need it most when their operations have been upended? … Read more
by H2R CPA Team Your nonprofit probably already ensures that donors receive a receipt with information about claiming a charitable contribution deduction on their tax return. But your obligations may go further than that. For non-cash donations, you might have responsibilities related to certain tax forms. Form 8283 for donorsWhen filing their tax returns, donors … Read more
by Leo A. Hannah, CPA, MBA, Partner I recently attended the Pennsylvania Institute of Certified Public Accountants (PICPA) Insurance Conference and wanted to share what I thought were the most relevant topics for my Fraternal Benefit Society clients: One of the main themes was cybersecurity. The Pennsylvania Department of Insurance will eventually be bringing in specialists … Read more
by Edward G. Scherer, CPA Serving as a member of a nonprofit board is an honorable way to contribute to a cause that is important to you and give back to your community. However, many people do not realize that a board position comes with fiduciary responsibilities, including the following: Making careful decisions that protect … Read more