Category: Non-Profit

A ‘basis of accounting’ is the methodology used to recognize revenues and expenses on financial statements. And because financial statements are a way for stakeholders to gage the financial health of the organization, nonprofits need to carefully consider which accounting basis they use and how that could change the financial statement.

Cryptocurrency has grown rapidly in recent years, prompting nonprofits to consider accepting cryptocurrency donations. In this article, we’ll discuss the advantages to accepting crypto, and what nonprofits need to know about getting started.

Record retention policies (also called a ‘schedule’) describes how long an organization needs to keep a piece of information (record), where it’s stored, and how to dispose of it when the time comes. Having a record retention policy is critical to maintaining compliance and reducing risks. It also helps organizations save storage and operating expenses when dealing with large amounts of printed or digital files.

Nonprofit organizations are often the recipients of “gifts” from donors. While many gifts (or, non-cash contributions) are beneficial to nonprofits, others can be more of a hassle than a benefit. Creating a “gift acceptance policy” can help nonprofits manage the expectations of donors while providing guidance for board and staff members about which gifts are acceptable and the procedures that need to be followed.