You can use benchmarking – the process of comparing your practice’s data to that of other, similar practices – to create a roadmap for improving everything from your operations to your finances. In this article, we explain how it works. Read more
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.
Read moreNonprofit 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.
Read moreRecently, many nonprofit organizations have received federal financial assistance as a result of the COVID-19 pandemic. This could make them subject to a Single Audit for the first time. The OMB Compliance Supplement provides guidance for those who want to understand the rules their auditing team must follow. Read more about the 2022 Compliance Supplement in this post.
Read moreFor nonprofit organizations, a board of directors is responsible for ensuring the organization upholds its mission, safeguards its assets, and operates in the public interest. While there are many legal, practical, and ethical reasons for a nonprofit to have a board of directors, the common theme is that it sets the foundation for good governance.
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