How To Classify Exchange & Non-Exchange Transactions

Non-profit organizations (NPOs) may receive contributions and other revenues from a variety of sources; however, there are two main classifications of revenue transactions that NPO accountants and managers should keep in mind when recording them in the books and thinking about where they receive their funding. These are: exchange transactions and non-exchange transactions. The primary [...]

By | March 21st, 2018|Financial|0 Comments

Educator Effectiveness Entitlement: What You Need to Know

The Educator Effectiveness funds are specifically to be used for professional development, coaching, and support services, as outlined in Section 58 of Assembly Bill (AB) 104, Chapter 13, statutes of 2015 and amended by Section 8 of Senate Bill (SB) 103, Chapter 324, statutes of 2015. The Educator Effectiveness funding is available to county offices [...]

By | February 27th, 2018|Financial|0 Comments

How To Prepare for a Financial Audit

Many businesses are required to undergo an annual financial audit, whether they be corporations, not-for-profits or governmental entities. The process can be stressful for those under the microscope and also for those footing the bill, but there are steps that you can take that can help reduce the pain, speed up the process and create [...]

By | January 26th, 2018|Financial, Tips|0 Comments

Who is Required to File a Form 990

The 990 Series of forms is an annual information return that will be filed with the IRS by most tax exempt organizations. It is important to know which organizations are required to file a 990 and which specific version of the 990 is appropriate. Being knowledgeable of the requirements will enable an organization to avoid [...]

By | January 14th, 2018|Financial|0 Comments

Preparing for a Financial Audit

Many businesses are required to undergo an annual financial audit, whether they be corporations, not-for-profits or governmental entities. The process can be stressful for those under the microscope and also for those footing the bill, but there are steps that you can take that can help reduce the pain, speed up the process and create [...]

By | December 30th, 2017|Financial|0 Comments

How to Select the Right Bookkeeper

Whether you’re just starting your business or you’ve been in business for years, choosing the right bookkeeper is essential. So why is your bookkeeper so important? This is a more complicated question than you may realize. Today many people call themselves and consider themselves a bookkeeper. Some know basic accounting and are proficient at keeping [...]

By | December 6th, 2017|Financial, Tips|0 Comments

Does a Nonprofit Organization Need to Have an Audit Annually?

For non-profit organizations, there are various situations that may arise that will trigger the need for an audit. There are certain Federal and California State laws that determine when an audit must be performed. There are also various situations in which it may not be required, however, would still be beneficial for a non-profit. As [...]

By | December 1st, 2017|Financial|0 Comments

Tips to Avoid Common Financial Statement Errors

In preparing financial statements for not-for-profit organizations (NPO), management and accountants should be aware of some common errors in presentation that affect the statements of financial position and activities. By paying attention to these simple tips, you can help to ensure that your financial statements will be ready for audit! Statement of Financial Position This [...]

By | November 16th, 2017|Financial, Tips|0 Comments

How to Successfully Use School District Credit Cards

Credit cards can make purchases much easier for a school district, but they are also a nightmare for internal controls. Many districts allow a select number of employees to use district issued Cal Cards to assist with making certain purchases. This can enable the district to easily make routine purchases or order goods online or [...]

By | September 19th, 2017|Financial|0 Comments