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 [...]
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 [...]
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 [...]
Here at Nigro and Nigro we spend a considerable amount of time either working at a desk or traveling to clients, two habits that don’t always foster healthy habits. This is especially true when faced with hectic or alternating schedules and way too much time spent sitting behind a desk… or in a car… or [...]
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 [...]
For many Non-Profits, marketing isn’t top on the list of priorities, but increasing awareness and interest in your organization is still an important goal. Even the most worthwhile causes will have trouble getting off the ground without visibility. Your website is likely the first impression that many potential new supporters will have of your organization, [...]
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 [...]
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 [...]
Throughout high school and especially college, there is often constant conversation on the topic of internships. One can hardly get through a week in senior year without hearing about another student’s struggles or successes in the search for an internship or without being asked about their own plans and endeavors on the subject. Despite all [...]
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 [...]
