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Nonprofit Financial Statements: An Overview + Top Insights

Pamela Grow

Accounting can vary widely based on industry, and nonprofit accounting is one of the most unique approaches to the subject. Instead of focusing on generating a profit for the organization, the core of nonprofit accounting is accountability toward supporters and toward the mission.

Liability 147
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Do You Have to Pay Taxes on Grant Money?

GrantNews

By staying informed and seeking professional guidance when needed, you can effectively manage your finances and make the most of grant opportunities without running into unexpected tax issues. Understanding how grants impact your taxes is crucial to managing finances effectively and avoiding unexpected tax issues.

Grants 124
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Statement of Cash Flows: How Nonprofits Track Inflow and Outflow of Money

Blackbaud

A Statement of Cash Flows is a detailed financial view used by nonprofit organizations to track inflows and outflows of money related to their activities during a specific time period, typically the fiscal year. The Statement of Cash Flows is divided into three sections: Operating Activities, Investing Activities, and Financing Activities.

Finance 96
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Back-to-School Basics with Nonprofit Finance Fundamentals

Just Write Grants

It also resonates in boardrooms and nonprofit offices, signaling that it's time to revisit the basics and refresh foundational knowledge. With our digital school bells ringing, it's time to attend a masterclass in nonprofit finance. Expenses : These represent the costs incurred by the nonprofit in carrying out its activities.

Finance 52
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Does Your Nonprofit Need a Financial Oversight Committee?

Grant Writer Team

Nonprofits need financial oversight. Managing finances can be daunting for many nonprofit professionals, particularly those new to oversight roles within nonprofit organizations. But what exactly does a nonprofit finance committee do? What Does a Nonprofit Financial Oversight Committee Do?

Finance 70
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How to Create a Nonprofit Chart of Accounts: 3 Steps + Tips

Get Fully Funded

As a nonprofit leader, you’re no stranger to having to make the most of your limited resources. In this guide, we’ll explore the basics of creating and managing a nonprofit COA, starting with three simple steps you can take to develop this document. A chart of accounts (COA) is the foundation for all financial reporting.

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How to create your new nonprofit’s first budget

Get Fully Funded

When you’re just getting started, it’s critical that one of your first steps is to create your nonprofit’s first budget to help you manage both your organization and your finances as it grows. If you want your new nonprofit to grow successfully and fulfill its mission, a budget is not optional.

Budget 98