Remove Insurance Remove Liability Remove Utilities
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What Are 7 Common Nonprofit Startup Costs?

GrantNews

Nonprofit Insurance Many nonprofits purchase nonprofit insurance when starting their organization. Business insurance is to protect nonprofits from any claims against the nonprofit made as a result of normal operations. The price of this insurance can vary depending upon the coverage plan chosen.

Insurance 114
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How to Create a Nonprofit Chart of Accounts: 3 Steps + Tips

Get Fully Funded

Most COAs are organized into five categories: assets, liability, net assets, revenue, and expense accounts. Liabilities usually start with 2, net assets with 3, revenue with 4, and expenses with 5 and beyond. Then, those accounts are further divided into subcategories. For example, assets usually start with 1.

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How to create your new nonprofit’s first budget

Get Fully Funded

Expenses Staff Payroll Benefits Payroll taxes Contract staff Facilities Rent/mortgage Utilities (electricity, water) Pest control Maintenance Program Equipment Supplies Materials Mileage (specifically related to conducting your program’s activities) Administrative Office supplies Software (Quickbooks, donor tracking software, merchant account, etc.)

Budget 98
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Your Open House on Gifts of Real Estate

Center for Major Gifts

Nonprofits can refuse to accept a property if it puts the nonprofit at risk of liability or unaffordable expenses. The nonprofit will conduct due diligence, including assessing the property’s condition, marketability, and potential liabilities. Maintenance fees, utilities, taxes, and insurance.

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Does Revenue Diversification Actually Work for Nonprofits?

Peak Proposals

Without unrestricted sources of funding, you cannot cover your executive director’s salary, the salaries of your administrative staff (which includes grant writers), or ongoing costs like rent and utilities for your office. Fundraising activities and events must comply with local laws and carry adequate liability insurance.

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The 4 Core Nonprofit Financial Statements & Their Insights

Pamela Grow

Liabilities. These appear on the statement in order of payment due date, with short-term investments listed above long-term liabilities. On your balance sheet, youll calculate your nonprofits net assets by subtracting your total liabilities from your total assets. Youll typically list these in order of liquidity (i.e.,

Liability 130
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7 Vital Tips for Successful Estate Planning for Aging Baby Boomers

Planned Giving

However, for those with estates exceeding this amount, advanced planning is essential to minimize tax liabilities and ensure a smooth transfer of wealth. Beneficiary designations on accounts like life insurance, retirement plans, and bank accounts supersede wills. With the federal estate tax exemption set at $11.7