A lot happened in 2020. The IRS pushed back the usual April 15 deadline to July 15 due to the COVID-19 pandemic. Tax scammers’ activities increase during tax season and times of crisis, and there have been more opportunities than usual for scammers to take advantage of due to coronavirus tax relief and Economic [...]
It is easy for inefficiencies to become the norm, especially during periods of growth. During these times, it’s common to focus on growing revenue, which is important to support your programs; however, there are many processes in your organization that eat up that revenue, and if they aren’t performed efficiently then they can take [...]
One of the most common questions we hear from business owners is “How do I get my employees to care about my business as much as I do?” The employees don’t have the same financial and emotional capital invested, so they’ll probably never care as much, but you understand the essence of the question. Our [...]
The number of nonprofit organizations in the U.S. with an annual revenue of over $1 Million has increased dramatically over the last decade. During high growth times, organizations must dedicate time to their reporting needs; as revenues increase, so do expenses. To maintain accurate and relevant financial reporting, organizations need to properly organize expenses, analyze [...]
We can all agree that 2020 has not gone as expected - a global pandemic, unrest around the world, and an upcoming election that could change the political landscape are just a few of the challenges we have faced. However, despite all the turmoil, the IRS is still in place and taxes are still being [...]
There is no denying that the year 2020 has changed the current state of how we work individually, and how we work as a member of a team. The events of 2020 will also more than likely become a catalyst for how we work in the future. During the last six months, I think it’s [...]
You’ve built a successful business, and now you’re ready to move on. However, thinking about how to get out of the business you spent your life getting into can be uncomfortable. There’s a lot to consider, strategically and emotionally. Successful transitions don’t just happen, and unsuccessful transitions can undermine everything you’ve worked for. Only 30% [...]
As we navigate this time of worldwide economic uncertainty, saying these times are “challenging” in the nonprofit world is understating the reality. While the ongoing COVID-19 crisis has affected organizations in different ways, nearly every nonprofit is concerned with maintaining donor engagement and achieving fundraising results. Many institutional donors have stepped up with accelerated distributions [...]
Undoubtedly, there’s a lot of uncertainty and change happening around us. This volatility can make us feel like we should hold tight and be reactive to what happens. But times of crisis and economic uncertainty can create opportunities for us to accelerate changes that we needed or wanted to happen anyway. Here are the Top [...]
Let’s face it, every month you review the same financial statements, which are most commonly: the statement of financial position, the statement of activities, and possibly the cash flow statement. Do you take the next step and dig deeper into these financial statements by calculating the key financial ratios that are important to your organization? [...]
