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Articles & Books From Sharon Farris
Learn the ins-and-outs of managing, funding, and handling the accounting for a nonprofit Nonprofits are not like other businesses. They’re special. It doesn’t matter if you’re launching a career as part of a multi-million dollar organization or a volunteer running your local little league, you’ll need special know-how to navigate the accounting practices and funding needs of a not-for-profit.
Cheat Sheet / Updated 05-05-2023
Creating and operating a nonprofit organization can be a gratifying and worthwhile endeavor. Success depends on developing a good idea that meets a real need, testing that idea, planning (and then planning some more), and inspiring others.Though the work is demanding, it’s also deeply rewarding. Here, we include helpful information to help you raise money when you’re just starting out and apply for e-grants.
Article / Updated 03-26-2016
Running a nonprofit requires that you annually prepare and submit paperwork to your employees, the Board of Directors, the Social Security Administration, and the IRS. Each year, you should evaluate your nonprofit’s progress, go over your strategic plan, and celebrate the year’s successes. This list represents tasks you should complete yearly:
Submit Form 990, Annual Information Report, to the IRS.
Article / Updated 03-26-2016
To ensure your nonprofit’s daily activities are completed, organize a weekly to-do list and prioritize the tasks so the important ones are done first and other jobs are scheduled around them. Managing your nonprofit means sticking to your plan to stay organized and run efficiently. Apply these guidelines to your nonprofit’s weekly plan:
Set up daily priorities.
Article / Updated 03-26-2016
As a director or manager of a nonprofit, you require monthly budget assessments to track and manage your nonprofit’s finances. Monthly meetings, which should happen after a cost-benefit analysis, should involve your finance committee, budget staff, and/or budget task force. These meetings should go over management efficiency and include these items:
Review budget projections and compare the projected budget to actual results.
Article / Updated 03-26-2016
To analyze the financial health of your nonprofit organization, the board of directors needs quarterly financial statements, which monitor the flow of revenue. Likewise, for taxes, grants, and contracts, quarterly reports are required by federal and state government organizations. Make sure to take care of the following nonprofit accounting tasks:
Report payroll taxes to the IRS at the end of the quarter by submitting Form 941.
Beginner-friendly information you need to successfully manage finances in a not-for-profit organization Nonprofit Bookkeeping & Accounting For Dummies is a helpful guide for anyone who is responsible for financial and accounting operations in nonprofit organizations or needs to read and understand a nonprofit financial statement.