Industries: Nonprofit

Illustrating Your Nonprofit’s Story with Dynamic Dashboards

Nonprofit leaders face a unique set of challenges: how to maximize their mission with limited resources, how to serve constituents effectively, and how to prepare for the future in a proactive and strategic way. Without the proper technology in place, leaders can get bogged down administratively, losing the bandwidth and energy to lead impactfully. Dynamic…

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Luck of the Audit: The Role of Internal Controls in Audit Preparedness

Whether your organization is new to the audit process, or preparing for your 50th audit, savvy nonprofits know that the annual audit is a vital part of a sound financial management process. Audits ensure that information disseminated to the public about your organization’s financial position is fairly presented – and there are no shenanigans. The…

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Mastering Your Statement of Functional Expenses

A statement of functional expenses is fundamental to nonprofit accounting. While providing a comprehensive breakdown of your expenditures, a functional expense statement also helps to enhance the accuracy and transparency of your nonprofit financial reporting. Not to mention, failure to accurately report functional expenses on your Form 990 could put your organization’s nonprofit status in…

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Virtual Cyber Symposium for Nonprofits & Associations

Virtual Cyber Symposium for Nonprofits & Associations: Tax exempt organizations are not exempt from the growing threats of cyberattacks. Nonprofit organizations and associations hold valuable data and place a high value on their reputations, making them a frequent target for hackers. Join our experts for compelling insight into today’s threats to nonprofits, how to prioritize…

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GRF CPAs & Advisors Supports International Fraud Awareness Week

GRF is once again promoting anti-fraud awareness as an official supporter of International Fraud Awareness Week, taking place November 12 – 18, 2023. Supporting organizations are spreading the word about identifying and preventing fraud, and GRF is sharing helpful tools and information, which can be accessed on the firm’s Fraud Awareness Tips and Resource Page….

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Exploring the OMB 2023 Updates and Proposed Guidance

Each year, the U.S. Office of Management and Budget (OMB) updates the Compliance Supplement, which provides auditors with the federal government’s expectations for what they should be addressing as they perform single audits of federal programs under the Uniform Guidance. Understanding these updates and monitoring the developments centralized around single audits will keep your organization…

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How to Become a Tax-Exempt Organization

By Richard J. Locastro, CPA, JD and Katelyn Miller, CPA, MST The terms “nonprofit” and “tax-exempt organization” are often used interchangeably. And while there may be considerable overlap in their definitions, there is a distinction, especially for a 501(c)(3) public charity or private foundation. As explained further below, the process to become a tax-exempt organization…

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A Guide to Third Party Risk Management

Understanding and mitigating third party risk has become more important than ever, which makes now the perfect time for your organization to implement a third-party risk management program. This guide covers several aspects of third-party risk management, including steps for developing a program, tips for vetting new vendors, and the new risks presented by AI tools.