Nonprofit Operating Reserves
The operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
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Sherri Rose
- Jun 8, 2021
- 2 min
How much does a nonprofit audit cost?
Audits are expensive. They are the highest level of assurance; therefore, require the most work. The fee quoted will depend on several...
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Sherri Rose
- Dec 8, 2020
- 2 min
Nonprofit Statement of Functional Expenses Allocation Methods
If you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement...
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Sherri Rose
- Jun 9, 2020
- 3 min
Accounting for Non-Cash Contributions
Contributions can be made to a nonprofit in either cash or property. Non-cash contributions can be tangible or intangible. Tangible...
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Sherri Rose
- Dec 10, 2019
- 1 min
Volunteers and Financial Reporting Requirements
Volunteers are an integral part of many nonprofit organizations. Some organizations depend on their very survival by incorporating...
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Sherri Rose
- Dec 12, 2017
- 1 min
How to prepare the Grant Revenue Schedule
Accounting for grant revenue is vital for the nonprofit organization. Careful attention to detail must be provided throughout the life...
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Sherri Rose
- Mar 8, 2016
- 1 min
Form 990 Review
Part of a nonprofit organization’s board of director’s and management’s fiscal responsibility is a review of the information return, form...
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Sherri Rose
- Dec 8, 2015
- 2 min
NONPROFIT OPERATING RESERVES
The operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
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Sherri Rose
- Sep 8, 2015
- 2 min
Nonprofit and NC Sales and Use Tax Clarifications
Recently, I overheard a board member of a North Carolina nonprofit state they did not have to charge sales tax because they are exempt. ...
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Sherri Rose
- Jun 9, 2015
- 2 min
Grant Accounting in Nonprofit Organization
Accounting for grants can quickly become chaotic if not properly administered. Nonprofit Auditors know grant funding has to be properly...
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Sherri Rose
- Mar 10, 2015
- 2 min
Non-Profit accounting: Vendor Files
As a nonprofit auditor in North Carolina I often encounter incomplete vendor files and vendor on-boarding procedures. A file should be...
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Sherri Rose
- Sep 9, 2014
- 2 min
Not for Profit Organization Board of Directors – Audit Committee
The board is responsible for their own policies and procedures, like having all board members sign a related parties disclosure and code...
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Sherri Rose
- Mar 3, 2014
- 2 min
Am I Required to Have an Audit?
The first question I ask as a nonprofit auditor when receiving a request for an audit quote is “Why do you need an audit?” Audits can be...
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