3 Tips for Getting Your Budgeting Back on Track

The pandemic has wreaked havoc with many nonprofits’ budgets over the past two years. Some organizations have taken a more permissive approach to budgeting, but they can’t afford to continue it indefinitely. If your nonprofit is in this position, it’s time to buckle down. Here are three tips to help you develop the realistic budgets…

Board members: Stay alert for these 4 financial red flags

Your board members are undoubtedly well aware of your nonprofit’s financial problems during the COVID-19 pandemic. But as 2021 unwinds, the board should keep its eyes on potential problem spots, ask questions and direct remedies as needed. These four areas can present clues that the organization is headed for trouble. 1. Financial statement flaws. Late,…

COVID-19 Changes the Landscape for Single-audit Compliance

COVID-19 and its economic impact have left the nonprofit niche financially vulnerable, with corporate and individual donations dropping precipitously for many organizations. Relief funding under the CARES Act has helped some nonprofits remain reasonably stable. But funding also will likely impose new single-audit requirements on recipients already struggling to keep their heads above water. The…

Are You Covered? Potential Insurance Relief for COVID-19 Losses

The COVID-19 crisis and its economic fallout have many organizations hunting desperately for financial relief. While much has been made of the various governmental support programs, it’s also worth reviewing your insurance policy portfolio to determine if you qualify for coverage for some of your COVID-19-related losses and exposures. Below are some of the insurance…

Are You Holding a Raffle?

This ticket to revenue carries compliance concerns Raffles are tried-and-true fundraising vehicles. They can be attractive to your constituents, easy to put together and profitable. But organizations need to put on their “compliance hats” when holding this activity. Each state has its own set of laws regulating raffles. And all organizations must comply with federal…