A strong accounting system is key to building an adaptable, sustainable organization. But unlike your for-profit counterparts, your nonprofit must use fund accounting practices rather than traditional accounting methods. Jitasa’s guide to fund accounting defines this term as “a method of financial management that tracks the amount of money allocated to various operations at a […]
Imagine you are driving somewhere you have never been before. Even if you have an idea of where you will end up, you will need some type of directions to ensure you make it to your destination without getting lost. The same goes for financial management. While you likely have ideas for managing your organization’s […]
Any nonprofit can start securing more funding through grant writing. A little introductory know-how plus hands-on practice will start you off on the right foot and can generate your first wins. However, to make grant writing a sustained (and high-ROI) revenue source for your programs and projects, you’ll need to devote time and resources to […]
As a nonprofit professional, you’re likely familiar with the main benefit of your organization’s 501(c)(3) status: exemption from federal income tax. Upon establishing your nonprofit, the founders filed Form 1023 with the IRS to register it as a charitable organization that would be tax-exempt for its entire existence—as long as it maintained compliance with nonprofit […]
When everything is going well for your nonprofit, risk management probably doesn’t seem like a priority. However, if difficult situations arise, having a risk management plan in place can be your organization’s saving grace.
