Financial Stewards, Risk Mitigators, Digital Pioneers: What Don’t Nonprofit CFOs Do?
By Laurie De Armond Safeguarding an organization’s fiscal health remains a core responsibility of nonprofit CFOs, but their roles have grown far beyond the four corners of a financial statement. At last week’s BDO Greater Washington, D.C. 2018 Annual Nonprofit Summit, a panel of CFOs tackled the myriad responsibilities and evolving challenges today’s nonprofit CFO […]
Could the Universal Charitable Deduction Wish Come True?
By Laura Kalick Nonprofit organizations have had a “universal” charitable deduction—which would allow all taxpayers the opportunity to take the deduction—on their wish list for quite a while. Although this provision did not make it into the final text of the bill known as the Tax Cuts and Jobs Act of 2017 (the Tax Act), […]
A New Tool for Evaluating Nonprofit Financial Fitness
By Lee Klumpp Being financially fit and stable is critical to any business, including a not-for-profit (NFP). If a NFP has a weak financial position, it may not be able to sustain its operations. While the perception by many in today’s society is that most NFPs are generally financially healthy, this is not always the […]
A mission statement is more than mere words plastered on a website or at the top of an annual report – it represents everything an organization stands for and all that it can accomplish. It drives the organization and its work. There is a cyclical ad infinitum relationship between a nonprofit organization’s mission, its impact, […]
Ten Things Keeping Internal Audit Up at Night – Part 2
By Ken Eye, Andrea Wilson In part one of this series, we discussed how funders, strategy, culture, and more create obstacles for nonprofit internal auditors, but that’s not the whole story. Now, we’re looking at how things like third-party vendors and potential fraud pose challenges to nonprofit organizations, and what steps they can take to […]
Ten Things Keeping Internal Audit Up at Night – Part 1
By Ken Eye, Andrea Wilson The internal audit (IA) function is vital to the health of any nonprofit, regardless of mission or scope. The audit committee and its individual members are crucial partners in safeguarding the integrity, purpose, and ultimately, the success of organizations. But, they often face challenges navigating a strained regulatory environment, all […]
Survival Tips for the New Era of Fundraising
By Andrea Wilson For nonprofits looking to stand out in an increasingly crowded giving landscape, experimenting with new giving models and integrating new technology into your current campaigns could help you stand out from the crowd. If the bulk of your fundraising budget is still directed toward age-old direct mailing campaigns, consider diversifying and exploring […]
Shaking Off the Stigma of Indirect Costs
By Andrea Wilson The “burden” of indirect costs remains one of the top concerns for both nonprofit organizations and their donors. Faced with limitations on indirect cost recovery from private foundations, shrinking federal dollars, and the increasing costs of program oversight, organizations grapple with a number of serious and conflicting concerns in this area. How […]
Tax Reform is Here, So What’s Next for Nonprofits?
By Nonprofit Practice Leaders On December 20, just a few weeks following the passage of the Senate’s Tax Cuts and Jobs Act, both legislative branches passed the conference version of the bill, marking the largest change to U.S. tax policy in decades. With most of the provisions set to go into effect in the New Year, […]
6 Strategies Under $6 to Exponentially Improve Organizational Performance
By Paul Jan Zdunek, MBA No matter how large and successful an organization may be, almost every nonprofit feels it could use more cash to accomplish its work; in fact, BDO’s recent Nonprofit Benchmarking Survey found that: “Loss of revenue can be devastating for nonprofits, and 40 percent of organizations list it as a concern for their […]