Every day we hear questions, comments and misconceptions from people in the nonprofit community about financial reporting. Some common questions are:
- Do all nonprofits need to have an independent audit performed on their financial statements?
- Are there any more affordable methods of evaluating a nonprofits financial position, rather than an independent audit?
- Is there any reason to have an independent audit performed if it is not required?
- Will having an independent audit uncover fraud?
- Is there a deadline for the completion of an independent audit?
- Are all nonprofits required to have an audit committee to oversee their independent audit?
Let's look at these one by one. Read more
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The 990: More than Just 
Tax Compliance
It has been more than 5 years since the IRS released the redesigned Form 990 for the 2008 filing season. Has your organization bee n using the new form to its full potential? Read more
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QuickBooks for Not-for-Profit Organizations
QuickBooks has an edition of their highly popular software which is tailored specifically for Not-for-Profit Organizations. That edition is the QuickBooks Premier Not-for-Profit Edition. The software is available in both the desktop version and the online version. With QuickBooks being the most popular software, it is no wonder that many 3rd party software applications are available to collaborate with QuickBooks to extend the capacity of the software. Here are some best practices that should be considered in configuring your QuickBooks file: Read more
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