Bookkeeping For Nonprofits: How Is It Different Than For Small Business?
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- Опубліковано 8 лип 2024
- Bookkeeping... you know what it is, but do you know how it differs when it comes to your nonprofit vs. Bookkeeping for a small business? It’s not the same, and those differences matter.
📚 ADDITIONAL RESOURCES:
•VIDEO: What is Unrelated Business Income in a Nonprofit? • What is Unrelated Busi...
•VIDEO: How Do You Manage Restricted Funds? • How Do You Manage Rest...
•VIDEO: Who REALLY Owns a Nonprofit? • Who REALLY Owns a Nonp...
•VIDEO: What Records Should a Nonprofit Keep? • What Records Should a ...
•BLOG ARTICLE: Should Your Nonprofit Outsource its Bookkeeping Needs?
www.501c3.org/should-your-non...
•BLOG ARTICLE: Bookkeeping For Nonprofits: How Is It Different Than For Small Business? www.501c3.org/bookkeeping-for...
🏆 YOUR NEXT STEP:
•Fill out this form for a FREE consultation nonprofit bookkeeping: www.501c3.org/501c3-services/...
•Register for Fundraising TV: www.501c3.org/fundraising-tv/
•Download the FREE eBook “10 Things You Need to Know Before Starting a Nonprofit” bit.ly/3XhFag0
0:00 Introduction
0:58 #1: Nature and Purpose of the Entity
1:46 #2: Revenue Recognition
2:36 #3: Financial Statement Terminology
3:16 #4: Tracking of Equity vs. Net Assets
4:23 #5: Profit vs. Surplus
5:42 #6: Taxes
6:24 #7: The Need for Professional Assistance
7:05 Conclusion
If you need help filing for IRS 501(c)(3) status, we’d love to help. Fill out the form at bit.ly/3i6rFxz or give us a call at 888-361-9445.
This was an excellent introductory overview of the subject. Thank you.
Glad you enjoyed it!
Thanks for the very helpful video! I’m a bookkeeper with a nonprofit prospective client. Now I know more of what to look for in our consultation call.
This was a great video! very informative, thank you
Glad you enjoyed it!
I am newly established (private foundation). I have used my own money to start up such as the 1023EZ, Marketing items, website/domain-- can I pay myself back out of the funds I have received into my nonprofit?
Sorry for the delayed response. You can only do that if two things are both true: 1) You did not claim the money spent as a charitable contribution to the nonprofit (can't double-dip!), and 2) You have a written expense reimbursement policy/agreement in place, preferably prior to having spent the money. If you've already spent the money...and I suspect you have...put a policy in place anyway before you reimburse any funds. Your board needs to approve this policy and also approve the idea that it will cover your prior expenses in arrears.