As a nonprofit case worker or administrator, you have a lot of decisions to make every week. And unlike some other jobs, the decisions you make can have a huge impact, not only on your organization, but on the lives of the people in your care. Having the right nonprofit software solutions can make those decisions easier and gives you the information needed to make the best decisions for everyone involved.
The Financial Accounting Standards Board is about to issue its first upgrade in nonprofit reporting requirements since 1993.
The FAMCare blog has followed the development of these new reporting guidelines as the information came out of the FASB, and now we can report that they have been finalized. Accounting terminology and reasoning can often be arcane for nonprofit management who prefer to think more in terms of “mission” and “service”, so here is a brief summary that hopefully will make it a little easier to absorb the accounting lingo and logic.
IT investments are crucial for any organization, but they cannot succeed without careful budgeting. To avoid common mistakes and place your initiatives on a firm financial foundation, make sure to:
Non-Profit Is Not Non-Business...
As we work with nonprofit accounting departments helping to install the FAMCare Cost Tracking/Financial Module, we are noticing a notional bias that seems to pervade the entire industry and prevents nonprofit organizations from operating efficiently from a financial perspective.
A few months back our accounting specialists previewed the new FASB directives that were being finalized for nonprofits. Well, the new FASB standards have finally been issued and below is a brief summary of what they are all about.
Topics: Nonpropfit Accounting