Glossary of Nonprofit Financial Terms

The Internal Revenue Service (IRS) is responsible for overseeing these organizations and ensuring they comply with applicable tax laws. Nonprofits must follow Generally Accepted Accounting Principles (GAAP), established by the Financial Accounting Standards Board (FASB), to prepare accurate and consistent financial statements. This allows donors, board members, and other stakeholders to assess the organization’s performance […]

Glossary of Financial Terms for Nonprofits

Expenses involved in closing a loan, which may include lawyer’s fees, real estate surveys, title searches and insurance, fees to file deeds, mortgages and UCC-1, and closing fees paid to the lender. This is meant to demonstrate that the line of credit is being used for short-term liquidity needs rather than permanent working accounting services […]

Goodbye Letter to My Drug Addiction

You know the line, it’s not you, it’s me? But I’ve come to realize that I can’t have you in my life anymore. I seriously don’t know if it is you or me. Benefits of Evidence-Based Group Therapy for Substance Abuse You promised comfort when I needed it, but in return, you took everything from […]

How To Build Your Website In Five Easy Steps

Effectively promoting your site helps attract visitors, reach wider audiences, and solidify your brand’s image. When adding your website to Google Search Console, you can submit your website’s sitemap. This will help Google understand the structure of your website and crawl it more efficiently. You can also see if any errors or issues with your […]

Drinking Water is Good for Dementia

However, in Alzheimer’s cases, the progression tends to be more severe and leads to a significant decline in cognitive function. But there is also agreement that more research is needed to work out the role played by the volume of alcohol consumed against how often alcohol is drunk – and how this affects the risk […]

Nonprofit Bookkeeping Guide for Accurate Records

All grants and gifts are included in your total revenues if you run a non-profit. These contributions assist NGOs to meet their operational costs and achieve their goals. Otherwise, there are free accounting choices, but you should consult a professional before making final judgments about your non-profit’s financial software. That is why to perform all […]

What are Income Accounts in accounting?

These costs do not include the fixed and administrative expenses for the period, and they have to be recognized consistently with revenues that we recognize. Statement of Profit and Loss report the entity’s main revenues and expenses. It is the choices of entities to consider present them by nature or function. Other revenues and expenses […]

What are the 3 Golden Rules of Accounting: Types & Example Order to Cash Knowledge Center

The balance sheet reports the assets, liabilities, and owner’s (stockholders’) equity at a specific point in time, such as December 31. The balance sheet is also referred to as the Statement of Financial Position. A nongovernment group of seven members assisted by a large research staff which is responsible for the setting of accounting standards, […]