Sherri RoseJan 142 minNonprofit Operating ReservesThe operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
Sherri RoseJun 8, 20212 minHow much does a nonprofit audit cost?Audits are expensive. They are the highest level of assurance; therefore, require the most work. The fee quoted will depend on several...
Sherri RoseDec 8, 20202 minNonprofit Statement of Functional Expenses Allocation MethodsIf you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement...
Sherri RoseJun 9, 20203 minAccounting for Non-Cash ContributionsContributions can be made to a nonprofit in either cash or property. Non-cash contributions can be tangible or intangible. Tangible...
Sherri RoseDec 10, 20191 minVolunteers and Financial Reporting RequirementsVolunteers are an integral part of many nonprofit organizations. Some organizations depend on their very survival by incorporating...
Sherri RoseDec 12, 20171 minHow to prepare the Grant Revenue ScheduleAccounting for grant revenue is vital for the nonprofit organization. Careful attention to detail must be provided throughout the life...
Sherri RoseMar 8, 20161 minForm 990 ReviewPart of a nonprofit organization’s board of director’s and management’s fiscal responsibility is a review of the information return, form...
Sherri RoseDec 8, 20152 minNONPROFIT OPERATING RESERVESThe operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a specific...
Sherri RoseSep 8, 20152 minNonprofit and NC Sales and Use Tax ClarificationsRecently, I overheard a board member of a North Carolina nonprofit state they did not have to charge sales tax because they are exempt. ...
Sherri RoseJun 9, 20152 minGrant Accounting in Nonprofit OrganizationAccounting for grants can quickly become chaotic if not properly administered. Nonprofit Auditors know grant funding has to be properly...
Sherri RoseMar 10, 20152 minNon-Profit accounting: Vendor FilesAs a nonprofit auditor in North Carolina I often encounter incomplete vendor files and vendor on-boarding procedures. A file should be...
Sherri RoseSep 9, 20142 minNot for Profit Organization Board of Directors – Audit CommitteeThe board is responsible for their own policies and procedures, like having all board members sign a related parties disclosure and code...
Sherri RoseMar 3, 20142 minAm I Required to Have an Audit? The first question I ask as a nonprofit auditor when receiving a request for an audit quote is “Why do you need an audit?” Audits can be...