Donor retention, how good is yours?

Turning first-time donors into long-term donors is always the goal but not often the reality. Gaining new donors is expensive and time consuming and often an organization will lose on the amount of time and money put into gaining that donor if they give only once. If you feel your organization has a difficult time …

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Benefits of spending time on the SOFE

When addressing your SOFE (Statement of Functional Expenses) for the upcoming audit, it is important to remember that the SOFE must be broken out into its three functional categories. Those are program services, management and general (M&G) and fundraising. Now, your nonprofit may have a standing template for which you fill out the SOFE and …

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Conflict of interest policy – why you should have one

A written conflict of interest policy should be put into place to ensure that voting board members are not influenced to act in any way other than in the best interests of the organization. Nonprofits can be closely monitored by the public to see if any transactions the organization enters into directly benefit a member …

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Six Sigma, work smarter, not harder

Pop quiz! What is the most important resource to a nonprofit organization? Answer: People! You thought I was going to say the contributions, didn’t you? While that might be what supports the mission of the organization, where would the organization be without the development department raising those contributions, the finance team making sure your tight …

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FinCen Form 114: Does your organization need to file?

Is your nonprofit involved in activities in foreign countries? This includes operating an orphanage, conferences, mission work or any other type of program activity. If so, your organization may find it necessary to open a bank account in that country. Once you decide to do that, Form 114 may be required for you to file …

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Don’t give employees opportunity to commit fraud

The term “segregation of duties” is used in the prevention of fraud within an organization. It involves separating duties among employees so that no single staff person is put in an advantageous position to exploit their control for self-gain. A large factor in how someone commits fraud and gets away with it is that they …

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Young Nonprofit Professionals Network

The Young Nonprofit Professionals Network (YNPN) is a group solely devoted to helping and training young professionals who want to devote their energy and commitment to the social sector. YNPN looks for those who are purpose-loving changers, mission-driving professionals, big idea pushers and cause crusaders who make nonprofits happen. The network connects nonprofits with young/passionate …

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The Uniform Guidance and required policies

When the Uniform Guidance was issued, it brought with it several changes for entities that receive federal awards. The purpose of the Uniform Guidance was to reduce the risk of fraud, waste and abuse as well as to streamline the requirements for several different types of entities that receive federal funds. The Office of Management …

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Exchange transaction or contribution?

When your organization receives a grant, determining if it is a contribution or an exchange transaction can be very difficult. Even after reading the rules, it may still require some judgement. Deciding between the two will determine how the grant will be recorded and when the revenue will be recognized. If the wrong one is …

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ACFE 2016 Report to the Nations on fraud

The Association of Certified Fraud Examiners (ACFE) releases a report biannually on fraud in the workplace. The Report to the Nations on Occupational Fraud and Abuse was most recently released in 2016. The report provides statistical information on occupational fraud, with the goal of raising the level of awareness of fraud risk. The 2016 edition …

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