When it comes to revenue, nonprofits need to think like auditors

If you want to make the best-informed decisions about your nonprofit’s future, rigorously review your revenue figures. Revenue data can enhance activities from budget development to goal setting. Learn more.Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile.

Prepare financial statements that will impress your nonprofit’s stakeholders

Prepare financial statements that will impress your nonprofit’s stakeholdersAnnual financial statements that have been audited by a professional auditor can help assure funders and lenders that your not-for-profit is financially sound. Here are three critical audit issues to understand when preparing financial statements:

Should your nonprofit take out a loan?

Should your nonprofit take out a loan?Debt is an integral part of many for-profit companies’ strategic plans, yet it has traditionally carried a stigma in the not-for-profit world. That view is changing, as more organizations borrow money for major capital purchases, new program funding and other reasons. But before your nonprofit borrows, it’s important to understand that it takes prudent financial management and reliable donor support to pay back a loan.

3 ways to get started on next year’s budget

11_09_16_BU000849_BB_560x292.jpgAs the year winds down, business owners have a lot to think about. One item that you should keep top of mind is next year’s budget. A well-conceived budget can go a long way toward keeping expenses in line and cash flow strong. The question is: Where to begin? Well, to answer this question, we don’t have just one suggestion — we have three: