by CFOE Team | Sep 10, 2024 | CFO, Nonprofit
SUMMARY: A nonprofit audit checklist helps organizations prepare for financial audits by organizing key documents such as financial statements, tax filings, and internal control policies. It ensures the audit process is smooth, promotes transparency, and reassures...
by CFOE Team | Sep 10, 2024 | CFO, Nonprofit
SUMMARY: A financial committee ensures an organization’s financial health through budget oversight, internal controls, and long-term planning. However, they can become ineffective due to a lack of financial expertise, irregular meetings, over-reliance on leadership,...
by CFOE Team | Sep 10, 2024 | Bookkeeping, CFO, Nonprofit
SUMMARYA bookkeeper handles day-to-day financial transactions, an accountant ensures compliance and produces reports, while a CFO provides strategic financial leadership in a nonprofit organization. A seasoned CFO understands the importance of all three roles,...
by D. Maykl Muhammad | Aug 14, 2024 | CFO, Nonprofit
SUMMARY Understanding when to engage a CPA versus a Sector Tax Professional is crucial for business success. CPAs provide broad financial services, focusing on compliance, tax preparation, and financial management, but may not always offer growth strategies. Sector...
by D. Maykl Muhammad | Jul 8, 2024 | CFO, Nonprofit
SUMMARY An ideal image to describe a business cooperative would depict a diverse group of individuals working together collaboratively. This could include people sitting around a table engaged in a discussion, working together on a project, or participating in a...
by D. Maykl Muhammad | Jul 2, 2024 | CFO, Nonprofit
SUMMARY Conducting thorough financial reviews before onboarding or after the departure of a CEO, CFO, or Director is essential for maintaining financial integrity and ensuring a smooth leadership transition. These reviews help identify discrepancies, ensure compliance...
