Team Legacy Accounting

03/07/2024

Check out “America's Top 100 Charities.” How many charities do you recognize?! 😊

— 2-minute read —
https://www.forbes.com/lists/top-charities/?utm_source=flipboard&utm_content=user%2Fforbes&sh=fdfa1445f501

Our list reflects the most recently reported fiscal year for each charity. The rankings are based solely on private contributions received. Government grants, payments for services and investment returns don’t count, though each organization’s total revenue is noted. The full list below can be s...

03/05/2024

Is your organization ready for its year-end compliance reporting to the IRS? 🤔
Is your organization audit-ready?
Here are 10 must-haves for all nonprofits to stay in compliance and to be audit-ready:

✅1. Accurate Recording of Transactions
✅2. Reconciliation of Bank Statements
✅3. Expense Documentation
✅4. Verify All Sources of Revenue
✅5. Ensure Compliance With Grant Requirements
✅6. Pre-audit Review
✅7. Generate and Review Financial Statements Regularly
✅8. Establish and Maintain Internal Controls
✅9. Documented Accounting Policies
✅10. Compliance with Nonprofit Accounting Standards

By addressing these key elements, your nonprofit can significantly enhance the year-end and audit process. This will, in turn, bring confidence to you, your Board, and your donors.

What other tips would you like to know? 😊