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Valuing Tangible Property Donations

A new refugee resettlement charity had only just begun operating when its director realized something: She wasn’t sure how to value the many donations of clothing and household goods community members had dropped off. Was value simply the price her nonprofit would...

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Pick the Right Accounting Method for Your Business

Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and accrual basis accounting to help...

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Even Perfectionists Can Learn to Delegate

Nonprofit executives can be perfectionists — they often know exactly how they want something done and believe they’re the only ones capable of doing it right. Unfortunately, this attitude can alienate staffers and make it difficult to mentor successors and build...

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Protecting Your Nonprofit from Data Breaches

By now, all organizations — for-profit and nonprofit — know about the risk of cyberattacks. Why then, would any nonprofit fail to secure its network and digital assets? One reason is cost. Cybersecurity can be expensive. Yet according to IBM’s “2022 Cost of a Data...

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How to Report Software Costs

What do electric cars, smart TVs and equipment used for making french fries have in common? The answer is embedded software, according to recent comments by Financial Accounting Standards Board (FASB) Vice Chair James Kroeker. He also told the Private Company Council...

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New Accounting Standard: Does It Affect Your Nonprofit?

An accounting standard from the Financial Accounting Standards Board (FASB) that took effect in mid-December 2022, could require your nonprofit organization to act. Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326),...

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The FLSA Asks Your Nonprofit to Accurately Classify Staffers

Are your nonprofit’s staffers employees or independent contractors? It’s an important question because under the Fair Labor Standards Act (FLSA), misclassifying workers can lead to penalties and other costs. If you haven’t reviewed your staffers’ status since the...

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