Good morning from a Modern Nonprofit Podcast! Today we have a financial professional & co-founder of Fairlight Advisors, Maya Tussing. Maya and her team specialize in investing for nonprofit organizations. So, naturally our conversation today will include many topics from the viewpoint of the financial statements, those within the organization that Maya is working with directly, and so much more. Stay tuned for the conversations because you never know what you may need to hear!  Organizational Roles  When the conversation of finance comes about, many people pass over the topic b ..read more

Managing a nonprofit can be complex, especially when it comes to nonprofit accounting. Nonprofits face unique financial challenges and responsibilities that require specialized expertise and support. Finding the right accounting partner for your nonprofit is essential to the financial success of your nonprofit organization. Take a closer look at the importance of a strong nonprofit accounting partner and what you should look for when choosing a nonprofit accountant for your organization. The Importance of a Strong Nonprofit Accounting Partner A nonprofit organization’s finances can be complic ..read more

Do you know the financial health of your nonprofit organization? Knowing where your finances stand is essential to effective nonprofit management. One of the best ways to get a quick read on your organization’s financial health is to compare your nonprofit budget to actual performance. A budget to actual analysis helps you look at your estimated revenue and expense versus what your organization actually saw. Let’s take a closer look at the importance of budget to actual analysis and go over some tips for performing a budget to actual review. The Importance of Nonprofit Budget to Actual Report ..read more

Your nonprofit accounting system might not be the most exciting part of your organization, but it’s one of the most important aspects. An effective accounting system helps you stay in compliance with tax and legal regulations–helping you maintain your exempt status. However, effective accounting isn’t just about following rules. An effective nonprofit accounting system also helps your organization stay transparent, manage funds wisely, and build trust with donors and the public. If your organization’s accounting has gotten a little off track, there are things you can do to fix it. Keep reading ..read more

QuickBooks is a popular accounting software used by businesses and individuals nationwide. As a nonprofit leader, you’ve probably heard of QuickBooks or may have even used it before. And you might be wondering if you can use QuickBooks for your nonprofit accounting. The answer is yes, QuickBooks Online can be configured for nonprofit use. Let’s dive into the benefits of using QuickBooks Online for your nonprofit and explore how to get the most out of the program. Specific Accounting Needs of Nonprofit Organizations Before you can choose an accounting software–QuickBooks or otherwise–it’s impo ..read more

Grants can be an important source of funding for nonprofit organizations. While individual donors are important for fundraising, grants often let you access more funds in one application than collecting multiple donations. Grant writing can feel intimidating, especially if you’re just starting with seeking funding. The process is an art that takes practice to perfect it. However, learning grant writing skills can help your organization secure new funding sources and earn more grants. This article goes over the most important do’s and don’ts of grant writing. The Do’s of Grant Writing As you d ..read more

How does your nonprofit make strategic decisions? Are you relying on intuition or guesswork? A better way to make decisions is using data. Leveraging data for strategic decision-making has many benefits–from improving your efficiency to increasing the success rate of campaigns or strategies. Additionally, leaders can use data to tell the story of their organizations, giving you a better overall picture of the state of your nonprofit. Learn more about using data for decision-making in your nonprofit in this complete guide. What Does Nonprofit Data Look Like? Like for-profit businesses, nonprof ..read more

John Mark Vanderpool, co-founder of Social Impact Solutions joins the podcast today. With a focus in fundraising strategies, Tosha & John Mark settle here for the conversation as this is John Mark’s speciality.  Simplifying vs. Diversifying Revenue Sources  It is no surprise that clients have struggled in the final quarter of 2023. Year end giving wasn’t as projected and not to mention the conversations about inflation and rising costs has yet to settle, the non-profit space faces many challenges entering into 2024.  John Mark is on the other end of the phone for others who ..read more

On today’s episode of A Modern Nonprofit Podcast, our special guest is the one and only Tosha Anderson, our very own founder and CEO.  The conversation today has a very simple focus, 5 red flags that your nonprofit accounting needs improvement, even when it may not be recognized.  Red Flag #1: Bank Account Reconciliation  Whether the business is accrual or cash basis, it does not matter. Reconciliation is necessary and the bare minimum for successful completion of the accounting role.  The accountant must post all transactions that filter through the bank account. Once the ..read more

Budget tracking is the process of monitoring your nonprofit’s income and expenses to ensure they stay within your planned budget. Effective budget tracking is essential to financial transparency, efficient resource allocation, and strategic planning for your nonprofit. Tracking your budget helps with overall budget management, which contributes to your financial stability and the success of your nonprofit mission.  Keep reading to learn more about budget tracking and how it can help your organization improve financial efficiency and effectiveness. Budgets are Essential for Nonprofit Orga ..read more