The MIP Blog
Accounting and finance stories and trends for the nonprofit professional.
Roses are Red, Violets are Blue, What’s Fund Accounting Mean to You?
There is no denying that as your organization grows and your programs advance, so do your needs. It is not uncommon for many nonprofits to use off-the-shelf accounting products at first, but research specifically underscores the importance of having the right technology in place as you scale.
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Communicating Finances to Your Nonprofit Board
There is no doubt that communicating essential financial information while maintaining a positive relationship with your nonprofit board is critical to the success of your organization. However, it’s not without its challenges. Over time, we’ve learned the best approach centers on three key areas.
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Navigating Budget Season – Guide Your Nonprofit with a Better Built Budget
We’re coming up on budget planning and preparation season! The budget for your nonprofit is always on your mind, right? Budgeting can seem tricky and stressful, mainly because the National Council for Nonprofits describes the annual budget as “one of the fundamental...
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Effectively manage your nonprofit’s grants
Grants are essential sources of revenue for most nonprofits. They’re critical for your mission but carry with them a high burden of monitoring and accountability. If you’re wondering how to manage grants for your nonprofit, remember that proper allocation, tracking,...
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Best Practices Around Budget Automation
We’re at the half-year review mark of the budget lifecycle. Have you observed anything over the last six months that should be automated? Do you believe budget best practices are being incorporated, or have you identified ways to improve the budget process? Let’s...
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Check tampering: Is your nonprofit at risk?
Mountain State Justice: A True Story What would happen to your mission if you lost $1 million from your budget? That’s precisely what happened to Mountain State Justice, a nonprofit organization that provides legal advocacy to low-income people in West Virginia. In...
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Nonprofit fraud facts from the 2016 global fraud study
I once worked at a big-box store during the Christmas season. My biggest surprise was how many people steal and how clever they can be with their deception. Fraud for nonprofits is even more devastating. Negative publicity and possible loss of funding are consequences...
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Fight procrastination: The time is now to move your association’s accounting software to the cloud
In the association world, where deadlines are pressing and time is of the essence, procrastination can become a hinderance on your organization. National Fight Procrastination Day is September 6th, so it’s time to quit putting off those small tasks that can make your...
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How to Incorporate Marketing Automation with Your Financial Software
While many businesses have a primary objective of raising as much money as possible for shareholders, life in a nonprofit or government organization is quite different. You’re not trying to boost those profits through the roof – your goal is to make as...
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Finding the right accounting software for your association
There’s nothing simple about managing the financials of an association. The day-to-day challenges of collecting membership dues, budgeting and reporting can easily turn your job into one hectic spreadsheet. The right accounting software is the difference between a...
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Best Practices for Your Nonprofit Audit
Are you stressed about an upcoming audit? Remember, audits need not be painful if you prepare for them. Here are our tips for making your next audit painless and aligning your nonprofit’s financial practices with its mission. Selecting the Right Auditor Work with your...
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What is Government Fund Accounting?
Government entities – whether local, state, or federal – are diverse and complex, with countless legal and fiscal constraints around how they carry out their various and diverse operations. Consequently, government fund accounting can be a bit of a beast. Government...
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Nuts and Bolts of a Nonprofit Accounting Audit
If you’re new to the nonprofit accounting space, you might be a little lost on what’s expected of you – and what to expect – from an audit. Never fear! It’s not difficult to get all caught up and ready to roll when that audit appears on the horizon. The Fundamentals...
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