Nonprofit Reporting Resources
MIP Fund Accounting has various resources for nonprofits to effectively report on their finances, grants, and programs. With the right processes in place, quarterly, board, and annual reports can be done quickly and easily. Use these resources to implement or improve reporting practices at your organization.
Budget
Smart Nonprofit Budget Planning: Embracing the Unexpected
Reading Time: 3 minutes We went through tough times. The pandemic was rough on nonprofits, however there will always be unexpected things that arise—pandemic or otherwise. Nonprofits that proactively anticipated change with proper financial planning better weather uncertain times and unexpected fiscal disruptions. Forward-facing challenges that affect budgets, capacity, cash flow, and planning exist, and communicating those challenges to…
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Alice in Budgetland? Journeying Down the Financial Rabbit Hole of What-Ifs
Reading Time: 3 minutes Curiouser and curiouser? When you’re managing your organization’s finances, you need to journey down the rabbit hole of ‘what-ifs’ and be prepared for every scenario. Planning for the possibilities prepares your organization for the unexpected, and if the hypothetical becomes a reality, you’ll already know what to do.
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4 Tips to Develop a Nonprofit Budget
Reading Time: 2 minutes You’ve set your New Year’s resolutions, but what about setting resolutions for your organization’s budget? Use these four tips to ensure your nonprofit is doing everything it can around budget development.
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How to Tell Your Nonprofit’s Financial Story
Best Practices for Demonstrating Transparency with Budgeting, Bookkeeping, and Reporting Financial storytelling isn’t about math, accounting, or number-crunching—storytelling is a meaningful way to communicate with leadership, your board, key donors and constituents so they can clearly understand your organization’s financial position, even if they’re not accountants. Telling your nonprofit’s story correctly is crucial because it: …
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Smart, Forward-Thinking Nonprofit Budget Planning
Nonprofit budget planning is often an art and a science. Applying thoughtful, resourceful, and creative methods is critical when it comes to managing financials, accounting for unexpected changes, and getting buy-in from your board, leadership, and key stakeholders. What are the best practices for being smart and forward-thinking in nonprofit budget planning? We’ve got you…
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Budget Module Power
The Budget module in MIP Fund Accounting brings incomparable functionality relating to comparing budget to actual, both on an organization-wide basis, and on either a grant, a program, or a departmental basis. It also provides powerful internal controls to reduce and prevent fraud. We’ll explore this tool in-depth on this webinar.
Read MoreStrategic Reporting
Efficient Accounting with Tech, Integration and Automation
How can your accounting team save 10 hours per week (about 520 hours a year) with a more efficient process? If your team is dealing with less headcount, how can you remain productive with a leaner team? With integrated tech and streamlined, automated workflows, your team can achieve time-savings through quicker reporting, automatically allocating funds…
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Top Reporting Strategies for Nonprofits
Financial statement reports. Quarterly reports. Board reports. Reports for auditors. Annual reports. Nonprofits do a lot of reporting to remain viable, continue raising funds for the mission, and demonstrate good fiscal stewardship of grant funds. What are the latest data-driven strategies and best practices for nonprofit reporting so your leadership, board, and stakeholders can…
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The ROI of Fund Accounting
Your nonprofit may be looking for ways to achieve a better return on investment, especially when it comes to optimizing the operations of your finance and accounting teams. Does it make sense to invest in a new accounting platform? To bring in more dollars and spend less, there are several things to consider: Does your…
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Why Your Nonprofit Needs to Report a Statement of Activities
Reading Time: 3 minutes Your nonprofit works to accomplish its mission, and when it comes to communicating that to donors and external stakeholders, no document is as helpful as a statement of activities. What is a Nonprofit Statement of Activities? A statement of activities shows your organization’s revenue and expenses over a reporting period and relays that your organization…
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Nonprofit Fiscal Year-End Checklist
Reading Time: 5 minutes Before your nonprofit’s fiscal year-end, you may want to create a checklist that includes what you need to accomplish. Though checklists can vary from organization to organization, you likely want to include automating your bookkeeping and accounting process, filing your IRS tax reports, scheduling your annual board meeting, and completing the necessary reporting. What Is…
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Improve Your Fixed Asset Review Process
Reading Time: 5 minutes Maintaining a Current Fixed Asset Listing Increase Cash Flow and Maximize Tax Depreciation Deductions Uncover Tax Benefits Why Fixed Asset Software Is Useful Fixed assets are your nonprofit organization’s tangible assets. These are typically purchased to generate income or to be used long term in your operations. Fixed assets typically comprise a significant part of…
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Accounting and Financial Reporting Issues for Private Schools
Reading Time: 5 minutes Assets Revenue Tuition Donations Endowments How Private School Accounting Software Can Help As nonprofits, private schools have a variety of responsibilities when it comes to financial reporting. Those responsibilities can make private schools’ accounting more complex than it is for other nonprofits. The challenges of accounting for private schools stem from elements that resemble the…
Read MoreAudit
Tips for Your Next Nonprofit Audit
Reading Time: 4 minutes Preparing for an audit is a year-round task and requires your nonprofit’s full attention. While you may not be required by law to conduct an audit, the process has several undeniable benefits. Audits can: Show you’re a good financial steward of the funds your donors and grantmaking organizations provide Reassure your supporters that your nonprofit…
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Ace the Audit: Methods to Improve the Audit Process
Reading Time: 3 minutes t’s never too early to prepare for an audit. We share our tips for making your next audit more efficient and aligning your nonprofit’s financial practices with its mission.
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Webinar: Ace Your Next Nonprofit Audit
Audits may not be a nonprofit’s favorite thing, but they are a common and sometimes necessary way to examine financial statements, analyze business operations, and review internal processes. How can you ensure your nonprofit will be successful the next time you’re facing an audit? We’ve partnered with a panel of accounting experts, including Michael Gellman,…
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Auditing Nonprofit Financials: From bumps to complete confidence
Understand auditor red flags and indicators of a bumpy audit to ensure a smooth process and outcome for your nonprofit organization.
Read MoreGrants
Essential Nonprofit Grants Checklist
Grant funding is essential to nonprofits’ bottom line. Without securing grant funding for budgets, programs and events, achieving your mission becomes impossible. Various steps are associated with applying for, securing, and managing grants. This resource covers the best practices for gaining and maintaining funding in the pre-award, post-award, and audit stages of grants. Download this…
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Everything You Need to Know About Grants
Grants are the lifeblood of nonprofits. Without securing funding for budgets, programs, and events, achieving your mission becomes impossible. Various processes and rules are associated with applying for, securing, and managing grants. How well you understand the grant process and what’s involved is the difference between whether your organization receives necessary funds or not. With…
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