Hughey's Debits & Credits: Bookkeeping. Payroll. Taxes.

All posts tagged board

 

Not everyone can be a financial expert, but board members should be inquisitive and keep an eye on these three areas to spot red flags:

  1. Dip in Cash Flow – Is this normal? Is this unexpected?
  2. Financial reports with unfavorable variances and deficits
  3. Increasing liabilities – Is this a trend or pattern?  Why are debts ballooning?

According to Kate Barr, the Executive Director of the Nonprofit Assistance Fund, “Boards pay too much attention to income statements and budgets, both short-term information, and not enough attention to the long-term perspective of balance sheets. Yellow flags are on the income statement. Red flags are on the balance sheet.” Read more

It’s the holiday season and the spirit of giving is heartwarming!  Now is the time to ask for that last contribution of the year!  If you haven’t asked, it is not too late!  Get those letters in the mail, hand signed by the Executive Director or Development Director.  Increase your donation chances by including a self addressed envelope.  

No time to print and send them out?  A nicely worded email outreach to your current donors and contacts is better than no communication at all.

Here’s a few tips on asking for a last minute donation:

  1. Don’t just ask, give a reason for your ask. Provide the reason why your organization should receive some of their holiday cheer.  
  2. Make it short and sweet. Your donors are probably getting bombarded with holiday emails from other sources so make it worth their while to open your email.
  3. Be sure to thank them in advance but most importantly after the donation. As a donor, I am always excited to receive a handwritten card to say thank you for my hard earned money. Wouldn’t you?

From our family to yours, warm wishes,
Ronda & Cortez Hughey

During year endNonProfits Review-Year End Checklist- Accounting-Nonprofits-Hugheys Debits & Credits, we all need help remembering what all is required of us or is it just me? This checklist is to help my fellow Nonprofit Accountants remember what’s needed to close out the year. Follow this checklist to save time so you can spend it with your family during the holidays!

 

We strive to make your life easier, so if you would like this checklist in PDF form, click hereContact us today to assist you with your Nonprofit needs.

-Ronda

 

Are You Giving Back? 3 Tips on How to Give While Protecting Your Budget

As we all give thanks for our loved ones and the blessings in our lives, we want to take a moment to give back by thanking our clients because we consider you family. The relationships we have developed are based on care, trust and dedication to growth.  We are so very thankful and wish you and your family success and well-being.

As we move into the season of joy, praise and giving, we leave you with three tips for navigating the holidays successfully: Read more

Every Nonprofit is required to have a board. It should be easy to find people who believe in your mission and want to assist your organization, right?

Well let’s focus on who makes up your board. Most boards are comprised of business owners, leaders, and executives of the community. They’re busy people and their time and attention is in high demand. You want these types of people on your board because they don’t require a lot of hand holding.

How do you keep your proactive board focused and involved so you stay at the top of the priority list? Read more