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

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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

Checklist 2It’s crunch time! The holidays are here and you are scrambling trying to decorate, plan parties, and hide gifts. Oh wait! You still have to close out the calendar year for your NonProfit! Let us make it easier with a end of the year to-do list!

  1. Federal Reporting – IRS Form 990 is the NonProfit version of Form 1040. It is an annual report required to filed by all 501(c)3 organizations. The form is due 5 ½ months after the end of your fiscal year. For example, if your fiscal year end is September 30, your form would be due February 15. 
  2. Grant Reporting – It is the end of quarter four (two if you are on a fiscal year end of 6/30) and grant contracts require certain reports to be filed to see the financial status of the grant. Ensure each grant is separated financially per state requirements.
  3. State Reporting – There are state specific filing requirements through the Secretary of State such as Charitable Solicitation renewal as well as the Annual Report. You can check your deadlines here.
  4. Donor Appreciation – This is the season of fundraising and you are wrapping up your year-end campaign, don’t forget to send a thank you to those you took the time to support your cause! I know each of you have done this because you read our previous blog “Does My Donation Matter?” If not, read it here.
  5. Board Updates – Use the holiday season to capitalize on all the great ideas your board will have about next year’s agenda. Also take time to review board members, agency policies, review and approve financial items like budgets and financial statements, and create a strategy how to further achieve your mission! Read more

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

Donation Matters

WHAT you do after you have your donor’s check in hand matters more now than ever before.

Why?  Donors want to feel a part of your mission and they want transparency.

What happens next?

Someone from your office mails them a generic thank you card saying their donation was appreciated and is tax deductible.  Good enough?  Not even close.

Read more