MUST KNOW TIPS: Nonprofit Chart of Accounts

Unlocking the Secrets of Nonprofit Financial Management | Interview with Rachel Peterson of RP Finance. In this video, we're going to talk about the chart of accounts for nonprofits. This is an essential document for any nonprofit, and we'll go over the different sections and explain what they are. Nonprofit organisations need a chart of accounts to track their finances and keep track of their expenses. By understanding the different sections and what they mean, you'll be able to set up your own chart of accounts and keep your nonprofit running smoothly! This is an essential tool for any nonprofit, so be sure to watch this video and learn everything you need to know about chart of accounts for nonprofits.
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📃RESOURCES
GAAP: www.businessnewsdaily.com/548...
Chart of accounts download: www.causespecialists.ca/chart...
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🎓 About Rachel Peterson and RP Finance:
Rachel Peterson is an AICPA-certified Nonprofit Accounting Specialist and the founder of RP Finance, a dedicated firm serving nonprofits exclusively with their bookkeeping, accounting, and CFO needs. With a deep passion for helping organizations run smoothly and efficiently, Rachel brings her expertise in financial management and accounting principles to provide comprehensive services tailored specifically to the unique requirements of nonprofits. Through RP Finance, she collaborates closely with nonprofit leaders, offering strategic financial guidance, establishing robust internal controls, and implementing effective reporting systems.
Website: rachelpeterson.finance
Phone: [phone]
#NonprofitFinancials #nonprofitaccounting #nonprofitleadership #nonprofitmanagement

[@CauseSpecialist]

Don’t forget to grab that download! The link is in the video description 💚

[@ccafKhmer]

Great!

[@DebG2001]

Thank you.

[@questionresearch8721]

Thank you for the video.

[@CauseSpecialist]

You are most welcome 😊

[@waynecmontgomery]

Great video Joanne, Also a great topic and guest. However, your guest failed to talk about form 990 N which a lot of nonprofits here in the U.S. use. The 990 N reports very little about the organization itself. I'm a big proponent of merging the U.S. and Canadian databases of charities for reporting reasons. As you know Canadian nonprofits do NOT have to apply for tax exemption here in the U.S. if they are recognized in Canada and that works vice versa. Also, your guest failed to talk about nonprofits that receive most of their money from government agencies in the form of contracts. It would have been helpful to break down the various 990 forms that public and private charities use to report their earnings.

[@CauseSpecialist]

Great advice, Wayne! Which reminds me, we still need to have you on as a guest!!! Shoot me a note if you’re interested 😁

[@waynecmontgomery]

@@CauseSpecialist Hey Joanne, I will be in touch next week. I did NOT forget😇. Also, Tiffany and Sarah will be in touch. My wife and I had to fly to Hawaii to check on my daughter and the facility that our non-profit operates in Maui. The 990 N is a major loop hole nonprofits can use to avoid public scrutiny if used properly. Pretty much they can hide salaries and the people who contribute to it can receive bigger tax breaks and anonymity.