Recent News & Blog / Nonprofit
Put an advisory board to work on your nonprofit’s challenges
A community health center desperately needed to upgrade its computer network. Unfortunately, the not-for-profit had little IT expertise on staff or on its board of directors.
New accounting standard: Does it affect your nonprofit?
An accounting standard from the Financial Accounting Standards Board (FASB) that takes effect in mid-December, 2022, could require your not-for-profit organization to act.
How to ease staffer anxiety about your nonprofit’s future
Like every other organization, your not-for-profit is probably working hard to negotiate the challenges of high inflation and other economic threats. So you’d be forgiven for concentrating more on stretching every dollar than on your staffers’ financial anxieties.
Operating reserves can help cushion financial blows
First the COVID-19 pandemic wreaked havoc on not-for-profit finances and operations. Now, many organizations are worried about how high inflation and a possible recession might interfere with their plans.
Protecting your nonprofit from data breaches
By now, all organizations — for-profit and not-for-profit — know about the risk of cyberattacks. Why then, would any nonprofit fail to secure its network and digital assets? One reason is cost. Cybersecurity can be expensive. But it’s possible for nonprofits to lose more than they can afford. Contact the nonprofit advisors at SEK with your questions.
Why your nonprofit might want to compensate board members
Because most not-for-profit board members serve voluntarily, you may not have known compensating them was an option.
Putting accountability into practice
At its base, “accountability” means taking responsibility for outcomes — both good and bad. But one common byproduct of accountability is that results are actually more likely to be positive than negative.
The audit is over. Now what?
Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if auditors have left your premises and returned the documents they’ve reviewed, the work isn’t really over.
Keep your religious congregation on the financial straight and narrow
Religious congregations usually enjoy greater protection from federal government oversight than other not-for-profit organizations.
The FLSA asks your nonprofit to accurately classify staffers
Are your not-for-profit’s staffers employees or independent contractors? It’s an important question because under the Fair Labor Standards Act (FLSA), misclassifying workers can lead to penalties and other costs.