Best Practice Time
This is the length of time to reply to an email.
What is within 2 days?
Before an oral or written promise to give can be recognized as contribution revenue, this type of evidence must exist.
What is verifiable documentary evidence?
Reconciling these accounts every single month serves as a primary, frontline safeguard for identifying and preventing fraud.
What are bank accounts?
This critical planning tool helps an organization map out its cash inflows and outflows over a rolling 12 to 18-month period.
What is a cash flow forecast?
This governing body holds the ultimate, final responsibility for safeguarding a nonprofit organization's assets.
What is the Board of Directors?
This fundamental control concept divides tasks so that no single person can perform all functions within an accounting cycle.
What is Segregation of Duties?
This is Yvonne's favorite number.
What is 9?
This type of CPA opinion is considered a "clean opinion," stating that the financials are presented fairly without material issues.
What is an unmodified opinion?
When preparing the Statement of Activity, this is the accounting method required for reporting revenues, rather than netting them against expenses.
What is reporting at gross?
To protect their tax-exempt status, 501(c)(3) organizations are strictly prohibited from distributing these to their board members.
What are profits?
This is the exact number of people who should be allowed to cash personal checks using the organization's petty cash fund.
Who is no one?
These net assets are restricted by the donor forever, meaning they cannot be set aside permanently by a vote from the Board of Directors.
What are permanently restricted net assets?
Positioned as a step down from a full audit, this service is usually provided to organizations that do not require a complete financial audit.
What is a review?
This key financial document tracks assets, liabilities, and net assets, but explicitly excludes the matrix of functional expenses.
What is the Statement of Financial Position?
Excluding extensions, the IRS Form 990 is due by the 15th day of this specific month following the end of an organization's fiscal year.
What is the fifth month?
This is Yvonne's favorite color.
What is purple?
This specific type of promise to give should not be recognized in the period it is made if its fulfillment depends entirely on a future event.
What is a conditional promise to give?
This specific type of CPA report provides the lowest level of financial statement assurance—ranking well below a standard Review Report.
What is a Compilation Report?
This specific type of organizational cost usually accounts for the single largest percentage of a nonprofit's total operating expenses.
What are personnel costs?
This is the year Afable Consulting LLC started.
What is 2001?
This is how often time sheets should be recorded.
What is daily?
Under FASB ASC 958, nonprofits are no longer required to report contributions using a three-tier model, but rather under these two simplified categories.
What are Net Assets with Donor Restrictions and Net Assets without Donor Restrictions?
Who is Abdullah (Illinois NFP Audit and Tax, LLP)?
To calculate this specific organizational percentage, you must divide your total employee benefit costs by your total salaries.
What is the fringe benefit rate?
This is the Quickbooks tab where the Paypal feed is now located.
What is the integration tab?