Inbound Transactions
The type of donation where no cash or stock is received, but it has an objective calculated value.
What is an In Kind Donation?
The preferred number of platforms an organization should use to pay its bills.
What is "1"
In a multi-entity nonprofit, this is the entity that should be the Operations Hub.
What is the c4? (or TIC)
Consistent financial compliance, controls, and accuracy generally comes at the expense of this.
What is speed and cost?
The recommended tool/checklist for Operations to ask for when the organization is expecting a donation.
What is the Expected Donation Checklist?
Expense designation that is unique to nonprofit financials. (2 possible answers)
What is 'Who Paid for It?" or "Why was it spent? (program/operations)"
The accounting method used when recording transactions based on when the cash is received.
What is the Cash Basis?
The basis from which all financial reports are generated, should balance too much detail vs. usability, and terminology be understood by the average person.
What is the Chart of Accounts
The amount recorded for stock donations.
What is the FMV (Fair Market Value) on date of donation?
This platform can do Accounts Payable, Expense Management, Bookkeeping, and Reporting.
What is QuickBooksOnline (QBO)?
The name of the document that explains the terms of the Operations Hub entity to the other entity(s).
What is the Shared Services Agreement?
The term that refers to a 12 month period other than January - December.
What is the Fiscal Year.
The tool that can be utilized for non-financial team members to find out if an expected donation was received.
What is the Deposits Received spreadsheet?
This is the best time to request a W-9 from a vendor.
What is 'as soon as you contract with them'.
The accounting method when transactions are recorded when the commitment occurs.
What is the Accrual Basis?
The base level expectation of all stakeholders that financial stmt totals tie to details and have supporting documents for every transaction.
What are "Good Financial Records"
The type of donor/vehicle that individuals can use so their name doesn't appear as a donor on tax returns.
What is a Donor Advised Fund?
In addition to showing proof of payment, this is the other required documentation for expenses.
What is the receipt?
The phrase, per The LAB, in Operations that we think creates efficiency, but actually does the opposite.
What is "I'll do it later"
The main discipline for financial compliance that applies to all tasks and functions. It facilitates financial reporting and data that crosses platforms and teams.
What is Consistency?