Financial Assessment | Chazin

Is It Time to Assess Your Accounting and Finance Function?

Posted on February 24, 2021 by Liza Gagne

An assessment can be a valuable tool in determining the current state of your organization’s accounting and finance function. Not having a good grasp of this information can lead to challenges down the road such as inaccurate data used in decision-making or even an unfavorable management letter from your external auditor. A comprehensive accounting and…

Fiduciary Responsibilities of a Nonprofit Board

Posted on February 17, 2021 by Liza Gagne

The duties of board members are many. From steering the organization’s mission and purpose, to appointing new directors and overseeing fundraising, it is critical to the success of an NPO that board members understand their responsibilities. One of the most important functions of a board is to oversee the organization’s financials. Lack of proper financial…

The Importance of Investment Policies

Posted on August 18, 2020 by mavidea

5 Steps for Nonprofits to Develop a Wise Investment Policy Nonprofit boards have a fiduciary responsibility to protect the organization’s assets and ensure that they’re used to further the mission. Often, an important part of the board’s responsibility is deciding how to invest the nonprofit’s cash. That requires implementing a sound investment policy that balances…

The Importance of Reserve Policies

Posted on July 24, 2020 by mavidea

5 Keys to Develop Your Operating Reserve Policy Every nonprofit needs to have sufficient cash flow to meet obligations. Setting aside an operating reserve is a smart practice as it provides a cushion against unexpected events that could temporarily impact the cash flow. Following are five best practices to follow when establishing your operating reserve…

Is Cash or Accrual Accounting Better for Your Nonprofit?

Posted on July 7, 2020 by mavidea

One of the fundamental decisions a nonprofit organization needs to make is whether to use the cash or accrual accounting method. The method you select will determine how you classify, record, and report on your income and expenses. What is the cash method of accounting? Under the cash method of accounting (cash-basis accounting), revenue is…