In the News
Many not-for-profit organizations have discovered there can be strength in numbers. In recent years, there has been an increase in the number of collaborations, partnerships and even full-scale mergers in the not-for-profit sector. These joint ventures can conserve resources, help with fundraising and, in many cases, expand the services that each group provides.
Is your not-for-profit the same organization it was three years ago? Are your stakeholders the same now as then? Is your community and its support of your not-for-profit the same?
Think of your not-for-profit organizationand its external auditor as dance partners performing a well-choreographed routine. To execute the dance properly, each dancer must complete specific moves and coordinate timing with his or her partner.
Not-for-profit organizations often struggle with valuing non-cash and in-kind donations, including the value of houses and other real estate. Whether for recordkeeping purposes or when helping donors understand proper valuation for their charitable tax deductions, the task isn't easy.
Maintaining detailed time records for staff may not be your favorite task. Unfortunately, it's not negotiable. Timekeeping -- for volunteers and individuals paid for their work -- is necessary for most not-for-profit organizations. However, there are ways to make the job less onerous.
Does your organization have a succession plan in place? And, if it does, is it well documented? Some not-for-profits delay detailed succession planning, thinking of it as a project they'll get to "someday." But that's a mistake.