The work of nonprofit organizations is often as rewarding as it is challenging. Considering the state of the modern world, there appears to be no shortage of causes for nonprofits to champion. That’s why it’s important for them to be able to focus all of their energy and resources on the accomplishment of their mission.
Unfortunately, the greatest challenge facing nonprofit organizations is not meeting the needs of the community or audience that they serve, rather the management and optimal use of the financial resources that they are able to secure.
Lescault and Walderman has always been dedicated to serving those who serve our communities and specializes in providing nonprofit accounting/bookkeeping services to ensure they make the most of their resources. Following are a few key nonprofit accounting bookkeeping areas on which we focus:
Accounting Procedures Manual. First and foremost, well-run nonprofit organizations must designate and follow clearly-defined accounting procedures that allow for both legal compliance and orderly data access. Our experience allows us to produce an Accounting Procedures manual that serves as an objective, educational reference that provides best practice standards accessible to all members of each organization.
Segregation of Income/Expenses. The proper segregation of income and expenses requires careful planning and diligent oversight. By educating nonprofit organizations on the correct way to track the various operational categories, we are able to ensure the transparency and accountability required by donors, grants and government agencies.
Budget/Budget Tracking. When working with limited budgets, this aspect of operations can easily become the difference between long-term sustainability or short-term failure. That’s why the creation of and adherence to a realistic and effective budget can be of such critical importance. Unfortunately, most nonprofit boards and staff members lack the experience to produce a budget that realistically meets the ongoing requirements of their organizations.
Donor Tracking/Grant Management. The tracking of incoming contributions and the use of the associated funds is important to the ongoing health of donor and grant relationships. The ability to effectively differentiate between cash contributions, in-kind contributions, and program restricted funds is essential to the reputation of any nonprofit. Proof of proper administration and deployment of funds assures all who help to fund each nonprofit that the terms and wishes of the contributor are being met and followed.
Nonprofit Audits. Often associated with donor tracking and grant management, the performance of regular audits by a Licensed CPA/Audit firm provides confidence to both the Board of Directors and all associated donors that the nonprofit is being properly managed.
If you’re a new or growing nonprofit in search of accounting/bookkeeping assistance that allows you to confidently focus on your mission, call Lescault and Walderman at 866-496-2042 and let us help to support you in your mission.