Nonprofit Ace Podcast
990 Schedule I: Grants and Other Assistance in the US

990 Schedule I: Grants and Other Assistance in the US

May 24, 2022

If you are an organization that has been giving direct aid, emergency assistance, or you're giving out food and housing assistance, you want to make sure you are tracking this correctly to disclose it in your 990. Today's episode will finish our discussion of the IRS Form 990 and the schedules that stand out the most. If you work with grants, you want to tune in to know what a grant is (and isn't) and how to make sure your organization is communicating effectively to make sure you are pulling the right kind of reports. 

 

Information about the 990 Schedule I covered in this episode:

 

  • The purpose of the Schedule I (1:14)
  • Filling out the Schedule I (3:49)
  • Communicating effectively for reporting (5:56)
  • What is and isn't considered a grant (6:43)

 

I hope this episode has helped bring your 990 understanding full circle and helps you get a jump start on tracking and disclosing your grant information. As this discussion comes to an end, grab the Preparing for Your 990preparation list! If you want to dig deeper into or get to know more about form 990! If you still have questions or concerns, please reach out to me in my DMs!

 

If you want to continue the conversation, find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts or Spotify and leave a rate and review of the show! I'd love to hear from you.

990 Schedule G: Fundraising and Gaming

990 Schedule G: Fundraising and Gaming

May 17, 2022

Do you enjoy putting together fundraisers for your organization? Once the event is cleaned up and the money counted, do you make sure to document the correct form for your 990? Today's episode will discuss filling out your 990 Schedule G to track and report your fundraising income. 

 

Information about the 990 Schedule G covered in this episode:

 

  • The purpose of the Schedule G (1:08)
  • Differentiating fundraisers from marketing events (2:42)
  • Using Schedule G to analyze your fundraising outcomes (4:41)
  • Tracking your direct expenses (6:08)

 

Fundraising can be fun before and after the event! I hope this episode has helped you understand how to fill out your Schedule G to review your event's efforts and outcome. Make sure to grab the Preparing for Your 990 preparation list! If you want to dig deeper into or get to know more about form 990! If you still have questions or concerns, please reach out to me in my DMs!

 

If you want to continue the conversation, find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts or Spotify and leave a rate and review of the show! I'd love to hear from you.

990 Schedule B Schedule of Contributors

990 Schedule B Schedule of Contributors

May 10, 2022

Have you come across more donations or donors who want to remain anonymous? In today's episode, we will discuss one of the more overlooked forms your organization needs to fill out: 990 Schedule B and the beginning piece of what's included in terms of their name, address, and value. 

 

Information about the 990 Schedule B covered in this episode:

 

  • The purpose of the Schedule B (1:14)
  • Disclosing anonymous gifts (1:54)
  • Assessing the value of things (2:42)
  • Redacting information from your 990 (4:28)
  • Benchmark for Schedule B (5:55)

 

I hope that was helpful in helping you complete and present this information to the public and make sure you send the appropriate information to the IRS. Grab the Preparing for Your 990 preparation list! If you want to dig deeper into or get to know more about form 990! If you still have questions or concerns, please reach out to me in my DMs!

 

If you want to continue the conversation, find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts or Spotify and leave a rate and review of the show! I'd love to hear from you.

990 Schedule A: Public Charity Status & Public Support

990 Schedule A: Public Charity Status & Public Support

May 3, 2022

Are you ready to fill out your 990? If you haven't checked out my previous episodes covering your 990, check them below and learn how to use this form to brag on yourself! In today's episode, we will be digging into other ways the IRS will be using this form to get to know more about your organization and how you can appropriately fill it out. 

 

Information about the 990 covered in this episode:

 

  • Diving into the 990 (1:14)
  • The most common schedules our clients complete (1:39)
  • The first part of Schedule A and your public charity status (1:57)
  • Part two and three of your Schedule A and your support (5:42)
  • Are you indeed a public charity? (7:37)

 

I know it's a lot to take in, but don't worry! The information from today will help you feel more confident as you approach your 990. I hope that after this episode, your nerves are silent, and the excitement is louder than ever before so that you can keep being passionate about your organization without the stress of tax forms. 

 

Make sure to grab the Preparing for Your 990 preparation list! If you want to dig deeper into or get to know more about form 990! If you still have questions or concerns, please reach out to me in my DMs!

 

Mentioned Past Episodes:

So What's the 990

Enjoy the 990

Your 990

Bragging on Yourself in the 990

 

If you want to continue the conversation, find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts or Spotify and leave a rate and review of the show! I'd love to hear from you.

Management Representation Letter

Management Representation Letter

April 26, 2022

So you have received your management letter following your audit…now what? In today's episode, we will be digging into how understanding the contents of the management representation letter and who receives it, you can be better prepared to respond to the auditor's management letter if necessary.

 

Information about the management representation letter provided in this episode:

 

  • The purpose of the management representation letter (1:14)
  • What the management representation letter includes (2:20)
  • Who receives the management representation letter (5:33)
  • An example of how to respond to a management letter (6:32)

 

That's a wrap-on audit for now! Now that we have discussed the management representation letter, the management letter, and the auditor's opinion, you should be able to face your audit head-on! If you still have questions or concerns, please reach out to me in my DMs!

 

Resources to look over:

Understanding the Management Letter

CFO's Guide to Significant Deficiencies and Material Weaknesses

 

If you want to continue the conversation, find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts or Spotify and leave a rate and review of the show! I'd love to hear from you.

Management Letter

Management Letter

April 19, 2022

If you're a nonprofit business owner, you may be wondering what a management letter is. If you're preparing to go through an audit, it's essential to understand what to expect from the management letter. In today's episode, we will be going deeper into what you can expect from an audit and how this letter will summarize the auditors' findings and provide recommendations for improvement.

 

Information about the management letter provided in this episode:

 

  • Recapping the audit contents (1:06)
  • The purpose of the management letter (1:33)
  • What the management letter contains (2:55)
  • Deficiencies and material weaknesses (3:15)
  • The bases an auditor could cover (4:27)
  • The two possible letters you could receive (6:58)

 

The auditor's letter is an important document to review. It can help you improve your financial statements and better manage your business. If you receive a management letter from your auditor, be sure to take the time to read it and understand what it says. You may need to make some changes, but you can get back on track and improve your financial situation with the right plan in place. If you still have questions, please reach out to me in my DMs!

 

Mentioned Resources:

Understanding the Management Letter

CFO's Guide to Significant Deficiencies and Material Weaknesses

 

If you want to continue the conversation, find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts or Spotify and leave a rate and review of the show! I'd love to hear from you.



Audit Report Break Down

Audit Report Break Down

April 12, 2022

Does the idea of an audit make you want to run and hide? In today's episode, I want to use my experience and expertise as an auditor to share what an audit looks like and how you can better understand the next steps you need to take. Sometimes, we need to break down a process to save ourselves from a breakdown. 

 

Topics covered in today's episode:

 

  • What people are expecting when they ask for an audit (1:40)
  • What an audit includes (2:29)
  • What the auditor is responsible (3:36)
  • Digging into the auditor's opinion (4:41)
  • Preparing for your audit (8:23)

 

Do you still have the "first audit jitters"? I hope this episode provided more transparency in the auditing process to help you determine your next steps in preparing and understanding your first audit. Are you still not sure if you are audit ready? Check out last season's episode, Are You Audit Ready.

 

If you want to continue the conversation, find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts or Spotify and leave a rate and review of the show! I'd love to hear from you.

Getting Your Ducks in a Row with Tosha Anderson

Getting Your Ducks in a Row with Tosha Anderson

March 1, 2022

Hi there! If you are a nonprofit leader ready to become comfortable talking about money, you are in good company!

 

I am so excited to have Tosha Anderson of The Charity CFO on the show today. Tosha provided so much insight and value to each question I asked her. Tosha has dedicated her entire career to serving the nonprofit community, first as an auditor and then as a CFO, board member, volunteer, and consultant. In this episode, she went above and beyond to explain what we need to be doing and what we need to stop doing as leaders in our organizations. 

 

Topics covered in today’s episode:

 

  • How I met Tosha (1:40)
  • Tosha shares how she is currently celebrating (2:24)
  • How Tosha is expanding and growing with her clients (2:52)
  • What is The Charity CFO (4:41)
  • How The Charity CFO differs from other accountants (5:55)
  • What you should be prioritizing (7:07)
  • What you can NOT delegate (10:33)
  • Resources Tosha offers (12:19)
  • One of the problems Tosha has seen in her experience (5:13)
  • What you need to be asking your accountant (16:45)

 

Isn’t Tosha amazing?! She provided us with so much insight and you can find even more of her resources on her website as well as checking out The Charity CFO University. 

 

Also, sign up for the webinar - Discover How You Can Boost Your Income And Reach As A Nonprofit Organization Through Being More Open About Your Finances....Without Losing Sight of Your Mission!

 

If you want to continue the conversation, be sure to find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts and leave a rate and review of the show! I’d love to hear from you.

Your Annual Report: The Fluff Piece

Your Annual Report: The Fluff Piece

February 22, 2022

Hi there! If you are a nonprofit leader ready to become comfortable talking about money, you are in good company!

 

After taking care of your standard reports, your 990, and your audit report, now is the time to showcase your organization and put it into a document that genuinely represents who your nonprofit serves. Your annual report will highlight this past year, and you will be able to proudly hand it out to funders and those who visit your website. 

 

Topics covered in today's episode:

 

  • What is an annual report (1:44)
  • Setting your annual report apart from other standard reports (2:57)
  • What your nonprofit's annual report does not do (3:56)
  • What to think about before creating and delivering your annual report (5:20)

 

Are you excited about creating your annual report now? Typically it sounds like just another standard report, but after listening to this episode, I hope you are eager to get started on showcasing this past year in your organization! Make sure to grab the Preparing for Your 990 preparation list! 

 

If you want to dig deeper into or get to know more about Form 990, don't forget about Accounting for Your Goals: IRS Form 990, which is today, February 22nd. 

 

Also, sign up for the webinar - Discover How You Can Boost Your Income And Reach As A Nonprofit Organization Through Being More Open About Your Finances....Without Losing Sight of Your Mission!

 

If you want to continue the conversation, be sure to find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts and leave a rate and review of the show! I'd love to hear from you.

Bragging on Your Nonprofit with a 990

Bragging on Your Nonprofit with a 990

February 15, 2022

Hi there! If you are a nonprofit leader ready to become comfortable talking about money, you are in good company!

 

While most tax documents aren't fun, we have to accept that we must complete them each year. However, one form is simple to fill out, and it's the only form where you get to brag about your organization! Let's dive into this episode and set your organization up for success with the IRS Tax Form 990!

 

Topics covered in today's episode:

 

  • What is an IRS Form 990 (1:45)
  • Filling out a 990 when inactive as an organization (2:28)
  • When to pay someone to complete your 990 (2:53)
  • 990 for an active organization making under $200K (3:38)
  • The importance of a 990 (4:10)
  • Hitting the $200K threshold (5:50)

 

After today's episode, I hope you are less intimidated and more excited to grab your Tax Form 990! Make sure to grab the Preparing for Your 990 preparation list! If you want to dig deeper into or get to know more about form 990, don't forget about Accounting for Your Goals: IRS Form 990, which is on February 22nd. 

 

Also, sign up for the webinar - Discover How You Can Boost Your Income And Reach As A Nonprofit Organization Through Being More Open About Your Finances....Without Losing Sight of Your Mission!

If you want to continue the conversation, be sure to find me on Instagram and send me a DM! I would love to hear more about you and your nonprofit! 

 

Are you enjoying the show? Be sure to head over to Apple Podcasts and leave a rate and review of the show! I'd love to hear from you.

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