Nonprofit Ace Podcast

Management Letter

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

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

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

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

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.

Are You Audit Ready?

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

 

One of the tricky topics thrown around when dealing with money is the idea of an audit. Today's episode will discuss a few tips to help you understand and prepare for audits inside your organization. 

 

Audit tips covered in today's episode:

 

• Overview of audits (1:45)
• Why you need an audit (4:36)
• When to be ready for an audit (5:00)
• Understanding your budget for an audit (6:07)
• What the prep list is going to look like (7:13)

 

After today's episode, I hope that you are more prepared and mentally ready to take on an audit when the time comes. Make sure you grab the Audit Preparation list! Don't forget Accounting for Your Goals: IRS Form 990 will be on February 22nd. Click the link above and be sure to register for this workshop hosted by Colorado Nonprofit Association. 

 

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.

An Engaged and Effective Board with Christal M Cherry

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

 

I am so excited for today’s episode because we get to chat with Christal M. Cherry who is a nationally recognized nonprofit executive and professionally trained fundraiser. She has over 20 years in the nonprofit sector and has supported human services organizations, faith-based missions, and higher education institutions. Christal has collaborated, interfaced, and guided diverse boards made up of college presidents, bishops and ministers, corporate CEOs, politicians, and more. 

 

Highlights from our conversation include:

 

• How Christal serves in her role (1:04)
• Christal’s 23-year nonprofit journey (2:41)
• Stepping out to help other nonprofits  (4:09)
• What you should be prioritizing in your board governance (5:10)
• Tracking and maintaining information in your board and donors (7:46)
• Other ways Christal is changing the world (10:45)

 

I hope today’s episode helped you understand the importance of engaging and interacting with your donors as well as your board members. If you have any questions or want to connect with Christal, you can visit her website and on LinkedIn. You can also learn more about Christal’s children’s book Mac and Cheez: Being Different is Okay on Amazon.

Sign up for the webinar on Thursday - 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!

Also, don't forget about Accounting for Your Goals: IRS Form 990 which will be held on February 22nd. 

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.

Preparing for Your Budget

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

 

We always talk about preparing the numbers of your budget. To help you become comfortable talking about money, I’d like to share some tips on preparing yourself and your team for budgeting and how it will benefit both of you.

 

Tips shared in today’s episode:

 

• Two reasons you might not have your budget finalized in January (2:17)
• When to have your budget finalized and why (3:11)
• How your budget guides you from the beginning (3:56)
• What to do if your budget changes (4:39)
• How to make sure your budget is finalized (5:55)
• When to review your current year’s budget (6:55)

 

I hope today’s episode has encouraged you to move forward making a decision with your budget. If you have any additional questions, we are here to support you. You can reach out to us or visit our website to check out further training and workshops. If you want to hear more from me, make sure to check out the Sista’s Nonprofit Network Summit on January 28th, 2022, where I will be leading a session on financial management. 

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.

The Season for Retreats

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

 

It’s a new year, and the beginning of the year typically means it is the season for board retreats. In today’s episode, I will share three tips for you to go into this retreat. 

 

Tips covered in today’s episode:

 

• Establishing your why (2:06)
• Planning for a successful and beneficial retreat (2:54)
• Leaving accomplished and ready for action (5:16)

 

I hope today’s episode helped you hone in on the essential questions to ask and think about when planning for your annual retreat. Retreats are such a powerful way to prepare for a successful year, and we would love to hear how these tips helped you plan for your retreat. If you want to hear more from me, make sure to check out the Sista’s Nonprofit Network Summit on January 28th, 2022, where I will be leading a session on financial management. 

 

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.

The Valley of Indecision

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

 

I am so excited to kick off this season where I can focus on the value of indecision. The planner in me loves the New Year planning, but I also value the ability to “just take the next step”. 

 

Tips covered in today’s episode:

 

• Making a list and choosing the next step to move forward. (1:33)
• Decision-making and 2020’s bigger plans. (2:07)
• The reason we stay indecisive. (3:06)
• The difference between being indecisive and changing your mind. (3:52)

 

I hope today’s episode has inspired you to make a choice and act on it.  If you still need help or inspiration to dig into your finances and become more comfortable talking about money, make sure to sign up for our upcoming webinar!

 

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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