Category: Not-for-Profits

Councilor, Buchanan & Mitchell (CBM) is proud to serve as a bronze sponsor at the 2023 Greater Washington Society of CPAs Nonprofit Symposium, which will combine web-based education and an in-person component from October 3 through December 12. CBM has sponsored, presented and exhibited at the symposium for many years. Members of the firm’s not-for-profit professional services team look forward to participating in this year’s symposium and attending in-person sessions at the Washington DC Convention Center on Tuesday, December 12…. Read more ›

Many job seekers and others assume that not-for-profit organizations offer fewer or less-generous fringe benefits to employees than for-profit companies. But that’s not necessarily true. According to a recent survey by the Nonprofit Times, 87% of nonprofit employers offer a health insurance plan. But as the Kaiser Family Foundation has found, only 49% of private for-profit companies with three to nine workers offer health insurance coverage to workers. Larger for-profit companies generally do offer health insurance and other benefits. So… Read more ›

The not-for-profit sector is extremely competitive and even a relatively small shift of fortunes can threaten an organization’s future. When events such as the death of a major donor or the loss of grants, organizations turn to their leaders to minimize the damage and restore stability. But all too often there is no plan in place to tackle risks. Astute not-for-profit leaders don’t wait for a storm. By making a risk analysis and confronting the possibilities ahead of time, they… Read more ›

Councilor, Buchanan and Mitchell (CBM) works closely with clients to protect their financial and data operations from phishing attacks and criminals seeking access to corporate networks to steal or hold private, customer-related information for ransom. Members of CBM’s outsourced accounting and advisory team recently prevented a business from falling prey to a phishing attack and potentially losing a considerable sum of money. The client had reached out to a vendor to obtain ACH information for sending a payment electronically. When… Read more ›

  Does your not-for-profit need to replace a departing board director — or add directors to better handle your growing organization’s governance work? Choose carefully, because although a well-qualified, enthusiastic board addition can help infuse the group with energy and fresh ideas, an unqualified one can create conflict and other problems. Here’s how a nonprofit board should operate and how you can recruit effective board members. Governance and More The board has a duty to ensure the prudent management of… Read more ›

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. Like making future plans in your private life, creating a succession plan for your organization is a necessity. And the earlier you start planning, the better. You’ll come across information that needs to be documented for the successor — and you might also… Read more ›

Quick References are high-level insights about critical issues and concerns facing your organization. Our outsourced accounting and advisory group is available to help you implement solutions. Click here to view other Quick References and to sign up for email alerts when future Quick References are released. What is the new lease standard? The new lease standard is intended to account for all lease obligations on financial statements, rather than excluding operating leases as has been the standard. This change ensures… Read more ›

If your not-for-profit organization expects its board members to play a fundraising role, you probably already know how difficult it can be to motivate them. They’re busy people, and even when they have excellent connections, they’re not always comfortable asking those in their network for money — however noble the cause. Fortunately, there are ways you can help board members overcome their reservations. Up Front and Personal Board members are obligated to help your organization implement its revenue strategy, and… Read more ›

If your not-for-profit focuses most of its fundraising energy on donors who can contribute to your mission and programs now, you may have neglected legacy gifts. Such gifts represent a portion of wealthy donors’ estates that go to your organization on their death. Legacy gifts can help position your nonprofit for sustained growth well into the future. Let’s take a closer look at the hows and the whys. Mechanics of Giving The vast majority of legacy gifts are made through… Read more ›

Unlike some fishing enthusiasts, not-for-profits don’t usually “throw back” contributions from the small fry in its donor base. Modest donations, after all, add up. But landing some big fish can make a whale of a difference to an organization’s financial security.Unfortunately, major donors don’t usually knock on a charity’s door and hand over millions of dollars. You have to work to find them and then earn their trust and confidence. Here are seven practical suggestions: Upsize your annual fund. Your… Read more ›