The purpose of performing broker dealer audits and requiring regular reporting is to verify that broker dealers are compliant with regulations intended to protect investors. The broker should implement consistent internal investigations to assure this goal, but audits are the primary tool used by … Read More
Internal controls are the operating procedures a nonprofit relies on to keep things running smoothly and reduce the potential for inappropriate behavior within the organization. Essential Internal Controls Every Nonprofit Needs 1. Authority to Spend Deciding who has the authority to make and … Read More
In addition to putting bylaws, policies & job descriptions in writing, a nonprofit committee charter is essential for detailing your current or future agenda. If your nonprofit does not currently have a board, begin by creating a committee for your charter topic. The creation of the committee … Read More
Are you thinking of starting a nonprofit? Before you do, consider the Internal Revenue Service code, 501(c)(3), which governs nonprofit status. Nonprofits may be classified as either a public charity or a private foundation. The Differences between Public Charity and Private Foundation Public … Read More
One of the most common inquiries from nonprofit leaders is whether their organization is required to submit to an audit or financial review. The answer depends on the type and size of your nonprofit corporation. The laws that regulate independent audits of nonprofits differ from state to state. … Read More
Every corporation is required to have directors and officers. This includes public benefit corporations. Your nomination to the role of nonprofit board member is a tremendous honor, and also a great responsibility. As a board member of a nonprofit organization, you are subject to specific … Read More
When it comes to audits, an independent nonprofit audit is different than an IRS audit. An independent auditor, who should be a Certified Public Accountant (CPA), completes an independent audit. These audits are an examination of your financial statements and accounting records. Once a nonprofit … Read More