Bookkeeping

Understanding its key components is crucial for stakeholders to assess the organization’s financial health, resource allocation, and sustainability. The reporting period defines the timeframe covered by the statement of activities, providing a snapshot of an organization’s financial performance within specific dates. This defined period allows for consistent tracking of revenue and expenses, facilitating comparisons across […]

By breaking down expenses into categories, nonprofits can assess their financial health and make informed decisions about resource allocation. Expenses are another important component of the nonprofit statement of activities. They represent the resources consumed by the organization in carrying out its mission and daily operations. Tracking and analyzing expenses is crucial for nonprofits to […]

It’s crucial for nonprofits to have multiple revenue streams to ensure financial stability and resilience, especially in changing economic climates. For nonprofits that operate membership models, such as clubs, associations, or societies, membership dues are a primary revenue stream. These dues are fees that members pay, either annually or on another regular basis, in exchange […]