MUST KNOW TIPS: Nonprofit Chart of Accounts

[@CauseSpecialist]

Don’t forget to grab that download! The link is in the video description 💚

[@Australian_Lady]

Chart of accounts: framework for all financial records. It helps you to classify every entry. COA: Breaking down every part of your business. Individual & corporate contributions. Streamline processes: peace of mind. You can't see and fix inconsistencies. Chart of Account must follow GAAP accounting consistently. For instance, office supplies. Keep it simple. Setting up how you want to classify and not changing. Admin should be covered by donations. 990 goes to public database. Simplify your COA. Merge things. You need big buckets to function.

[@JenniferGramuglia]

Really loved the format of this COA thank you for this! This video helped me convince a client to let me change their account setup from a messy COA

[@CauseSpecialist]

Thanks Jennifer! 🙂

[@questionresearch8721]

Thank you for the video.

[@CauseSpecialist]

You are most welcome 😊

[@leespencer9843]

Do you think Aplos is good software?

[@CauseSpecialist]

I’ve never heard of it. Most of the nonprofits I work with use Quickbooks 🤷‍♀️

[@DebG2001]

Thank you.

[@HOLAThriftnReuse]

Joanne around 12:17, you say "I think your template will be most helpful" so I kept back tracking, listening for when Rachel mentioned her "template" and I searched the description where you have links, etc., but I never found anything about her "template". What did you mean by her "template"? Is there one? Where can we get it? Thanks, Kim

[@CauseSpecialist]

Hi Kimberley. There is a download for her chart of accounts template in the video description. Unfortunately, I cannot paste it here because KZbin doesn't like links in the comments. If you follow the link you will see a green button below all of the content that says download it here. Alternatively, you can email me and I will just send it to you :)

[@ccafKhmer]

Great!

[@waynecmontgomery]

Great video Joanne, Also a great topic and guest. However, your guest failed to talk about form 990 N which a lot of nonprofits here in the U.S. use. The 990 N reports very little about the organization itself. I'm a big proponent of merging the U.S. and Canadian databases of charities for reporting reasons. As you know Canadian nonprofits do NOT have to apply for tax exemption here in the U.S. if they are recognized in Canada and that works vice versa. Also, your guest failed to talk about nonprofits that receive most of their money from government agencies in the form of contracts. It would have been helpful to break down the various 990 forms that public and private charities use to report their earnings.

[@CauseSpecialist]

Great advice, Wayne! Which reminds me, we still need to have you on as a guest!!! Shoot me a note if you’re interested 😁

[@waynecmontgomery]

@@CauseSpecialist Hey Joanne, I will be in touch next week. I did NOT forget😇. Also, Tiffany and Sarah will be in touch. My wife and I had to fly to Hawaii to check on my daughter and the facility that our non-profit operates in Maui. The 990 N is a major loop hole nonprofits can use to avoid public scrutiny if used properly. Pretty much they can hide salaries and the people who contribute to it can receive bigger tax breaks and anonymity.