Not-for-Profit Accounting Performance Survey

Progress:

Does your organization have a comprehensive annual budget that includes sources and uses of funds for all aspects of operations?

Are you confident in the accuracy of your financial statements?

Does the finance committee have a detailed understanding of the annual budget?

Does the board of directors formally authorize the annual budget and revisions to the budget?

Are your financial statements prepared correctly for accrual accounting requirements? Prepaid Expenses, Accrued Costs, Deferred Revenues?

Does your organization have proper internal controls in place to satisfy your year-end audit requirements?

Do you regularly compare budgeted Income and Expenditures with actual Income and Expenditures?

Does the organization have written policies and procedures for fiscal operations including procedures for processing payroll, purchases, accounts payable, accounts receivable, etc?

Are actual activities consistent with written policies and procedures?

Are you segregating “Restricted” vs. “Unrestricted” assets and tracking the related expenditures correctly?

Do you have a process in place to allocate functional expenses correctly?

Are you able to properly track In-Kind donations made to your organization to satisfy your year-end audit requirements?

Answer these questions, and then check your scores to see your organization’s risk level.