We are approaching the time of year when nonprofit organizations with a June 30th fiscal year end are thinking about either an external audit or about submitting a final report to contributors, boards of directors and lenders to show how they are performing financially. With seemingly complex audit requirements, it can seem daunting and overwhelming to think about an end-to-end review of an entire year’s worth of transactions.
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October, 2017 –Nonprofit organizations are significant contributors to the American economy. According to GDP data compiled by the World Bank, the global nonprofit industry were a nation and it would have the sixteenth largest economy in the world. In addition to the economic activity created by nonprofit organizations and the countless services that are delivered by them on behalf of government agencies, nonprofit organizations are also one of the largest employment providers across the country.
Charitable giving in general is closely tied to stock market performance, and the periods of extreme volatility over the last few years have a delayed effect on donors. As a result, many nonprofit organizations saw their personal and donor-advised fund balances decline in the last few years. However, lately charitable giving is on an upward trend and organizations across the sector are reporting increased number of donations, philanthropic help, and volunteers all over the country. Continue reading AMERICANS ARE GENEROUSLY DONATING