Print Page | Contact Us | Sign In | Register
Nonprofit Leadership Center Blog
Blog Home All Blogs

3 Tips for Your Nonprofit Financial Audit

Posted By Lorraine Faithful, Operations Manager, Friday, March 17, 2017
Updated: Thursday, February 9, 2017

If your nonprofit’s fiscal year is the same as the calendar year, then you are very busy now preparing for the annual financial audit.  This is often a stressful time for you and your financial staff, but with a little forethought and planning ahead, this process can go smooth and easy with these three simple tips:

  • Begin one year in advance to prepare for the audit! It makes a lot of sense to prepare on a monthly basis the general ledger activities and transactions that auditors need to review. This includes your balance sheet items like receivables, payables, prepaid expenses, fixed assets, etc. Create your monthly spreadsheets for all general ledger accounts, then record transactions each month. These reports will be complete at the end of the year and ready to give to the auditors.
  • Keep all your accounting files in one designated place on your server or hard drive. This helps to keep things organized and easily find files requested when the auditor is on site. Also, keep either a scanned copy or hard copy of all items you provide to the auditor, and never give away original documents.
  • Finally, get to know your auditors! An audit should be a two-way conversation about your business and financial situation. Don’t be shy about asking for advice or assistance on fiscal matters during the year or during the audit. Auditors are more than happy to help solve issues as they occur which of course will make their auditing job easier in the long run.

We've collected a wide variety of articles, tools, and documents on nonprofit fiscal best practices for you on our Financial Management Resources page; here's a quick sample:




Our Operations Manager 
 Lorraine Faithful has recently celebrated her 10th anniversary with NLC! She is our calm in the storm and generally the first face you see in our offices and the first voice you'll hear when you call. She is a master of customer service as well as our finances, HR, and daily operational needs. Lorraine served as the executive director of a nonprofit in Hawaii before she joined the NLC; next time you're speaking to her, ask about Hawaii--or her family: She has two grown sons and three beautiful grandbabies.   

This post has not been tagged.

Share |
PermalinkComments (0)
 

Are Unbalanced Teams Hurting Your Employee Engagement?

Posted By Guest post by 2017 Leadership Conference Keynote Speaker Sally Hogshead, Friday, March 10, 2017
Updated: Thursday, February 9, 2017

 

Content republished and augmented with permission

As we countdown to the 2017 Leadership Conference on May 10th at Tampa Convention Center, we’re pleased to share another guest blog post from our Keynote Speaker, fascination researcher and expert Sally Hogshead.

Can you have too much of a good thing?

 

When the members of a group share a very high concentration of the same Primary Advantage, problems can arise. For example, a team with too much Passion can become unstable or moody, too much Innovation and your group is unlikely to finish projects.

The flipside to this is that a team high in Prestige is likely to excel when given clear expectations with ambitious standards or a group high in Trust, is allowed to build results overtime.

The key to overcoming any possible pitfalls is to identify how each member of your team communicates.

Think of your team members. What is each person’s most valuable quality? What type of activity, meeting or conversation allows them to shine? How can they communicate authentically during meetings, sales presentations, or leadership opportunities, to bring out the best of who they already are?

All the members of your team communicate in a way that’s unique to them.

Once their highest communication style has been identified, they need to be encouraged to use this in order to feel confident and engaged in the workplace.

Teams that work well together are teams that understand each other.

When you understand the communication patterns and tendencies of your team members, you can cut through the conflict and encourage healthy relationships.

Often, communication problems are relatively easy to solve. Under-performing teams can raise their performance, once they understand what they’re already doing right and their pitfalls.

It’s not random. It’s actually very predictable.

Understanding how to maximize these communication patterns is exactly what attendees of the 2017 Leadership Conference will do! Register today to take Sally’s assessment and receive your unique Fascination Advantage report for FREE!! Bring your customized report along with you and be prepared to discuss each other’s findings at your table.

Team NLC has an active learning culture, so we’re not content just to share Sally’s excellent content; we took the Fascination Advantage assessment ourselves and learned more about our own and our colleague’s strengths.

For we discovered that our team is composed of five different Personality Archetypes:

  • Our CEO Emily is the Avant Garde. Her advantages are Prestige and Innovation.
  • Director of Strategic Solutions Tuesdi Dyer is the Connoisseur; with advantages Prestige and Passion.
  • Education Associate Laurel Westmoreland in our Rockstar; her advantages are Innovation and Passion.
  • Operations Manager Lorraine Faithful is the Good Citizen, with advantages Trust and Alert.
  • Director of Education and Communications Jen Dodd is the Intrigue. Her advantages are Passion and Mystique.

We’ve already begun to dig into how our team can use our distinct advantages to succeed--and we'll be sharing more on that in future blog posts--and we can’t wait to dive into them even more deeply on May 10th at Leadership Conference.