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Email: info@mncn.org
financial management: featured resourcesSearchable Online Database: Nonprofit Yellow Pages Government Agency: Internal Revenue Service Government Agency: Attorney General's Office, Charities Division Organization: Nonprofits Assistance Fund Organization: Financial Accounting Standards Board (FASB) Membership Association: Nonprofit Financial Group (NFG) The online Nonprofit Yellow Pages is a searchable database of consultants who work with Minnesota's nonprofit community. More than just a list of names, the Nonprofit Yellow Pages can help you find consultants with the specific expertise you need. The consultants and consulting firms listed in the Nonprofit Yellow Pages submitted their listing to the Minnesota Council of Nonprofits for a fee. All of the information in individual listings was provided entirely by the consultants and consulting firms. A listing in the Nonprofit Yellow Pages is not an endorsement by the Minnesota Council of Nonprofits. The database is free for users. Click here to immediately access www.nonprofityellowpages.org Nonprofit organizations must file a number of forms with the IRS, particularly if they have employees. In addition, nonprofits with annual gross receipts of more than $25,000 must file Form 990 (or Form 990 EZ if gross receipts are less than $100,000 and total assets at year end are less than $250,000). For live telephone assistance: 1-800-829-1040 For forms delivered via mail: 1-800-829-3676 For forms delivered via Fax-on-Demand: 703-368-9694 Web: www.irs.gov
(click on Charities & Nonprofits) Minnesota Attorney General Office, Charities Division Charitable organizations registered in Minnesota must file an annual report of their financial activities no later than the 15th day of the seventh month following the close of its fiscal year. Address: 445 Minnesota St., St. Paul, MN 55101 Ph: 651-296-3353 or 1-800-657-3787 E-mail: attorney.general@state.mn.us Web: www.ag.state.mn.us/charities The
mission of the Nonprofits Assistance Fund is to foster community
development and vitality by building financially healthy nonprofit
organizations. They provide loans and financial management training
and technical assistance to stabilize and strengthen the financial
capacity of nonprofit organizations in Minnesota. Financial Accounting Standards Board (FASB) The Financial Standards Accounting Board (FASB) is the organization that establishes standards of financial accounting and reporting. These standards govern the preparation of financial reports. FASB's website is very comprehensive and includes a summary of what FASB is how it sets its technical agenda. Research reports and recent decisions available at this site.Address: Financial Accounting Standards Board Nonprofit Financial Group (NFG) The Nonprofit Financial Group is a membership association of nonprofit financial professionals. The purpose of NFG is to provide opportunities for networking, education, professional maintenance, and improvement for financial managers of nonprofit organizations. Annual membership for the NFG is $35. For
further information go to www.nfgmn.org
or contact: Rudy
Brynolfson
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Principles and Practices for Nonprofit Excellence: Financial Management Seven Practices
A. Financial Accountability
1. A nonprofit should operate in accordance with an annual budget that has been approved by the board prior to the beginning of each fiscal year.
2. A nonprofit should create and maintain financial reports on a timely (at least quarterly) basis, accurately reflecting the financial activity of the organization, including the comparison of actual to budgeted revenue and expense.
3. A nonprofit with annual total revenues in excess of $350,000 should subject its financial reports to an annual audit (MN Law). A nonprofit under this threshold, or excepted by law, should have a CPA provide a review of its finances to the board annually.
4. Quarterly financial statements should be provided to the board of directors. The statements should explain any significant variation between actual and budgeted revenues and expenses.
5. A nonprofit should provide employees and volunteers with a confidential means to report suspected financial impropriety or misuse of organizational resources.
6. A nonprofit should have written financial policies governing the following matters, where appropriate: (a) investment of the assets of the organization; (b) internal control procedures; (c) purchasing practices; (d) reserve funds; (e) compensation, including salary and benefits; (f) expense account reporting; and (g) earned income.
7. A nonprofit may budget for a deficit from time to time but should not incur persistent or increasing operating deficits.
B. External Financial Arrangements
1. A nonprofit, with board approval and full knowledge of its legal obligations and liabilities, may undertake responsibility of serving as a fiscal agent for another organization with a related mission and should review this relationship annually.
2. Any subsidiary that a nonprofit establishes should be in the direct furtherance of the mission of the organization. |