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Ep. 7 - Nonprofit Accounting, Bookkeeping & Tax Reporting
Manage episode 379321802 series 3494933
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On this episode of Nonprofit Counsel, May visits with Terrell Turner, a bookkeeper and financial advisor who specializes in working with nonprofits. He brings valuable bookkeeping and tax reporting insights to startup nonprofits and those operating for some time. Terrell’s expertise as an accountant specializing in nonprofits and his podcast and website dedicated to the nonprofit sector speak to his wealth of knowledge to share. His recommendations can help organizations avoid common mistakes and navigate the unique challenges of managing a nonprofit's finances and reporting obligations.
IN THIS EPISODE:
[01:04] Terrell explains what his position entails and reveals the most asked questions from clients have regarding nonprofits
[05:48] Terrell recommends you must have an accounting system to operate your non-profit, and there is a discussion of other forms needed
[10:02] Are cash-flow statements and budgets necessary for a nonprofit
[14:08] Terrell's recommendations on a chart of accounts and how the source of funding may affect your accounts
[19:30] Terrell discusses his podcast and website and how he and his wife answer questions and supply information
[28:57] Terrell specifies that you should hire a nonprofit accountant to advise the board regarding financial decisions
KEY TAKEAWAYS:
Have a regular audit of your books. Even if it’s quarterly, there needs to be accountability.
Listening to this podcast gives you great information about running your nonprofit and allows you to turn your passion into a thriving nonprofit organization.
A budget will reveal if your targeted numbers are valid, and spending should correlate with your projections.
RESOURCES:
Business Talk Library - Website
ABOUT THE HOST:
May Harris has been a pioneer of nonprofit law practice for over a decade, having founded For Purpose Law Group in April 2012. She serves the nation's nonprofit sector with unparalleled expertise, prioritizing her client's missions, visions, and values. She specializes in nonprofit & tax-exempt organizations, social enterprise & business law, and estate planning & charitable giving.
GUEST BIOGRAPHY: Terrell Turner
Hi, I’m Terrell. I’m the guy who’s concerned about how businesses are going to survive and grow in this new business world. I host a show called Business Talk Library, which examines a wide range of problems and solutions affecting business today. I use my experience with Fortune 500 companies to consult with start-up businesses and mid-size companies. It’s my job to start the conversation on what your goals are. Together, we’ll design a course of action to achieve them.
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