- September 30, 2021
- Posted by: The Mauldin Group
- Category: Blog
Budgeting with Intentionality
Making informed and responsible decisions are key to managing a nonprofit. To excel and make a tremendous impact in the community, nonprofits must have clear direction and disciplined control when it comes to their finances. While many staff members and volunteers are passionate about the vision and mission of your nonprofit, not every organization has the personnel or resources to properly manage the budget. However, by prioritizing this department, your organization will position itself to make the most of its efforts. From our CPA professionals, below are a few tips for Atlanta nonprofit executives to consider when managing their organization’s finances.
3 Approaches for Managing a Nonprofit’s Finances
1. Get on the Same Page
Everyone on your team may share the same goals when it comes to your nonprofit’s mission. That said, does everyone have the same plan to reach those goals? Have a clear understanding of where your foundation is headed and what adjustments necessary for success. The executives need an aligned perspective about the organization’s direction to manage its finances and expenditures with intentionality. With a consistent vision from leadership, maintain a reasonable perspective of what is needed to make your mission a reality with considerations to growth, budget, and purpose.
2. Set Realistic Expectations
Each nonprofit has its own personality; just like people, no two organizations are the same. Many nonprofits have limited resources that push them to make creative financial decisions. Other foundations may have a large budget with major expenditures every year. Assess the unique needs of your nonprofit’s mission to properly optimize and manage your finances. In some cases, this may mean being resourceful and frugal, but this isn’t necessary for every organization. Understand your nonprofit’s personality and have realistic expectations on how little or how much to invest to make an impact.
3. Consult with a CPA Firm
Nonprofit work wouldn’t be possible without the hard work of dedicated people. As they say, many hands make for light work. Between staff members and volunteers, people pitch in where they can to help out. Everyone has a different specialty, and your organization may not have an in-house financial specialist. Ensure your organization’s accounting is done properly by meeting with a CPA Firm. Doing so will keep your nonprofit compliant with the IRS and also talk through best practices for managing a budget. As an Atlanta-based Firm, we at BMC care about the wellbeing of your organization and would be happy to assist with your CPA and accounting needs.
Contact BMC for Nonprofit CPA Services in Atlanta
Brooks, McGinnis & Company, LLC is a Firm that provides Atlanta businesses and nonprofits with professional CPA services. Our qualified team has decades of experience assisting nonprofit organizations with their accounting needs. We value the work being done in the nonprofit world and would love the opportunity to extend our expertise to make the most of your mission.
Our Nonprofit CPA Services
- IRS Form 990
- IRS Forms 1023 and 1024
- IRS Form 5500
“We engaged Brooks, McGinnis & Company because we wanted a quality, in-depth audit by a firm who specializes in working with nonprofit organizations. The audit team communicates well with our staff, management, and Board Members and we do not have to train audit staff as they know nonprofits! I don’t hesitate to call with a question during the year and they are always there to help us work through issues and provide feedback on how we might improve our processes.”
Director of Finance and HR, Imagine It!, The Children’s Museum of Atlanta