In their Fall 2008 Nonprofit Observer publication, San Francisco Bay Area CPA Firm Lautze & Lautze offers advice on how to avoid 8 common accounting mistakes among nonprofits (summarized below): 1. Follow accounting procedures Every nonprofit, large or small, should establish a formal, documented, and detailed accounting process that...
FINANCIAL MANAGEMENT
Nonprofit Integrity Act – Audit Committee
QUESTION: Can a charitable organization subject to the Nonprofit Integrity Act’s requirement of an audit committee include on such committee its CEO or CFO? ANSWER: It depends (sorry about this standard lawyer’s response, but read on). California Government Code section 12586(e)(2) provides that “the member or members of the...