Building Strong and Effective Audit Committees

Not-for-profits may all have different missions, but a commitment to transparent and accurate financial reporting is something they all should have in common. Audit committees play a key role in providing governance and oversight of the financial reporting process. Here are some common considerations for building a strong and effective audit committee.

Can We Combine the Audit Committee with the Finance Committee?

Combining the audit and finance committees may seem like a practical and efficient use of both staff and volunteer resources and time, and it can be hard enough just filling the finance committee. However, it’s important to distinguish the different purposes these committees serve.

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How to Become a Not-For-Profit Board Member

Since entering the professional world, it’s been an aim of mine to serve on the board of directors for a not-for-profit organization. I finally accomplished my goal in June 2019, but the process to achieving it was not always clear. If you are considering joining a not-for-profit board, I put together the following guide, based on my own experience, to help you get started!

Find Your Passion

When consulting with colleagues and friends who serve on different boards, the most common question they asked was, “What are you passionate about?”

Since serving on a not-for-profit board is a volunteer position,

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5 Tips for Effective Not-for-Profit Board Oversight

This article originally appeared in the Journal of Accountancy ©2019 Association of International Certified Professional Accountants.

In a way, board oversight has the same impact on a not-for-profit organization that parenting has on a child. Performed effectively, board oversight provides the framework for the organization to grow and prosper. But when the board is dysfunctional or performs poorly, the organization’s chances of serious troubles multiply exponentially.

Cheryl R. Olson, CPA, CGMA, not-for-profit solutions strategist at Clark Nuber in Bellevue, Wash., and a member of the AICPA Not-for-Profit Advisory Council, recently shared her five most important tips for not-for-profit governance during JofA podcast:

Recruit board members with the time and skill sets that contribute to a well-rounded board.  » Read more

Six Steps for Board Review of the Form 990

This is updated from an article that was originally published on 8/1/2017.

It is time again to prepare to file the Form 990. Calendar year returns for 2018 are due May 15 and may be extended to November 15. Even fiscal year organizations can start thinking about it or they may be filing for 2017 now. What is your organization’s review process for the return? Does your board review it before it is filed, as the Form 990, Part VI asks?

If the Board of Directors does not require a board review of the Form 990 filed with the IRS each year,

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Tips to Improve Board Financial Reporting

The ultimate goal of providing an organization’s board with financial reports is to help them understand where the organization is and where it needs to go. Unfortunately, it is a common struggle when reporting to strike the right balance between providing meaningful, comprehensive information and being engaging to your readers. Below are some tips on how to accomplish both when presenting essential financial information to the board.

Provide Training

Every board member needs to understand an organization’s financial information to make informed decisions. However, board members bring different skills and talents to the table, and not all are going to know how to read and use not-for-profit financial statements and reports.

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Dustin VandeHoef
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Clark Nuber
Phone: 425-454-4919
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