MUST KNOW TIPS: Nonprofit Chart of Accounts

Unlocking the Secrets of Nonprofit Financial Management | Interview with Rachel Peterson of RP Finance. In this video, we're going to talk about the chart of accounts for nonprofits. This is an essential document for any nonprofit, and we'll go over the different sections and explain what they are. Nonprofit organisations need a chart of accounts to track their finances and keep track of their expenses. By understanding the different sections and what they mean, you'll be able to set up your own chart of accounts and keep your nonprofit running smoothly! This is an essential tool for any nonprofit, so be sure to watch this video and learn everything you need to know about chart of accounts for nonprofits.

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🎓 About Rachel Peterson and RP Finance:
Rachel Peterson is an AICPA-certified Nonprofit Accounting Specialist and the founder of RP Finance, a dedicated firm serving nonprofits exclusively with their bookkeeping, accounting, and CFO needs. With a deep passion for helping organizations run smoothly and efficiently, Rachel brings her expertise in financial management and accounting principles to provide comprehensive services tailored specifically to the unique requirements of nonprofits. Through RP Finance, she collaborates closely with nonprofit leaders, offering strategic financial guidance, establishing robust internal controls, and implementing effective reporting systems.
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[CauseSpecialist]

Don’t forget to grab that download! The link is in the video description 💚

[Australian_Lady]

Chart of accounts: framework for all financial records. It helps you to classify every entry.

COA: Breaking down every part of your business.

Individual & corporate contributions.

Streamline processes: peace of mind.

You can't see and fix inconsistencies.

Chart of Account must follow GAAP accounting consistently.

For instance, office supplies. Keep it simple.

Setting up how you want to classify and not changing.

Admin should be covered by donations.

990 goes to public database.

Simplify your COA. Merge things. You need big buckets to function.

[JenniferGramuglia]

Really loved the format of this COA thank you for this! This video helped me convince a client to let me change their account setup from a messy COA

[HOLAThriftnReuse]

Joanne around 12:17, you say "I think your template will be most helpful" so I kept back tracking, listening for when Rachel mentioned her "template" and I searched the description where you have links, etc., but I never found anything about her "template". What did you mean by her "template"? Is there one? Where can we get it? Thanks, Kim

[waynecmontgomery]

Great video Joanne, Also a great topic and guest. However, your guest failed to talk about form 990 N which a lot of nonprofits here in the U.S. use. The 990 N reports very little about the organization itself. I'm a big proponent of merging the U.S. and Canadian databases of charities for reporting reasons. As you know Canadian nonprofits do NOT have to apply for tax exemption here in the U.S. if they are recognized in Canada and that works vice versa. Also, your guest failed to talk about nonprofits that receive most of their money from government agencies in the form of contracts. It would have been helpful to break down the various 990 forms that public and private charities use to report their earnings.