501(c) organizations and Canadian registered charities face unique reporting requirements. Boards play a critical role in oversight — even when day-to-day accounting is outsourced.
Fund accounting and grant tracking
Restricted funds must be tracked separately from general operations. Misallocated grants can jeopardize future funding and trigger donor concerns.
Form 990 and transparency
U.S. nonprofits filing Form 990 should review governance policies, executive compensation, and related-party transactions before submission. Public copies are widely available.
Internal controls for smaller teams
Segregate duties where possible: one person approves expenses, another records them. Monthly board financial packets build accountability without micromanaging operations.