In this episode of Beyond the Donation, managing partner Ken Cerini of accounting firm Cerini and Associates discusses strategies for better fiscal management and the roles of board members in a strong nonprofit.
Ken stresses the importance of implementing effective financial controls, maintaining open communication between board members and management, and conducting regular board meetings. He also emphasizes the significance of accurate budgeting based on monthly variations rather than a divided annual budget.
Ken provides insights on potential minor tax exemptions and the risk of nonprofits losing their tax exemption status if not careful. He further explains the nuances and implications of the 501 (c)(3) tax exemption. Additionally, he shares advice to smaller
organizations on attracting board members and adapting to changing technology trends for more effective accounting and record keeping.
00:00 Introduction
00:52 Ken Cerini Introduction
01:38 The Importance of Creativity and Imagination in Accounting
03:28 Breaking Down Nonprofit Taxes
07:04 How to Keep your 501(c)(3) status
09:50 The Role of Reporting in Nonprofits
12:40 Understanding the Relationship Between Board Members and Budgeting
“That budget is a super important tool, probably one of the most important control tools with respect to the fiscal operations of the organization.”
15:55 The Importance of Using a Monthly Budget vs. an Annual Budget
16:43 Building a Collaborative Relationship Between the Board and Management
20:30 How to Attract Board Members
22:31 The Impact of Technology on Nonprofit Accounting
26:21 Conclusion and Contact Information
Free Resources:
To Connect with Ken Cerini:
Website
| KCerini@CeriniCPA.com | 631-582-1600 ex 203
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