Whether it’s inflation, trouble finding staffers in a tight labor market or cybersecurity, nonprofit leaders have a lot to worry about. If making financial forecasts is more difficult than usual, consider taking measures that will fortify your not-for-profit’s position, regardless of the challenges.
Keep an eye on cash
Your organization may still be struggling following the pandemic. ... Read More ›
Not-for-profits aren’t required to produce audited financial statements. But audited statements are more likely to reassure big donors and grant makers about your financial stability and generally will be required if your organization applies for a bank loan. When you hire a CPA to audit your statements, the auditor is responsible for expressing an opinion ... Read More ›
HB1197 was signed into law by the Governor on June 30, 2023. The bill changes the Illinois Charitable Audit Requirements.
The Illinois Attorney General has required an audit for charitable organizations with revenue over $300,000 for many years. This bill increases the threshold to $500,000 and will require reviewed financial statements for organizations with revenue from ... Read More ›