It is also noteworthy that 6% of executive directors receive no salary at all—they’re volunteers. With these features in mind, let’s dive deeper into the two sides of your nonprofit’s operating budget. To clear up any confusion surrounding these resources, we’ll begin by answering some common questions about nonprofit budgets. A 2008 study by the […]

Budgeting for professional development and training plays an important role in keeping staff updated with the latest practices in healthcare, education, and community service delivery. This investment also supports long-term retention through improved job satisfaction and skill enhancement. Salaries and benefits for core staff members often represent the largest fixed cost in a nonprofit budget […]

Let’s illustrate the Cash Short and Over account with the petty cash fund. Assume that the company has cash short and over is classified as a a petty cash fund of $100 and its general ledger account Petty Cash reports an imprest balance of $100. Let’s now assume that when the petty cash fund is […]

Credit cards are widely accepted, provide a quick and easy way to make payments, and offer fraud protection. When used with a dedicated processing software or financial institution, they can also offer cash back. The majority of today’s AP and AR automation software products are designed to improve the internal processes of their users rather […]