Booster Club Non Profit Accounting Best Practices with Emily Meek, CPA

Managing finances is crucial for any organization, be it a for-profit business or a nonprofit organization. However, accounting practices for nonprofit organizations can be significantly different from those of for-profit businesses. Yet, how can you ensure smooth accounting practices in non-profit organizations?

In this episode of The Boosted Volunteer, we are thrilled to have Emily Meek, Chief Financial Officer of Mountain Parks Electric and founder/CEO of Skull Creek CPA, as our guest. Emily discusses the key differences between nonprofit accounting and for-profit accounting. She also sheds light on the best practices for maintaining accurate financial records and offers insights on ways to limit theft in booster clubs.

Don't miss out on this informative episode. Tune in now to gain valuable insights into accounting practices!

Highlights:

(01:13) Differences in Accounting Between Nonprofit and Profit Organizations

(04:43) Best Practices for Booster Clubs and Nonprofits

(13:16) Accounting Reports: Income Statement and Balance Sheets

(16:43) Best Practices for Limiting Access to Financial Information

(19:06) Implementing Internal Controls to Prevent Theft at Cash Level

(22:40) Benefits of Going Cashless for Clubs and Booster Clubs

(24:06) Tips for Budgeting Process for Non-profit Organizations

(31:22) Understanding State Sales Tax for Tax-Exempt Organizations

(34:24) Understanding Form 1099 and Reporting Requirements for Nonprofits

(37:24) Books and Resources Recommendations for Nonprofit Accounting