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Posts by Tricia Love Thomas

Quick Guide: Functional Expense Classifications for Nonprofits

Nonprofit organizations are constantly under scrutiny as to how they allocate their functional expenses in their statement of activities. Unlike for-profit entities, nonprofits must provide a statement of activities in the financial statements about...
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The Maryland Nonprofit Audit and Review Threshold Increased: Why You Should Probably Stay at the Same Level of Assurance Anyway

With the recent hike in the audit and review threshold for charitable contributions for Maryland nonprofits, many organizations may be asking themselves – if we aren’t required to have an audit or review anymore, do we really need to continue our current...
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7 Must Know Changes in Nonprofit Financial Statement Reporting

When the Financial Accounting Standards Board (FASB) issued long awaited changes to financial reporting for nonprofit organizations, it was a big deal because it was the first time in more than 20 years that FASB made major modifications. These new...
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Nonprofits, 3 Reasons Why Nothing Is More Expensive than a Cheap Audit

I’ve heard it more than once at the conclusion of a nonprofit organization’s RFP process: “We really liked your CPA firm, but ... we went with another firm whose audit services cost less.” Hhmm, sounds good for the nonprofit’s pocketbook, right? Well,...
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How to Align Your Nonprofit’s Goals With Its Mission

“If you don’t know where you are going, any road will get you there.” This quote from Lewis Carroll’s book, Alice in Wonderland, holds a lot of truth in the business world. The story begins when Alice, out of sheer curiosity, chooses to follow an odd and...
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Nonprofits, Volunteer Recruitment and Retention Doesn’t Have to Be Rocket Science

No matter what your nonprofit’s volunteer base looks like, enhancing a volunteer’s experience will benefit your organization and maximize volunteer turnout at future events.
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