[IMGCAP(1)]This summer, there is a good chance that you, or someone you know, will be participating in a walk/run dedicated to supporting a nonprofit organization. You may also see several kids standing outside supermarkets, stores, or at traffic lights asking for contributions on behalf of their charity of choice. While donating money or time is extremely gratifying and rewarding, it’s important to note that nonprofits function just like a business.
Nonprofits also manage budgets, pay salaries, possess the latest technology, engage in networking events, and keep petty cash in mind for unexpected costs and expenses. So how do accountants who work on behalf of nonprofits ensure that the maximum amount of donations are going to the cause, while also leaving room for operational costs?
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