Olsen Thielen Advisor Blog

Even if your nonprofit typically doesn't have budge shortfalls, you may be looking for new funding sources and may want to consider cause marketing. Made possible via a partnership with a for-profit business, cause marketing can boost your budget, your public profile and even your volunteer base.

Many government agencies are experiencing staff shortages, but don't assume they have given up on IRS audits of NonProfits!  Staff shortage or not, the IRS continues to scrutinize organizations and conduct audits when deemed necessary. If your organization receives an audit letter, you need to know what the process involves

An operating reserve is a nonprofit's safety net that has the unrestricted and relatively liquid portion of the organization's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization’s security and long-term survival.

There are important board fiduciary duties associated with being on a not-for-profit board.  However, not all board members are aware of their fiduciary responsibilities.  It is important to your nonprofit's financial health and integrity that you help them understand and remind them of their responsibilities.

Watchdog groups and the media have increased their scrutiny and reporting of how much nonprofits spend on programs vs. administration.  As a nonprofit you want to be able to prove that you dedicate most of your resources to your programs. However, accounting rules require that you record the full cost

Have you thought about how cross training staff could benefit your not-for-profit?  What if a senior manager was suddenly forced to take long-term disability leave? Or what if an accounting staffer quit without notice? A sudden personnel change could bring your nonprofit's work to a standstill.  Having someone else on staff set to

Hiring a CFO for your not-for-profit could ease financial responsibilities for your executives and allow them additional time to pursue your organization's mission.  Expanding your organization's mission and growth is directly connected to its financial health and integrity.

Under GAAP Principles (U.S. Generally Accepted Accounting Principles) nonprofits are regularly required to evaluate whether there’s “substantial doubt” about their ability to continue as a going concern, which means that the organization won’t soon liquidate its assets and cease operations. What does your management team do if it determines substantial

Not-for-profit organizations need a strategic fundraising plan that works because just having a prominent board of directors, dedicated volunteers, committee staff members and effective programs many times isn't enough to meet fundraising goals.

Collective Impact is an approach where not-for-profits collaborate to take on big issues, such as global warming and economic development.  The hope is that nonprofits will achieve greater change as part of a cross-sector group, rather than as an individual group.