In an NPO, what could be the causes of situations ie: federal income tax forms not completed correctly, months delays in paying vendors and departments are late reporting transaction and failing to place in the financial reports?
What would some recommendations be to prevent this from happening?
If you could point me to some references, that would be great. Thanks in advance© BrainMass Inc. brainmass.com October 17, 2018, 12:13 pm ad1c9bdddf
The causes of situations in an NPO are important. A lack of people are present to assist with the finances of the business, especially if it is small. The checks are not numbered. No software is used to keep track of statements. Vital information is not locked away in a safe location for only certain personnel to use whenever it is needed. Too many individuals have access to company checks. Everyone gets to sign the checks. Multiple invoices are used and vendors. A vendor is paid without the necessary paperwork. Nothing is marked as paid. Procedures are not in place for wire transfers. The program for using positive pay is not in place. Multiple people are receiving the bank statements. ...
This solution discussed nonprofit organization internal control measures in order to prevent future situations from occurring.
Financial policies of non profit organizations
What are some key financial policies that a non profit organization does (or should) have in place? Why are they important?View Full Posting Details