Key features

• •Begin with the basics — understand common financial terms, choose your accounting methods, and work with financial statements
• •Balance your nonprofit books — set up a chart of accounts, record transactions, plan your budget, and balance your cash flow
• •Get the 4-1-1 on federal grants — find grants and apply for them, track and account for federal dollars, and prepare for a grant audit
• •Stay in good standing with Uncle Sam — set up payroll accounts for employees, calculate taxes and deductions, and complete tax forms
• •Close out your books — prepare the necessary financial statements, know which accounts to close, and prepare for the next accounting cycle
• •Know what to do if you get audited — form an internal audit committee, follow IRS rules of engagement, and keep an immaculate paper trail
• •The difference between bookkeeping and accounting
• •How to maintain a manual or computer record-keeping system
• •Ten vital things to know when keeping the books
• •Do's and don'ts of managing federal grant money
• •How to prepare for an audit of your financial statements
• •IRS Form 990 good practices
• •The most common errors found during nonprofit audits
• •How to figure out employee payroll deductions and taxes