Shows
Nonprofit Ace PodcastConflict of Interest with Potential Business PartnersIn this episode, we are looking at a New Orleans nonprofit who must answer questions on its financial makeup, regarding the services they provide, how they make money, and how much they have made. What makes the story even more interesting is that the founder of the nonprofit and the President of a for profit company that works with them are married, thus creating confusion and raising eyebrows into their financial standing. This also raises questions regarding potential conflict of interest and how funds are being allocated and spent with both organizations.
Connect with Chyla an...2021-03-1606 minNonprofit Ace PodcastAvoiding Murky Data ReportsThis week, we turn our focus to Georgia, and the Companions for Heroes foundation that works to pair veterans with service animals. There had been inconsistency in the number of veterans and animals paired together, which has led to mistrust in the program and has led to an investigation. It is important to be consistent with the data your agency reports in order to maintain trust in the public and the community you are serving. This also calls for consistent data reporting from your organization’s accounting and communications department in order to provide transparency for all parties involved. Th...2021-03-0905 minNonprofit Ace PodcastOutlining Government Expectations for Financial AccountabilityThis week, we highlight a story about the Mississippi Department of Human Services dispersing funds to organizations long after the retirement of a former director. It is not uncommon for the government to give funds to agencies to disperse to nonprofits.
However, it is important to establish milestones and deadlines in order to maintain control over how and when these funds are spent. It’s critical to outline expectations for these agencies up front in order to maintain authority and create accountability for all parties.
Connect with Chyla and CNRG Accounting Adviso...2021-03-0207 minNonprofit Ace PodcastFiscal Sponsorship PitfallsThis week, we discuss how fiscal sponsorship can go wrong and damage an organization's reputation and financial standing if you select the wrong firm. Fiscal sponsorship is when an organization outsources their financial management to a third party. If you decide to employ an outside firm to handle your money, make sure you do your due diligence when selecting one. Hiring a firm capable of managing all your financial needs will help you prevent any hiccups down the road. It is imperative to interview several firms and not only those referred to you in order to find the best...2021-02-2307 minNonprofit Ace PodcastCentral Coast Kids and Families EmbezzlementThis season on Nonprofit Nuggets, we will focus on recent stories about various nonprofits missteps and how to avoid some of these mistakes.
In this episode, we head to Monterey County and discuss an embezzlement scandal of over $700,000 by founder and director of Central Coast Kids and Families, Lolita Garcia. While many of the employees overbuilt their work and could fraudulently alter timesheets and had too much financial leeway, the onus of keeping such activity in check falls on the board of directors. This speaks to the need for the board to build out a co...2021-02-1606 minNonprofit Ace PodcastExamining Rodeo Austin Accountant Million Dollar TheftThis season on Nonprofit Nuggets, we will focus on recent stories about various nonprofits missteps and how to avoid some of these mistakes.
On today’s episode, we are discussing a story out of Austin, TX around an accountant found guilty of stealing 1.3 million dollars from his organization. This Rodeo Austin accountant subsequently lost his accounting license and left his former employer in financial strife, as they used the proceeds from their annual Rodeo to fund scholarships and other community initiatives.
In order to prevent situations like this from occurring, it is of...2021-02-0909 minNonprofit Ace PodcastPrioritizing Organization to Avoid Clerical ErrorsThanks for tuning into this episode of the Nonprofit Nuggets Podcast! If you liked what you heard, please leave a review and share.
This week we focus on an article about East Central Illinois Community Action Agency misusing federal grant funds. We offer several ways to remedy these problems to help your nonprofit avoid running afoul of the government. We highlight particular mistakes that they made and what you can do in your nonprofit to ensure you do not do the same. Tune in!
Highlights:
Failure to adhere to submission gui...2021-01-2608 minNonprofit Ace PodcastPrioritizing Proper AccountingThis week, we focus on how small accounting errors can rock the foundation of your business. We focus on the importance of staffing your accounting department with proper and highly trained personnel in order to make sure there are no accounting snafus. Tune in!
Highlights
Having Right People in Right Roles
Reviewing accounting with internal and external sources
Gaining appropriate accounting system for organization
Proper training for system
Reviewing and auditing work internally
Thanks for tuning into this episode of the Nonprofit Nuggets Podcast! If you liked what you heard...2021-01-1907 minNonprofit Ace PodcastLet's Talk About Compensation(Compensation's Role in Hiring, Compensation in the New Year)
This season on Nonprofit Nuggets, we will be focusing on recent stories about various nonprofits missteps and how to avoid some of these mistakes.
Episode Summary
Compensation is a major topic within any industry, and nonprofits are no exception. Making your nonprofit competitive regarding wages is important to attracting key talent and can affect your funding and financial outlook. This week on Nonprofit Nuggets, we discuss recent news regarding compensation within nonprofits, and how to position your hiring stra...2021-01-1206 min