Accounting Pitfalls - 11 Your Nonprofit Should Avoid

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All board members are responsible for ensuring that your nonprofit is in compliance with state, federal, and international regulations and laws. Many boards settle on accountants as their Treasurers and they defer totally to the accountant's judgment in all areas of finance. This is fine for the bookkeeping that you need but there may be some unique aspects of the nonprofit world with which your Treasurer is not familiar.

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Make sure that this list of potential accounting pitfalls gets to your board Treasurer. Or, better yet, give it to the Finance Committee and make it part of the committee's yearly action Plan to ensure that you have not fallen into one of these pitfalls.

Start today and ask the Finance Committee to present this list of potential pitfalls. Invite a Finance Committee presentation at your next board meeting that reviews each item on the list, discusses its applicability to your organization, and acknowledges that you are in compliance with the standard state, federal, and international laws.

Here are 11 Accounting Pitfalls you want to avoid:

1. Inadequate books and records

2. Incomplete or Incorrect Federal Tax Return (Form 990)

3. Failure to record changes in officers or operations to the Irs

4. Treating employees as Independent Contractors

5. Non-compliance with state-specific Solicitation of Contributions (donations)
-a. Traditional application and yearly submission to state officials
-b. Donors receipts and permissible disclosure statements
-c. Http://www.nasconet.org and click on Us Charity Offices to find your state regulator

6. Failure to complete (federal) social Inspection Requirements
-a. yearly self-test
-b. 33 1/3 % or more comes from social funds
-c. No particular sourcing of money

7. Failure to heed audit charges or no audits

8. Failure to comply with Lobbying Rules

9. Improper allocation of income and Expenses between activities

10. Failure to think Ubit (Unrelated enterprise income Tax) -ex. Hospice sells clothing (requires paying federal tax on income)

11. Issues regarding linked entities or joint ventures

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