Earlier this month, we partnered with Charity Village on their "How to Simplify Your Non-profit's Year-End Process" webinar, to help non-profit organizations navigate the complexities of the year-end reporting process. Though tedious, the year-end reporting process is still an important process for non-profit organizations due to several reasons:
- Donors will be expecting tax receipts.
- The organization has 6 months from its fiscal year-end to submit their tax return (even if it is nil).
- Users will want to see meaningful financial statements.
- The board/management should be looking at the actual year-end results in order to forecast/budget for the upcoming year.
When it comes to the year-end preparation of non-profit financial statements, there are three levels of assurance: Audit, Review and Notice to Reader. The level of assurance required for the financial statements will be determined by the needs and/or board requirements of the organization. To prepare these financial statements, many non-profit organizations tend to face common challenges such as:
- Recording transactions and maintaining transaction support
- Presentation of financial statements
- Lack of resources to provide auditors with what they need
During the webinar, our Enkel controller, Andrea Mitchell, shared tips on how non-profit organizations can tackle these challenges and how they can utilize technology tools to streamline their year-end reporting process. Here's a recap of the webinar:
We are proud supporters of Charity Village and are excited to co-host more events and webinars in the future to equip non-profit organizations with better financial knowledge!
At Enkel, we specialize in bookkeeping, payroll and more back office services for non-profit organizations. Whether your organization is located in Vancouver, Edmonton, Calgary, or Toronto, we've got your bookkeeping needs covered! Contact us today to learn more.