VIDEO Q&A for Subscribers: July 2024 [SUBSCRIBERS-ONLY]

Ben and Mike answer questions from subscribers about the definition of cash basis accounting and its consequences, implications of Board term holdover language and legal remedies to hold organizations accountable for not following their Bylaws, the benefits of tracking volunteer hours and what this means for an organization’s Form 990 and financial statements.

CHAPTERS:

00:00 - Intro

01:00 - Clarifying cash basis accounting and its pros and cons

05:20 - A reminder that organizations using cash basis accounting still need financial statements and internal controls

09:26 - The meaning of Board term holdover language and whether this allows Board elections to be postponed indefinitely

12:31 - Legal remedies to hold organizations accountable for not following their Bylaws

15:00 - Reviving an inactive nonprofit organization

18:07 - The benefits of tracking volunteer hours and recording them in financial statements when allowed by GAAP

22:10 - Form 990 issues related to volunteer hours and how volunteer hours get reported on financial statements

26:35 - How showing volunteer support helps with public perception and telling the organization’s story