Olga Weber, CPA

10/25/2024

🌟 Giving Back Month Announcement! 🌟

In the spirit of giving, our firm is dedicating November to supporting the nonprofit community that we care so much about! Each week, we’ll donate two hours of qualified CPA services to a nonprofit organization. 📈💙

As a firm led by an ex-auditor with deep experience in the nonprofit world, we know the challenges you face. Let us help you tackle accounting, compliance, or internal controls—whatever support you need.

Interested in joining our Giving Back Month?
📩 Register by messaging us directly
🌐 Sign up on our website https://wcc-consulting.com/form/
📧 Or send us an email!
Together, we can make a difference for organizations making a difference. 🤝✨

08/02/2024

07/23/2024

📊 Understanding Net Assets: Types and Accounting Principles 📊

Ever wondered what net assets really mean for nonprofits? Our latest article dives deep into this essential concept. Learn about the distinction between net assets with donor restrictions and net assets without donor restrictions, and why it's crucial for financial reporting.

Check out the full article on our website! 💡✨

https://wcc-consulting.com/blog/blog_pages/net_assets/

07/13/2024

How to account for non-cash contribution? Read more in this article 👇

https://wcc-consulting.com/blog/blog_pages/
noncash_contributions/
wcc_consulting

04/19/2024

Attention Not-for-profit executives!

For the first time in 10 years Uniform Guidance has been updated (Section 2 C.F.R. 200) – single audit threshold increased from $750,000 to $1,000,000.

For more updates read my article on our website at:
https://wcc-consulting.com/blog/blog_pages/2024_uniform_guidance_update/

04/05/2024

According to nonprofit quarterly - women make up 73% of the American nonprofit workforce, while only 45% had women among their executives. From large nonprofits with budgets over $50 million - only 17% had a female CEO.

At WCC (a woman owned business) we strive to help women in not-for-profit industry to create a real partnership to build a strong financial future of the mission-driven organizations.

https://wcc-consulting.com

03/29/2024

How to read nonprofit financial statements?

Nonprofit financial statements are unique and differ from a regular for-profit organizations. There is unique terminology that is used exclusively by nonprofits (like donor restricted revenue and net assets etc). While the topic is very extensive I wanted to list out five main components of financial statements if any not-for-profit organization:
1. statement of financial position (similar to balance sheet of a for-profit entity)
2. statement of activities (similar to income statement for a for-profit entity)
3. statement if functional expenses (unique to nonprofits)
4. statement of cash flows (a cash flow is a cash flow 🤑)
5. note to the financial statements (these include additional financial information useful to the financial statements users)

For more information - please read my blog article at https://wcc-consulting.com/blog/blog_pages/How_to_Read_Nonprofit_Financial_Statements/nonprofit_financial_statements.html

03/15/2024

Do you really know how much cash you have?

Recently one of my clients asked me what the best practice is when it comes to reconciling your bank accounts. Since the process can be tedious it is natural to try and avoid doing it for as long as possible. I always recommend establishing a routine procedure based on the size of your organization and following that schedule to a T.

Some smaller organization with small volume of daily transactions can get aways with reconciling their accounts on a monthly basis. Larger organizations should perform bank reconciliations on a weekly or even daily basis depending on the size of the organization.

Below I will list 4 benefits of performing regular bank reconciliations:

1. Accuracy and accountability

2. Fraud detection

3. Cash flow management

4. Investment portfolio oversight

For more detailed information of each of these benefits visit our website at www.wcc-consulting.com and read our Blog article.



http://wcc-consulting.com/blog/blog_pages/Importance_of_regular_bank_reconciliations_for_nonprofit_organizations/bank_reconciliation.html