It is becoming increasingly harder for nonprofit organizations to keep up with changing regulations and the growing cost of compliance. Nearly two-thirds of nonprofit accounting professionals say that compliance has become more time consuming and costly over the last two or three years. On top of the growing complexity of compliance, we know nonprofit organizations are also especially vulnerable to the adverse effects of turnover, with nearly half of organizations stating they would be unprepared to handle finances if a key person in the finance department were to leave the organization suddenly. In this session we’ll look into the results of a recent research study of nonprofit finance and accounting professionals to better understand the biggest financial issues facing today’s nonprofits, how have these changed over the years, and how prepared are organizations to address these challenges. We’ll dive into recommendations and tactics to handle the increasing complexity of compliance, audits, fraud, and succession planning as your organization continues grow.
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