Finance
As an association leader, member engagement is likely one of your top priorities. After all, serving your members’ professional needs to promote industry advancement is a major reason your organization exists. Effective financial management practices are essential for your association to achieve its goals. By correctly handling your finances, your organization can plan for growth…
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Are you thinking about forming a new association? After you complete some basic elements, including crafting bylaws and applying to become a nonprofit entity in your state, one important step you will need to take is filing for tax-exempt status with the Internal Revenue Service (IRS). Associations generally fall into one of two tax-exempt classifications:…
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The Challenge In a world with almost instant online banking and the ability to transfer funds to a friend’s bank account at the click of a button – waiting 2-3 weeks for a check reimbursement for your association is practically an eternity and this delay was a big concern for the Association of Biomolecular Resource…
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The ChallengeShortly after AMR began working with a new healthcare client, AMR staff had questions about the accounting principles that had been applied to one of its programs that was separate from the association and co-owned with another organization. After presenting concerns to the Board of Directors, an audit of this program was conducted and…
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We are living in a world today where financial information is open to the public. Even small fraudulent transactions could be tweeted or shared in the public space, which can damage the reputation of nonprofit organizations. In order to assure that the financials of nonprofit organizations are reliable and healthy, forming an audit committee is…
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