Reading Association Financial Statements

By |2021-03-25T14:26:20-05:00March 25th, 2021|

Our team is often asked to help volunteer association leaders understand their organization’s financial statements. We put together this handy guide to help association volunteers. Learn about basic terminology, board responsibilities and more in the below attachment. Read our guide now!

What are the Financial Responsibilities of an Association Board?

By |2021-03-25T13:33:12-05:00March 25th, 2021|

So, you have volunteered to become an association board leader, but what responsibilities does this position entail? Specifically, overseeing the financials can be a barrier to a fully engaged board. Some may feel uncomfortable reviewing financial information and providing the required oversight to the financial affairs of an association. [...]

Managing Cash Flow During Crisis

By |2020-12-03T15:56:40-06:00December 3rd, 2020|

Cash flow is an important concept for association staff, volunteers, and leaders to understand especially for small or medium sized associations. A previous article I wrote discusses what cash flow is and how it differs from profit on an income statement. It also includes some ideas to improve cash [...]

Hosting an Association Meeting in Quebec? You Must Collect Québec Sales Tax!

By |2020-11-20T11:18:52-06:00November 19th, 2020|

This article will summarize what a non-profit association should know when registering for Québec Sales Tax (QST) after hosting events in Québec. Events Held in Québec If your association is hosting an event in Québec, it must collect 14.975% QST even if you are not required to collect GST/HST. Even [...]

Association Ethics for Staff and Volunteers

By |2020-10-27T15:15:35-05:00September 17th, 2020|

Ethical behaviour means acting in ways that are consistent with behaviours that society, individuals, and businesses have deemed to be “proper” or “correct.” Good values involve demonstrating respect for key moral principles that include honesty, fairness, equality, dignity, diversity, and individual rights[1]. The most important influence on ethical values [...]

GST/HST and QST on Registration Fees for Virtual Meetings and Trade Shows

By |2020-10-28T09:00:49-05:00August 6th, 2020|

Many associations have been forced to cancel in-person professional development meetings and/or trade shows because of the COVID-19 pandemic, as described in my colleagues' recent article Association Trade Shows Gone Virtual. The cancellation of these events both reduces the value of association membership and threatens some association’s financial sustainability. Virtual [...]

Financial Tips for Managing an Association’s Money During a Crisis

By |2020-10-21T15:51:46-05:00May 21st, 2020|

These are unprecedented times that most of us we are living in right now. With the COVID-19 pandemic, financial hardship is undoubtedly a concern for many associations. I have put together a few tips to make sure your association are doing all it can do to manage finances in [...]

How to Make an Effective Association Budget

By |2020-10-29T16:18:37-05:00January 30th, 2020|

It’s no secret that budgeting is a vital part of running a successful association. Often it can seem like an overwhelming task, but it doesn’t need to be complicated. With effective budgeting, you will be able to ensure your association is set up for long term viability by focusing [...]

How to Know When Your Association Needs Help from a Professional Accountant

By |2020-11-18T15:53:33-06:00October 17th, 2019|

There are many challenges in managing an association. Especially a small one that doesn't have endless resources or a need for numerous full-time staff members. For a small association in particular, the accounting most likely does not require the work of a full-time accountant. However, it's still important to [...]

Boost Your Association’s Financial Knowledge

By |2020-10-21T15:15:50-05:00July 18th, 2019|

One of the things I have noticed in my experience as an accounting manager is that when it comes to association finances, in many cases the only people familiar with them are the finance staff and board members. Most of the time this is because that is how it’s [...]

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