For any association, your accounting department plays a vital role in your day-to-day operations. Accountants provide insights into the policy and governance of associations and work to ensure the association’s mission, vision, and regulations are met. When there is a lack of internal control systems, inefficiencies can arise in [...]
Not-for-profit accounting is a unique process by which not-for-profit organizations plan, record, and report their finances to a committee or Board of Directors. Associations are a type of not-for-profit organization, and so the focus is on the accountability aspect of the accounting. They follow a set of standards that [...]
As an association management company, we are interested in presenting our clients with smart financial options. One thing we consistently monitor is when associations have enough cash to take advantage of some investment options. Circumstances can change quickly, certainly during the current economic state of the market, so these [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
