Finance Unlocked for Nonprofits Boost #2

First, let's remember what we talked about.

The goal of this quiz is not to test your knowledge, but rather to reinforce the most important pieces that you learned about nonprofit boards. If you don't answer a question correctly, don't worry. Read the correct answer and think about why how this applies to your board.

As always, if you have questions please get in touch with us: learning@washingtonnonprofits.org or (855) 299-2922.

QUESTION 1: Which of these are key pages of IRS FORM 990 for most nonprofits?
A) Page 1: Summary of financials
B) Page 2: Statement of Program Service Accomplishments
C) Page 5: Statements Regarding Other IRS Filings and Tax Compliance
D) Page 6: Governing Body Management (board policies)

Hint

QUESTION 2: Where are all IRS Form 990s uploaded for anyone to see?
A) MindEdge
B) WildFire
C) Paypal
D) Guidestar

Hint

QUESTION 3: NONPROFIT financials differ from FOR-PROFIT financials in what major way?
A) Restrictions
B) Diversifications
C) Distributions
D) Restitutions

Hint

QUESTION 4: An important reason to learn about nonprofit finance is to keep your organization compliant and legal. Name ONE PRACTICE that your organization could put into place to help keep it legal and compliant?

Hint

Second, watch this video

The second financial report board members should get regularly is the Income Statement. This can also be called the Profit & Loss Statement. It shows the work of the organization. Watch this video for ideas on how you can bring a deeper conversation about your Income Statement into your board meetings.

Third, take Two Steps Forward

We invite you to take two steps forward from where you are now. Here are two topics to explore and bring back to your organization.

  1. Explore fundraising and the law. “Let’s Go Legal” explores the five buckets of nonprofit law. The third one is all about fundraising. Watch the video and download the Nonprofit Legal Checklist.
  2. Learn more about IRS Form 990s. We focus on the 3 key pages of the 990, but there is more to know. Learn more about the four reasons you should care about your organization’s 990: audits, governance, marketing, and monitoring.

 

 

Fourth, share what you’ve learned

Find the entire Finance Unlocked for Nonprofits curriculum, videos, kit, and key documents here. Invite fellow board members to watch a video.

Have questions? Connect with your peers in the nonprofit sector through the Next Level Nonprofit LinkedIn group.