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“If you're a nonprofit, you have almost more accountability than a for-profit company, so you need to ensure you focus on accountability. ” - Terrell Turner
On this episode of Nonprofit Counsel, May visits with Terrell Turner, a bookkeeper and financial advisor who specializes in working with nonprofits. He brings valuable bookkeeping and tax reporting insights to startup nonprofits and those operating for some time. Terrell’s expertise as an accountant specializing in nonprofits and his podcast and website dedicated to the nonprofit sector speak to his wealth of knowledge to share. His recommendations can help organizations avoid common mistakes and navigate the unique challenges of managing a nonprofit's finances and reporting obligations.
[01:04] Terrell explains what his position entails and reveals the most asked questions from clients have regarding nonprofits
[05:48] Terrell recommends you must have an accounting system to operate your non-profit, and there is a discussion of other forms needed
[10:02] Are cash-flow statements and budgets necessary for a nonprofit
[14:08] Terrell's recommendations on a chart of accounts and how the source of funding may affect your accounts
[19:30] Terrell discusses his podcast and website and how he and his wife answer questions and supply information
[28:57] Terrell specifies that you should hire a nonprofit accountant to advise the board regarding financial decisions