Ask a CFO with James Vanreusel – Managing Donor-Restricted Funds for Non-Profits
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In this episode of “Ask a CFO,” James discusses how non-profit organizations can manage funds with donor restrictions, ensuring accurate reporting and transparency. He highlights the use of accounting software and the importance of time tracking. James also shares some useful ways to track fund releases, the significance of managing the balance sheet to avoid negative restricted assets, and the need to include and accurately track restricted funding in the budget over time.
Key takeaways:
- Transparency and Accountability: Essential for maintaining donor trust.
- Detailed Expense Tracking: Use accounting software and time tracking.
- Fund Release Tracking: Implement a TRNA schedule.
- Financial Management: Avoid negative restricted assets on the balance sheet.
- Budget Integration: Track restricted funds accurately over time.