Association members usually fall into two categories: mandatory and voluntary membership. While mandatory associations typically support regulated professions, voluntary associations can be a community of like-minded industry professionals, general enthusiasts, or businesses whose combined dedication allows the organization to exist. Membership recruitment comes into play for voluntary associations since [...]
Not many people roll out of bed daily asking: “How can I think strategically today as a volunteer board member”? All volunteer board members come to the board table with a skill set and a level of knowledge that benefits the association/profession with which they are involved. They are [...]
What is a Reserve Fund? Reserve Funds are liquid assets that associations set aside for anticipated future expenditures, or to serve as a cushion against any unplanned expenses. Five Best Practices for Managing your Restricted (Reserve) Funds Use the Class tracking functionality in your accounting software If your association [...]
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 [...]
Our team is often helps 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!
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 [...]
