What sorts of governmental regulations and oversight does a nonprofit CFO face?
All nonprofits are accountable to the government. The Internal Revenue Service issues tax-exempt status to nonprofit organizations and regulates those organizations’ activities to ensure they are fulfilling their charitable purpose. Many nonprofits must file an annual IRS Form 990. This form includes information on the organization’s mission, programs, and finances. The GuideStar website (www.guidestar.org) publishes Form 990 filings of over 1.5 million nonprofits. All nonprofits that receive substantial government funds are required by the federal Office of Management and Budget (OMB) to conduct a regular “Circular A-133” audit. In addition, government funders at the local, state, and federal levels conduct audits of individual grants. For many organizations, these audits translate into multiple government auditors simultaneously reviewing their books and records, based on the various sources of government funds they receive. In addition, there are “charity watchdog” groups that evalu
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