Serving Nonprofits. Strengthening West Virginia.

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Principle 4B: Financial Management eLearning Course

Course Description
Nonprofits have an obligation to act as responsible stewards in managing their financial resources and must always comply with a diverse array of legally required financial regulations. Funds are a crucial resource for the nonprofit and must be obtained and managed effectively and ethically. A nonprofit organization’s fundraising program should be grounded in truthfulness and responsible stewardship.

The following best practices will be covered:

  1. The nonprofit complies with all financial regulations, such as withholding and payment of federal, state, and Social Security taxes and the management and use of restricted funds.
  2. The organization is registered with the WV State Tax Department and the WV Business Division.
  3. The nonprofit completes the annual IRS Form 990.
  4. The organization has audited financial statements if its gross revenues exceed $200,000, or if otherwise required.
  5. The organization periodically assesses the need for an audit of financial statements. A decision to forgo an audit must be approved by the board of directors and shall be reflected in the minutes for the meeting at which the approval was made.
  6. The organization has a system in place to protect individuals who report financial misconduct from any negative repercussion for doing so.
  7. Consistent, timely, and accurate financial reports are prepared on no less than a quarterly basis.

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