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A crash course on trends analysis using Candid’s Foundation 1000 data set 

Candid

One of the most common reasons people analyze Candid’s grant data is to understand year-over-year giving trends in the sector. So, you may be surprised to learn that when we do trends analyses at Candid, we often don’t start with our full data set. foundations in a given year (see chart below). private and community foundations.

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How to Set Up Your Nonprofit Accounting System RIGHT So it Helps You Grow

Get Fully Funded

When set up right, your nonprofit accounting system will help you manage your nonprofit and streamline processes like budgeting, projecting cash flow, and even hiring. The problem is that if you’re like most, you haven’t paid a lot of attention to your accounting system. Most people who start or lead nonprofits aren’t numbers people.

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7 Ways Your Nonprofit Can Build a Strong Financial Foundation in 2024

sgEngage

Create an Operating Reserve Fund (or Review Your Policy) An operating reserve is a crucial part of creating a strong financial foundation for your organization. Tip 1: If you have an operating reserve, review your policy. Tip 1: Carve out 30 minutes to review the dashboards and customized reports in your fund accounting system.

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Five myths and misconceptions about Candid’s grant data

Candid

Finally, we add Candid’s Philanthropy Classification System (PCS), a comprehensive coding system that allows people to sort grants by hundreds of categories to better understand where funding is going and what it’s for. The chart below shows how the percentage of our data sources shift as more 990 data comes in.

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Statement of Activities: Common Mistakes and How to Avoid Them

sgEngage

Ensuring compliance and accuracy in your financial reporting involves several key actions: Regularly review the latest guidelines and summaries provided by authoritative bodies on revenue recognition of grants and contracts. How to Avoid: Organizations should consider adopting the Unified Chart of Accounts for Nonprofits (UCOA).

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Open for comment: Proposed changes to Candid’s taxonomy

Candid

All this work would be significantly more difficult if it weren’t for Candid’s taxonomy, the Philanthropy Classification System (or PCS). A taxonomy is simply a system of classification, or a way of organizing things. These recommended changes then went through multiple rounds of internal review.

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7 Ways Your Nonprofit Can Build a Strong Financial Foundation in 2023

sgEngage

Create an Operating Reserve Fund (or Review Your Policy) An operating reserve is a crucial part of creating a strong financial foundation for your organization. Tip 1: If you have an operating reserve, review your policy. Tip 2: Prepare your fund accounting system for the audit. Do they give you the information you need?