As the year ends, nonprofits face a unique set of challenges. The end-of-year period is crucial for meeting fundraising goals, preparing financial reports, and setting a solid foundation for the upcoming year. Below, we have outlined a comprehensive end-of-year financial checklist to help your nonprofit wrap up the year successfully.

1. Review Revenue and Expenses

Check Budget vs. Actuals: Compare your planned budget against actual revenue and expenses.

Identify Any Surplus or Deficit: Determining whether there’s leftover funding or a shortfall can help you decide if you should allocate funds to specific programs, reserve funds for the future, or work to address any gaps in funding.

2. Ensure Proper Allocation of Restricted Funds

Review Grant Compliance: Make sure any grant funding has been used as required, and that your organization has kept detailed records of grant expenses for easy reporting.

3. Prepare for Year-End Reporting

Organize Financial Documents: Make sure all receipts, invoices, and financial records are organized and easily accessible for year-end reporting. Clear documentation of all financial transactions helps ensure accuracy and simplifies the reporting process.

Draft Financial Statements: This includes the Statement of Financial Position, Statement of Activities, and Statement of Cash Flows. These documents provide a complete view of your nonprofit’s financial health and are essential for donors, board members, and auditors.

At OVVE Accounting Solutions, we specialize in helping nonprofits manage these responsibilities with ease. Reach out to us to learn more about our year-end services designed to help your organization stay compliant, transparent, and financially sound. Together, we can support your mission and strengthen your financial foundation for years to come.