Unlocking the Mystery of Nonprofit Finances: Your Donations' Impact on Operations Uncovered with Carrie Minnich

EmpowHER by SYM Financial Advisors

Carrie Minnich is a Partner at DWD CPAs & Advisors and is in-charge of the Nonprofit Services Team. She earned both a Bachelors degree in Financial Accounting (Cum laude) and a Master of Accountancy from Manchester College. Carrie has been with the firm since 2004 and has been a Director since 2017. She specializes in audits, reviews and compilations of financial Statements for nonprofit organizations.

Michelle and Carrie discuss various aspects of non-profit organizations. They delve into types of financial contributions, distinguishing general operations, specific programs, and significant projects like capital campaigns. Carrie provides insight into donor restrictions and the auditing process, with an emphasis on the organization's responsibility to align fund usage with donor stipulations. In this conversation, Michelle and Carrie outline the structure and dynamics of a non-profit's board, the difference between 'oversight' and 'working' boards, the concept of term limits, and potential liabilities for board members, underscoring the need for Directors and Officers insurance.

"Some boards are more oversight, and less working, while other organization boards are more working. So when you go to volunteer as a board member, that is something you really need to find out." - Carrie Minnich

This week on The EmpowHER Podcast:

• The difference between time, talent and treasure.
• What qualifies an organization to be a nonprofit?
• What is a tax exempt nonprofit?
• The checkbook and treasurer.
• How much control do you have over where the money goes?
• How do you evaluate the lifecycle of a board?
• Paying your taxes and taxes.
• The differences between Donor Advised Funds.
• How to know if an organization is a legitimate organization?
• Differences between men and women in giving.

Our Favorite Quotes:

• "You can restrict where you want your money to go for that organization, whether it be for like a capital campaign, or maybe you are very passionate about a specific program that they have." - Carrie Minnich
• “I have some female clients that really enjoy the benefits of a Donor-Advised Fund. They can set one up and then they've got their money set aside for years to come. They give it away, in one case $50 at a time.” - Michelle Hipskind
• "So as part of the audit process, we definitely test restrictions, because you know, they are technically the organization is, you know, legally responsible for making sure that that money is spent for what it's supposed to be spent for." - Carrie Minnich
• "Yes, there is not necessarily a law that says all boards have to have term limits. So some nonprofit organizations do not have term limits for their board members." - Carrie Minnich
• "So as a board member, you are liable for certain things. So before you join a board, make sure that they do have DNO insurance. So Directors and Officers Insurance." - Carrie Minnich
• “Tax law changed a few years ago, which included raising the standard deduction, which we saw across all levels of client that a lot of people didn't itemize anymore.” - Michelle Hipskind

Connect with Carrie Minnich:

• DWD CPAs & Advisors Website
• Connect on LinkedIn
• Email: [e-mail]

About SYM Financial and The EmpowHER Podcast

The EmpowHER Podcast is a platform for women to come together to gain financial insight and strategies with a tribe of brilliant women. This show is brought to you by Financial Advisor Michelle Hipskind, CFP ®. Michelle educates on the many important aspects of financial planning and brings in additional professionals that provide advice in their areas of expertise, giving listeners access to the appropriate professionals that can help solve the problems many women face. In-person events are held in the Fort Wayne, Indiana area. In addition to the podcast, local events, webinars and blogs are available for all women who want to be part of the EmpowHER community.

Email Michell at [e-mail] with questions, comments, and to schedule a one-on-one conversation.

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