127: Waiting for the Cat | Nonprofit Audits & Financial Transparency with Peter Farstad

Charity Therapy

Today, we’re diving deep into the world of nonprofit financial audits with my amazing guest, Peter Farstad. Peter is a pro when it comes to nonprofit finance, and he's here to help us unravel the sometimes scary world of audits and financial transparency. We know how daunting those big, scary financial statements can seem, especially if you're a Minnesota nonprofit pulling in over $750,000 a year.

In this episode of Charity Therapy, Peter and I chat about why sharing your financial audits with donors isn’t just a good idea—it’s a trust-builder! We totally get why your executive director might be hesitant about posting those reports online, especially if it’s a new practice. But fear not! We’ll give you the lowdown on gently nudging your organization toward more transparency, which is key for building donor trust and credibility. Plus, we throw in some humor and personal stories to keep things light because, let’s face it, finances can be a snooze-fest without a little laughter.

Whether you're a new development director or a seasoned pro looking to up your game, this episode is packed with practical tips and a good dose of empathy. Let’s dive in and make financial transparency a fun and achievable goal for your nonprofit!

In this episode, you will hear:

• Peter Farstad, a nonprofit finance whiz, breaks down the complicated world of nonprofit financial audits

• Audit 101: If you're a nonprofit in Minnesota pulling in over $750k, you're in for a financial audit ride!

• Resources like the National Council of Nonprofits for audits

• Why transparency is key and a superpower for building trust with donors

• How to handle the executive jitters about sharing financial audits

• Tips on how to smooth over any internal awkwardness about financial transparency

• Convincing your team that sharing is caring and how it can take your nonprofit to the next level

Resources from this Episode

Learn more about Peter’s firm: nonprofitfinancialacumen.com

Find out your state’s audit requirements here: www.councilofnonprofits.org/running-nonprofit/nonprofit-audit-guidec/state-law-nonprofit-audit-requirements

Sign up for the Birken Law Email list: birkenlaw.com/signup

Facebook page: www.facebook.com/birkenlaw

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Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.