E79: Navigating Nonprofit Finances, Accounting & Tax Compliance with LaMichelle Hecht

Episode notes

Today’s episode is about all things nonprofit finance and accounting with LaMichelle Hecht. These are such important topics that a lot of people do not understand, which is why I wanted to bring this conversation to the podcast. LaMichelle is the owner and CEO of Overhead Solutions Group, a CPA firm specializing in accounting assurance and tax services for nonprofit organizations. She has over nine years of experience and is a trusted advisor dedicated to excellence and passionate about helping clients achieve their financial goals. In this episode: [02:36] LaMichelle’s background and business [05:22] A common financial pitfall among nonprofit organizations [07:18] A board's role in an organization’s financial responsibility [08:58] Audited financial statements [12:12] Restricted vs. unrestricted funds [13:52] Strategic financial planning [17:14] Misconceptions in nonprofit accounting and tax compliance [19:16] In-house accountant vs. consultant [21:06] Effective budget planning and how to build a strong financial foundation in your organization [26:03] Goldman Sachs 10,000 Small Businesses program insights [28:14] Advice for professionals looking to build their network RESOURCES