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

Topics in this episode

Budgeting nonprofit financials financial strategy nonprofit accounting

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

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