The questions below cover everything nonprofit leaders ask before working with The Charity CFO — from outsourced nonprofit accounting and fractional CFO services to Form 990 filing, fund accounting, and what getting started looks like.
What is the difference between a nonprofit bookkeeper, accountant, and CFO?
A bookkeeper records daily transactions. An accountant reconciles records and prepares financial statements. A CFO provides strategic leadership — budgeting, forecasting, and board reporting. The Charity CFO delivers all three functions through one nonprofit accounting team.
What does a fractional nonprofit CFO do?
A fractional nonprofit CFO provides senior-level financial strategy — budgeting, forecasting, board reporting, and compliance oversight — without the cost of a full-time executive. Your organization gets nonprofit CFO services at a fraction of the salary.
When does a nonprofit need a CFO?
Most nonprofits benefit from CFO-level support once annual expenses reach $500,000 or higher, or when grant complexity, board expectations, or operational growth start outpacing what a bookkeeper alone can handle.
What is the difference between a nonprofit controller and a CFO?
A controller focuses on accounting accuracy — financial statements, reconciliations, and compliance. A CFO leads financial planning, forecasting, and board communication. Many growing nonprofits need both functions.
Do you only work with nonprofits?
Yes. The Charity CFO works exclusively with nonprofit organizations. Every member of our team understands nonprofit bookkeeping services, fund accounting, Form 990, and the compliance expectations specific to the sector.
How much does outsourced nonprofit accounting cost?
Pricing depends on your organization’s size, transaction volume, and service needs. We charge a flat monthly fee — no hourly billing and no end-of-month surprises. Schedule a free consultation to receive a custom proposal.
Is outsourced accounting less expensive than hiring in-house?
In most cases, yes. A full-time accountant or CFO carries salary, benefits, and turnover risk. Outsourced nonprofit accounting gives you a full team at a predictable flat monthly rate, typically at lower total cost than a single in-house hire.
What size nonprofits do you work with?
We work best with organizations that have at least $750,000 in annual expenses or are approaching that threshold. Not sure if you qualify? Reach out and we will tell you directly whether we are a good fit.
How long does it take to get started?
Onboarding takes approximately 90 days and includes a deep review of your financial systems, chart of accounts cleanup, and reporting setup. We onboard a limited number of new clients each month, so space fills up quickly.
Do you work with nonprofits outside of St. Louis?
Yes. While headquartered in St. Louis, The Charity CFO serves nonprofits nationwide. The majority of our 150+ client organizations are located outside the St. Louis metro area.
Can you take over from our existing accountant or CPA?
Yes. We regularly transition clients from their current accounting provider. Contact our team and we will walk you through what the transition involves.
Do nonprofits have to file a tax return?
Most nonprofits must file a Form 990 annually with the IRS, even if they owe no taxes. Learn more about nonprofit tax obligations and which 990 version applies to your organization.
What is Form 990, and who has to file it?
Form 990 is the annual information return most 501(c)(3) organizations file with the IRS, reporting income, expenses, programs, and governance. Organizations earning over $50,000 in gross receipts must file the full 990 or 990-EZ.
When is Form 990 due?
Form 990 is due on the 15th day of the 5th month after your fiscal year ends — May 15th for calendar-year organizations. Extensions of up to six months are available.
Does The Charity CFO prepare our Form 990?
Yes, as part of an ongoing relationship. We prepare and file Form 990 as an integrated part of our accounting services. We do not offer standalone 990 preparation for non-clients.
What happens if a nonprofit files its 990 late?
The IRS charges daily penalties for late filings. If a nonprofit fails to file for three consecutive years, it automatically loses its tax-exempt status. Read more about 990 requirements.
Does my nonprofit need a CPA if we use The Charity CFO?
Our team includes CPAs who handle nonprofit tax preparation including Form 990. For independent financial statement audits, you will need a separate CPA firm. We provide audit assistance but do not perform audits ourselves.
Does my nonprofit need an annual audit?
Not always. Nonprofit audit requirements vary by state, revenue threshold, and whether you receive federal funding. Read our guide to learn when an audit is required and what lower-cost alternatives exist.
How do we track restricted versus unrestricted funds?
Restricted and unrestricted funds must be tracked separately in your accounting system. Fund accounting is the standard methodology that ensures restricted dollars are spent as donors or grantors intended. See how restricted grants work.
What is fund accounting and why do nonprofits use it?
Nonprofit fund accounting is a system designed to track revenue streams by their designated purpose rather than profit. GAAP and FASB standards require it, and funders expect it — without it, your books will not hold up under audit scrutiny.
Schedule a free consultation with The Charity CFO. We will review your current accounting situation, answer any questions specific to your organization, and let you know exactly what it would look like to work together.
