Intersection Music and Arts is a NYC-based 501(c)(3) nonprofit providing private music instruction, scholarships, and community outreach.
With the help of an excellent Taproot pro bono consultant, we've made substantial progress setting up QuickBooks Online (QBO). We'd now appreciate guidance from an experienced nonprofit accountant/QBO user on a few remaining accounting and reporting questions before we categorize a substantial volume of past and future transactions.
In this 60-minute Session, we'd like help with:
How to track the actual cost to our organization of scholarship instruction (primarily teacher payments/expenses) in QBO
Whether/how to track the regular tuition value of scholarship instruction and lessons donated to school fundraising auctions for mission-impact and board reporting (in QBO vs. tracked outside QBO)
A high-level review of our existing chart of accounts and class structure to ensure they support accurate nonprofit financial and program reporting (not a full audit)
Any key adjustments we should make before we back-categorize a large backlog of transactions
What we've already done:
Established teacher expense subcategories and payment procedures in QBO
Outcome we're aiming for:
A simple, reliable approach we can apply consistently going forward that supports financial oversight, board reporting, and demonstrating our nonprofit impact
We're seeking an initial one-hour consultation, with a more in-depth Project only if recommended.
