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Not-For-Profit News
March 2017
Benefits of a Good Accounting 
Policies  & Procedures Manual

By Lawrence Gebhard, CPA

The importance of a good accounting policies and procedures manual cannot be overstated. This is especially true when it comes to nonprofit organizations, where often times their accounting department only consists of one or two people. Another reason why having a good policies and procedures manual is important for
nonprofit organizations, is to ensure compliance with any governmental or grant reporting requirements. 

The purpose of the manual is to serve as a basic framework that will help the accounting staff understand how the accounting system works and how to process and record financial transactions. This includes establishing effective internal controls over accounting and financial reporting which will help to ensure the accuracy of financial reporting and also safeguard the organization's financial assets and prevent fraud.

The manual should be written in such a way that is easy for the staff to understand. Consider using flowcharts to document the workflow or include sample transactions with screen shots and copies of documents to assist the staff in their understanding.

The following is a list of some of the most common components of an accounting policies and procedures manual:

* Chart of Accounts
* Organizational Chart of Accounting Personnel and Responsibilities (in small organizations this may include the Executive Director or Board Treasurer if they assist in any accounting duties)
* Cash management
* Cash receipts/accounts receivable
* Cash disbursement/accounts payable
* Fixed assets
* Payroll
* Net assets
* Month-end close
* Financial reporting - interim and year-end financial statements

While you are creating your accounting policies and procedures manual, it is a good time to make an assessment of your current policies and procedures, and determine if there are ways to improve upon what you are doing. It is also a good practice to review and update the manual periodically. A good accounting policies and procedures manual can be an effective tool for your organization, but only if it is followed. 
WKMR Sponsors Biz Connection Radio Show

WKMR is proud to sponsor the Biz Connection Radio Show, a weekly radio program hosted by Jim Rosetti & Ron Nielsen aimed at the business community. Business owners of large and small companies,  and at all stages of their business life, are guests on the show.

The show is broadcast in the Milwaukee area on WJYI-AM 1340 at 2 p.m. on Sunday afternoons, WJUB-AM 1420 on Saturdays at 8:00 a.m. and WHLB- AM 1330 on Saturdays at 1:00 p.m.  More information on the show and a schedule of upcoming guests can be found at  http://bizconnectionwi.com/index.php .

WKMR Fraud Services

If you suspect fraud may be occurring in your organization, there is action you can take.   At Winter, Kloman, Moter & Repp, S.C. our Certified Fraud Examiners (CFE) can assist you with putting internal controls in place to help prevent and detect fraud.  Our CFEs have the ability to:  
  • Identify the underlying factors that motivate individuals to commit fraud
  • Examine data and records to detect and trace fraudulent transactions
  • Interview suspects to obtain information
  • Write investigation reports
  • Advise clients as to their findings
  • Testify at trial

If you suspect fraud is occurring at your organization or would like help putting internal controls in place, give us a call.

Contact us:


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Watertown, WI  53098




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  At Winter, Kloman, Moter & Repp S.C., our not-for-profit team provides quality audit, accounting, tax, and consulting services to a variety of not-for-profit agencies, government funded businesses, private foundations, and assorted charitable organizations. Our experienced team has helped many not-for-profit organizations throughout Southeastern Wisconsin grow and thrive including:

  • Human Service Agencies
  • Cultural & Arts Organizations
  • Charitable & Religious Organizations
  • Educational & Day Care I
  • nstitutions
  • Professional & Trade Associations
  • Assisted Living Facilities
  • HUD/WHEDA Housing Projects
  • Government-funded For-Profit Businesses

We concentrate on helping you best manage public or donated funds, analyzing how to get the most from your resources and helping you implement your plans to stretch every dollar. Our team of professionals understands your complex financial reporting needs, and will help you to accurately report your finances in an understandable way. We provide the independent audit and accounting services required by many of your funding sources by taking a value-added approach, implementing ever-changing tax reporting requirements, providing information technology consulting, and working with every aspect of your organization to support your success.


Volume: 7  Issue: 1
In This Issue

Not-For-Profit Team


Mark Potts 

CPA, PFS Shareholder

Paul Sehmer 



Lawrence Gebhard 



Renee Bardenwerper 



Sandy Strelka 




 Jeni Caldwell





 Kensie Drinkwine 



Rick Grochowske




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