CFOs Making the Switch to Nonprofits Face Adjustments, Including Accounting Methods

By:
Dominic G. Diongson
Published Date:
Oct 4, 2016

Raise HandChief financial officers who want to make a career switch to nonprofit organizations face challenges, including adjustments to accounting methods and lower salaries, according to The Wall Street Journal.

Some of those changes in accounting practices include filing a statement of financial position instead of a balance sheet and creating custom reports for large donors.

CFOs making the switch from for-profit organizations also would have to contend with changes in work culture. They are also likely to face a steep pay cut.

One reason for the move to nonprofits is demand for the skills required of CFOs from profit-driven businesses, the Journal reports.

 

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