Nonprofit organizations range in size from small local entities to large international organizations. They receive contributions from donors who do not expect any type of return, they operate for purposes other than to make a profit and there is an absence of ownership interests like those of business enterprises.
We have worked with:
- Animal Rescue Centers
- Civic and Community Organizations
- Educational Organizations
- Horticulture Organizations
- Literary Organizations
- Parent Teacher Organizations
- Professional Organizations
- Research and Scientific organizations
- Trade associations
New organizations must incorporate in the state in which they expect to conduct business. They then file with the IRS for Recognition of Exemption. These forms are long and must be completely and accurately prepared. Contact us for more information.
Once the organization is approved you will have to establish an accounting system. Most nonprofits use fund accounting, which shows clearly how the money is spent versus normal business accounting which shows how much profit was earned. Fund accounting will show you how much was received in each type of fund and what was spent. It creates distinctions between restricted and unrestricted funds. No matter how the books are established, they must be kept properly maintained.
Nonprofit organizations have tax requirements. An annual tax return will need to be filed, which is a public record. Payroll taxes will be due. Receipts for donations must meet federal guidelines and issued timely. Unrelated business income must be reported and appropriate taxes paid.
We can provide (depending on your needs):
- Accounting and outsourced financial management
- IRS problem resolution
- QuickBooks Accounting Support & Training
- Reviews & Compilations
- Staff Training
- Tax Services
- Sales & Use Taxes
- Temporary Living Expenses
We have years of experience in working with Nonprofit Organizations. Put our expertise to work for you by contacting us today.