Nonprofit CPA Firm NYC
We're dedicated to our clients, but none are more rewarding to serve than the nonprofit organizations we help comply with their financial reporting requirements. Federal and state governments have guidelines for independent certified public accounting firms to perform audit, review, or other attestation services in order to maintain their tax-exempt status. We want to do our part making sure your organization is compliant, protected, and running smoothly so you can do all the good you can for the ones that need it most.
No cause is too small to be noble and no donation is too small for quality accounting. The assurance your donations are being spent wisely, to do the most good, is crucial to success as a nonprofit organization. The signature of approval from an independent certified public accounting on a nonprofit organization’s financial statements is the gold standard of assurance. It’s a responsibility we CPA’s value and respect. Like the Knights of Templar, we defend the financial reporting like the Holy Grail (I’m an Indiana Jones lover, but maybe we should use the Guardians of the Galaxy as a better reference for the millennials out there. So I’m kinda like the Chris Pratt for CPA’s but with the body shape of Chris Pratt circa Parks & Rec...)
Unfortunately, nonprofit doesn’t mean non-accounting. Quite the opposite. It’s so important for nonprofits to properly keep accurate books and records that most states require independent certified public accountants to review the numbers annually. Check your state’s requirements here: State Law Nonprofit Audit Requirements. These regulations will impact nonprofit organizations with a certain amount of revenue or assets, but even the smallest of NFPs should be aware of potential compliance requirements. You won’t be small forever!
The coveted tax-exempt status nonprofit organizations are granted by the Internal Revenue Service, much like the awesome power of the Power Stone Chris Pratt must wield, must not be taken for granted. There are serious consequences for organizations that fail to meet the guidelines to maintain their tax-exempt status. As independent CPA’s we help your nonprofit organization meet the complex accounting and internal controls needs to run efficiently, honestly, and accurately. Using what some call Quill-like skills as we move across our gigantic printing calculators, we orchestrate the important calculations independent certified public accountants should perform each year to meet your government required compliance duties. And besides, no one wants to make charitable contributions to a sketchy charity for crying out loud!
We don’t just help nonprofits with their annual attestation review and/or audit financial reporting requirements. Our crew of inter-galactic accountants can also help you crush your tax filings (Form 990) like Drax smashing through a giant space monster (Drax. Tax. Rhymes. Coincidence??? I think not…) And these nonprofit tax returns are no laughing matter either (*cue David Bautista’s Drax laugh*… wait… David Bautista. I’m also named David… Coincidence??? I think not…) There’s nothing like pages and pages of gibberish tax returns to unleash superhuman rage in us all, so why don’t you let us do the heavy lifting.
A key consideration for all nonprofits is on the topic of inurement/private benefit (“inn-yyour-ment”) – basically, self-enrichment from the donated funds received. This is the biggest no-no of the IRS tax-exempt “DON’T’s”. We’re all in this for the betterment of the galaxy and any funny business can seriously jeopardize the tax-exempt status as well as a bunch of other legal things we’re not at liberty to go into. It is vital for independent CPA’s to understand who donors are, how the revenues are being used, who receives the funds – either as a salaried employee or an independent contractor, who approved the use of such funds and who sits on the Board of Directors that makes such decisions, and so on. As stewards of the public, we should turn over every (Power) stone (another Guardians of the Galaxy reference – count it!) to make sure donors are confident their money is put to good use and the organization is fulfilling their mission.
The sight of set of beautiful nonprofit financial statements is nothing should of a MARVEL (count it again!) We take great pride in serving the community and the good folks who help make their communities a better place to live. But it’s not easy out there. We know it. That’s why we’re here to help. Nonprofit accounting is very different from “normal” accounting; not every CPA knows all of the ins and outs. It requires specialty skills and continuing education, but we take the time to do this because of how important this work is. Our mission is to help you fulfill your mission. Use your Vision Visor (trademark pending) to progress your nonprofit organization’s vision statement. We want to help defend your galaxy and with that, we’ll leave you with one last word: “I am Groot!”