Nonprofit organizations play an essential role in society. Although every organization varies in mission and size, each exists to effect change within and beyond the communities they serve. While nonprofit organizations derive operating revenues from alternative sources, the organizations do not differ from for-profit enterprises entirely.
In order to achieve organizational goals and promote continual growth, both of these types of organizations share the need for accurate reporting, business planning and financial strategizing.
bgr CPAs work with nonprofit organizations to mitigate the unique challenges presented by their industry.
Our nonprofit professionals have decades of experience working with organizations to successfully operate under increased pressure for accountability while facing a diminishing number of income sources. We have developed customized solutions applicable to nonprofit organizations of various size and types, and continually educate clients about current tax regulations, legislation, and trends that could affect their organization’s goals.
Our professionals understand that there is a fundamental difference between the financial, business consulting, and accounting services needed by for-profit businesses, and those needed by nonprofit organizations. bgr CPAs offers a range of specialized services for nonprofit organizations including, but not limited to:
- Financial Statement Preparation
- Business Consulting
- Internal Control Reviews
- Risk Assessment
- Tax Preparation, Compliance and Planning
One area in which we excel is in the preparation of the Form 990. There are a number of challenges involved in reporting the non-profit tax return accurately. Our team can navigate you through challenges such as differences between financial reporting in accordance with generally accepted accounting principles and reporting required by the Internal Revenue Service including accounting for and reporting special events accurately. We can help your team, through education and guidance, to gather the information necessary for the form 990 as well as provide support as you utilize the 990 to promote your mission.
In August 2016, the Financial Accounting Standards Board released Accounting Standards Update (ASU) 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The new update streamlines and simplifies requirements related to several aspects of financial reporting to improve consistency among not-for-profit organizations. Among other changes the following areas draw additional attention: reporting…Read More
For some non-profits, contributions from donors are a major source of revenue. Proper accounting for these contributions is key and includes tracking, monitoring and reporting of restricted funds. What type of restrictions can there be in the non-profit industry? Contributions from donors may have temporary or permanent restrictions which limit the use of the…Read More
Join us for a seminar detailing the key differences between GAAP and IRC reporting and we will answer the most common questions received from the nonprofit industry. By the end of the seminar you will have a clear understanding of the Form 990 as it relates to: Accounting for Special Events Reporting Board of Directors Reconciliation to…Read More
Our team of experienced and skilled professionals has extensive knowledge of the ever-changing laws and regulations within various industries, and has provided our valued clients with accurate, informed insights and business guidance for more than 70 years.