Accounting and ConsultancyFor Non-Profit Organisations
We can help setup and maintain your non-profit organization’s accounting and tax records by handling all the financial reporting functions and FIRS & SIRS reporting for you., We may also be engaged to audit, review, or compile your financial statements to comply with your organizations by-laws, and provide accountability to your donors.
Each year the relevant tax authority requires most tax-exempt organizations to submit their annual returns and its relations, which includes the following items.
(a) Statement of Activities with very specific operating revenue and expense categories such as charitable donations, grants, unrelated business income, program service expense, support services expense and fund raising expense…
(b) Statement of Financial Position with specific categories such as restricted cash, temporarily restricted assets, payables and accrued expenses…
(c) Statement of Functional Expenses with all the expenses allocated to either program services, fundraising, or support and operations.
(d) Individual Program Expense Schedule that reports all of the expenses for each program or service like seminar programs or educational mailings.
(e) Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, investment income.
The tax authority uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it’s imperative that you build your accounting system around these revenue and expense classifications.
Here’s what we do for you…
- Audit, review or compile your financial statements
- Design, install, and maintain your Accounting System
- Provide training for your accounting personnel
- Complete and file your non-profit status application
- Provide training for your board on non-profit financial statement usage and effective budgeting practices
- Prepare your initial start-up documentation, including incorporation, state employee payer identification number (EPIN), and payroll setup with federal and state agencies.
If we are auditing your financial statements, some of the services listed above are limited based upon standards requiring we maintain independence.
Please feel free to discuss the topic with one of our professionals.
If you’re starting a new not-for-profit organization, then we can help you get started.
Let us help your setup and/or maintain your non-profit books by contacting us for further discussions.