Services to not-for-profit organizations make up a significant segment of our practice. Our nonprofit services team provides accounting, auditing and tax services to a wide variety of nonprofits on an ongoing basis.
We perform the special audits required by OMB Uniform Guidance for recipients of federal awards.
Our team provides audits of employee benefit plans in accordance with standards established by the United States Department of Labor. We prepare the required Form 5500 filing.
As we provide a variety of services to nonprofit clients, we work with the specialized not-for-profit accounting principles every day, and we stay current on the standards affecting nonprofits, including:
- The standards for financial statement presentation.
- The standards for recognition of contributions.
- The standards for accounting for investments.
- The standards for tests of controls over cash activities.
- Presentation of Financial Statements of Not-for-Profit Entities, which significantly
amends the standards for nonprofit financial statements and disclosures.
- Leases, which will put a liability and asset on your balance sheet for your office lease.
- Revenue from Contracts with Customers, which significantly changes the framework for
How Do You Know We Are Good Accountants?
We have completed 11 professional peer reviews, giving you outside assurance of the firm’s professional quality and compliance with professional standards. We passed every review with the highest possible results. In addition, we conduct an internal quality review inspection on an annual basis.
Professional Memberships and Affiliations
We are members of the American Institute of Certified Public Accountants (AICPA), the Greater Washington Society of CPAs (GWSCPA), Virginia Society of Certified Public Accountants (VSCPA) and the American Society of Association Executives (ASAE). Our active involvement in nonprofit and professional organizations broadens our perspective and enhances the high quality of service we provide to clients.
Our team understands the unique tax issues related to preparing Form 990. We prepare a substantial amount of tax returns on an annual basis, and our team participates in special training related to a wide variety of 990 issues. We are familiar with nonprofit tax issues, including unrelated business income, advertising and sponsorships, and the requirements for maintaining nonprofit status.
Form 990 provides nonprofits with an opportunity to tell their story and highlight their mission-related impact. Nonprofit stakeholders use Form 990 to evaluate your organization and its accomplishments.
We understand the intent and potential impact of the many questions on Form 990 related to governance, compensation and payments to others, and are experienced in advising management and Boards of the issues related to potential responses. Our team has an understanding of:
- Tax principles related to unrelated business income tax that apply to sponsorships and certain other types of income.
- The concerns of various rating organizations related to functional expenses and the need for clear disclosure of program costs.
- The relationship between ASC 740 (FIN 48) related to uncertain tax positions and tax treatments presented on the Organization’s Form 990 and 990T, if needed.