Arts & Cultural CPA and Consulting
Arts and cultural organizations face many challenges with financial sustainability. The variable costs, changes in financial funding, and unpredictable demand are just a few of the obstacles you face on a daily basis.
AAFCPAs has a strong history of providing proven advice that makes a positive impact on the health of arts & cultural organizations. We understand the nuances of your industry, grant opportunities, and the areas of risk you have and how to best mitigate them. We help you streamline your financial operations to ensure you are maximizing your resources.
Audit & Assurance Solutions
- Audits of financial statements
- Clear presentation of financial statements to Board, management and personnel
- Employee benefit plan audits
Tax Planning & Compliance
- Preparation or review of 990 and state returns
- Advising on multi-state filing requirements
- UBIT compliance, including identifying sources of unrelated business income and properly allocating costs to minimize the tax burden
- Related party and executive compensation disclosures
- Advising on special 990 disclosures for foreign investments common with alternative investments
In addition to best-value assurance and exceptional tax expertise, AAF provides proactive guidance on areas critical to the success of arts and cultural organizations, including:
- Business processes and internal control best practices for admissions, ticketing systems, programs, shops & dining venues, parking/garage revenue, and other earned revenue streams
- Risk assessments
- Evaluating facility financing options – including expertise in new markets tax credits (NMTC)
- Industry benchmarking and flash reports
- Advising clients embarking on capital campaigns
- Financial training for Boards, management, and personnel
- Examine financial and personnel resource allocations
- Accounting for endowments, including developing and evaluating investment and spending policies, designing reporting structures, and evaluating and improving internal controls over investment activities in line with the Uniform Prudent Management of Institutional Funds Act (UPMIFA)
- Managed Accounting Solutions: Right-size, outsourced accounting solutions, from cloud-based bookkeeping to high level CFO oversight oversight
- Business Performance, Internal Controls & IT Advisory
- Institutional investment advice, money management, financial planning & consulting, executive deferred compensation & retirement plan consulting, and succession planning solutions
- Fiduciary guidance and investment advisory solutions for employee benefit plan sponsors
- Technical Accounting Advisory: Implementation of new accounting standards, assistance with complex operational and financial transactions, audit preparation
Our depth within the arts & cultural industry makes us uniquely qualified to help you run your organization efficiently and effectively, including:
- Extensive experience in auditing organizations with admissions and box offices with a focus on internal controls.
- Experience with museum store controls and food service businesses.
- We support strong governance by administering Board trainings on various topics.
- We have an integrated Information Technology and Business Advisory practice that supports clients with IT risk assessments, IT security reviews, business process improvement and systems conversions and integration.
- We are active members of the nonprofit community and are fully aware of new standards or changes well in advance of their implementation and advise our clients on their impact to business.
AAF’s unique approach to client service delivers much more than the required compliance. Our team serves as a trusted advisor and provides sound financial management advice and winning best practice recommendations that will help your organization to thrive. We are proud of our positive impact and encourage you to contact our clients to learn first-hand about our exceptional value.
What our clients say
“The AAF team makes it crystal clear that they are there for us. They return calls and emails immediately. They make us comfortable asking questions. They are open, friendly, and professional. They really care about us and our success individually and as an organization. We have strong trust and confidence in our work with AAF.”
ArtsBoston, Inc. | Catherine Peterson, Executive Director