Audit, Tax & Consulting for Community Lending Institutions
Capital is essential to developing and maintaining healthy communities. The community and economic development industry flourishes only when new financial institutions, along with philanthropic organizations, and especially governments, invest sufficient financial support.
AAF provides audit/assurance, tax, and advisory services to community development financial institutions (CDFIs), community development corporations (CDCs), tax credit syndicators, affordable housing and commercial real estate development projects, and other nonprofits operating in the industry.
Proactive Solutions for CDFIs
- Easy to understand and thoughtfully developed audited financial statements.
- Regulatory compliance audits focused on risk.
- Review of internal controls for best practices.
- Long term strategic planning insight and advice to improve business operations.
- Analyze financing options to anticipate your changing needs.
- Consult on new initiatives being structured to identify accounting and tax considerations.
- Calculate financial ratios and provide benchmarking to other similar nonprofit organizations.
- Provide financial and governance training for your board of directors.
- Advise you of upcoming regulatory changes to determine potential impact.
- Examine finance personnel resource allocations and IT system needs.
CDFI Industry Expertise
Funding Sources – We have extensive experience working with CDFIs and other lenders, such as the Department of Housing and Urban Development (HUD), the Treasury’s CDFI Fund, NeighborWorks America, state and local municipalities, and philanthropic sources.
GAAP Requirements – We have extensive knowledge of accounting requirements unique to the industry including FASB and GASB requirements applicable to real estate development, lending organizations, complex grant and contract arrangements, consolidating financial statements and much more. We stay current with ever changing rules and help you do the same.
Tax Credits – We remain current with our deep knowledge of all tax credits including, New Markets tax credits, low-income housing tax credits, federal and state historic tax credits, tax credit exchange and tax credit assistance programs, and renewable energy tax credits. We routinely provide advisory services to many limited partnerships/limited liability companies as investor limited partners exit at the end of tax credit compliance periods.
Compliance Audits – We are deeply rooted in all policies and procedures for meeting FASB requirements, CDFI compliance, Uniform Guidance / Single Audit, and government auditing standards.
Specialized Training – We provide specialized training and technical assistance specifically for your industry. We have presented a series of financial management workshops customized to include topics such as budgeting, implementing financial and performance measurement systems and asset management.
We also lecture frequently on aspects of the New Markets tax credit and related requirements. We are actively involved with the Opportunity Finance Network (OFN), providing FASB updates at northeast regional meetings and promoting best practices for financial industry involvement reporting by CDFIs through OFN’s Performance Counts program.
AAFCPAs is deeply rooted in the community & economic development industry. We provide proven and valuable solutions for those lending institutions that are financing projects benefiting low-income communities and special needs populations.
Profit Enhancement Solutions
- 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.
What our clients say
“Boston Community Capital has been very pleased with our relationship with AAF for over a decade. Their audits of us have been very thorough and rigorous, but they prepared early and thoroughly for them, communicated clearly and frequently through the process, stayed on schedule and met all our deadlines.”
Boston Community Capital, Inc. | DeWitt Jones, Executive Vice President