Assurance, Tax and Consulting for Nonprofits
Skillful financial management is essential to any viable organization. The financial reporting needs of nonprofits is proving to be increasingly complicated due to diversity among program offerings, highly-regulated funding sources, and in some cases, multiple real estate holdings.
AAFCPAs has been critical to the success of numerous sophisticated nonprofit organizations since our founding in 1973. We fully understand the unique culture and nuances of nonprofits, including the complexities of funding sources, grant requirements, and regulations that apply to nonprofit entities. Our depth of industry expertise coupled with our extensive exposure to the best practices in the sector makes us uniquely qualified to advise you on running a highly efficient and effective organization.
We provide audit, tax, accounting, and advisory solutions to diverse community, national, and international nonprofit clients.
Primary Reasons Nonprofit Clients Appreciate AAFCPAs
Government Auditing Standards – AAFCPAs has comprehensive experience with audits in accordance with Uniform Guidance / Single Audit, Financial Accounting Standards Board Requirements, and Massachusetts Uniform Financial Reports.
Funding Sources – We have extensive experience working with nonprofits and their funding sources including federal and state agencies, private foundations and grant-making public charities, as well as public donations. We advise clients throughout the year with questions regarding compliance, restrictions, releases, capital campaigns, and fundraising effectiveness ratios.
Tax Credits – We are instrumental in helping clients fund new capital initiatives with various tax credit programs. Our comprehensive knowledge of all new, existing, and changing applicable tax credits includes: New Markets tax credits, Low Income Housing tax credits, federal and state Historic Rehabilitation tax credits, tax credit exchange, tax credit assistance programs, and credits for use of alternative energy sources. We provide advisory services to limited partnerships/limited liability companies from cost certifications at the project’s inception, to exiting at the end of tax credit compliance periods.
IT Risk Assessments – We provide comprehensive Business Process and IT Advisory solutions that advise clients on IT risks, IT security reviews, business process improvement, systems conversions, systems integration and cyber health checks.
Endowments/Reserve Funds – We help with complex endowments by assisting in 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). AAFCPAs Wealth Management provides institutional investment advice and money management to help you enhance and leverage the use of your assets for short and long-term goals—with the least amount of risk.
Cost Allocation – AAFCPAs has extensive expertise advising clients in implementing sound cost allocation methodologies so your financials and Federal Form 990 clearly demonstrate resources are used to further your mission. We assist nonprofits in allocating costs to various programs, grants, contracts and agreements using an objective and consistent method.
Internal Controls – AAFCPAs advises nonprofit clients on operational and financial internal control objectives. We routinely recommend best practices which improve management’s ability to measure performance, evaluate processes, and mitigate risks. We keep you abreast of the latest industry best practices in order to assist you in protecting the organization’s assets from theft.
Industry Changes – AAFCPAs proactively keeps you informed of changes in standards, tax laws, and best business practices through educational seminars, webinars, email alerts, and consultative dialogue throughout the year.
Exceptional Value – We define value as the ideal combination of expertise, service, and price.
Proactive solutions for Not-For-Profits
- Financial statement audits
- Uniform Guidance (Federal) and Government (State) Reports
- Uniform Financial Reports (UFR)
- Employee benefit plan audits
- Internal audits to improve governance, risk management and management controls
Tax Compliance & Consulting
- Guidance on understanding and preparing the Federal Form 990, and how it represents your organization to donors and the public
- Unrelated business income tax (UBIT) compliance, and comprehensive cost allocation plans that minimize the tax burden
- Charitable trust returns
- Compensation disclosures
- Foreign investment reporting
- Multi-state filing / registration requirements
Profit Enhancement Solutions
- Technology risk assessments
- Streamlined processes to facilitate all regulatory reporting
- Analysis of financing options
- Review of regulatory changes to determine potential impact
- Examination of financial and personnel resource allocations
- Financial training for boards of directors, management and personnel
- Presentation of financial statements at board meetings
- Fundraising compliance for charitable organizations
- Review of internal controls and financial management best practices
- Long-term strategic planning insight and advice to improve business operations
- Calculation of financial ratios and benchmarking to industry peer organizations
- Review, compilation and preparation of financial statements
- Executive compensation strategies
- Managed Accounting Solutions: Right-size, outsourced accounting solutions, from cloud-based bookkeeping to high level CFO 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
AAFCPAs has been helping nonprofits succeed since our founding in 1973. We fully understand the funding sources, grant requirements, and regulations that apply to not for profit entities. We help streamline financial operations so that our clients maximize their precious resources.