MLR

Nonprofits require special financial services

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Not-for-profit organizations face many of the same problems as for-profit organizations.

For example, all organizations must set goals and engage in long-range planning. They also must maintain certain financial records.

woman in meeting

But not-for-profit organizations have special, unique needs when it comes to financial issues that require a CPA with specialized accounting knowledge for not-for-profit groups.

Your organization might not think to contact your CPA for services beyond audit and tax. But a CPA can also provide assistance with other needs, including:

  • Preparing financial reports that take on added significance because they are used in fundraising. Some, such as part of a grant application, may require an audited opinion.
  • Assisting with required government documents such as Form 990, the principal information return of exempt organizations
  • Measuring the success of the mission statement and adjusting your plan as needed
  • Consulting on special technology needs
  • Helping with the establishment of board member manuals, policy and procedures manuals and board-recruiting procedures
  • Budgeting and cash flow management to help maximize an organization’s assets
  • Protecting your organization’s assets by instituting effective internal controls
  • Measuring the effectiveness of fundraising efforts
  • Conducting personnel searches, training and establishing employee benefits