Our team of professionals delivers an unequaled combination of significant not-for-profit experience, exceptional “hands on” capabilities, and commitment to your organization that will provide value-added service including: financial statement audit, single audit, IRS Form 990 and consulting related to governance matters. We are committed to a smooth transition, proactive management and continuous communication with an integrated service team that provides technical accounting, auditing, tax and risk management.
We know not-for-profits:
We provide value beyond the audit:
Our passion for client service is evidenced by our deep involvement in these client and community organizations. We currently serve all industries within the not-for-profit spectrum:
The firm, its partners, and its professional staff hold various types of memberships in the sector's leading organizations including the National Association of College and University Business Officers, ASAE, and the Society for Nonprofit Organizations.
While we possess all of the expected technical abilities, clients tell us our value in the not-for-profit area extends far beyond the numbers. The following three industry topics, in which we have specific skills, have been instrumental in the process and operational improvements of several NFP organizations:
Effective Management & Board Conduct
NFP Management Leading Practices
The Role of Trustees
At a recent board meeting for Urban Harvest STL, one board member raised an interesting question, “What is the ideal percentage of the budget we should spend on salaries?” As with most questions like this, the answer is - It depends. In particular, it depends on the operating requirements and strategy of the organization. Some organizations are more labor intensive, while others may be more volunteer driven.
Have you ever wondered if the way an agreement is titled would make a difference in when or how to recognize revenue? Not-for-profit (NFP) entities frequently have multiple types of revenue ranging from grant awards, contributions, contracts, sponsorships, cooperative agreements, fees, etc. Often times, a written agreement may even have multiple revenue components included in one contract.
On Aug. 23, 2018, the Internal Revenue Service issued proposed regulations governing the availability of charitable contribution deductions when a taxpayer expects to receive a corresponding state or local tax credit.
After several years of stability in the accounting standards for nonprofit organizations, the new FASB standards need to be addressed soon on several different issues. Most of the preparation has focused on ASU 2016-14 Presentation of Financial Statements, which is effective for years beginning after Dec.15, 2017. Some organizations have not yet begun to consider the standards of ASU 2014-09, Revenue from Contracts with Customers, which will be effective for most nonprofit entities for periods beginning after December 15, 2018, except for certain entities who have conduit debt which is not a private placement that have earlier adoption requirements.
The Tax Cuts and Job Act was passed in December 2017, but the total impact to nonprofits will not really be known until we get through 2018. The reason, not only are there direct impact items in the Act, but there are also indirect impact items. It is very likely that the indirect impact items will have a greater effect on nonprofits.