Not-for-Profit Organizations

The tough economic times we are facing have taken a toll on not-for-profit organizations. Private fundraising is increasingly difficult, and government funding comes with stricter guidelines and stipulations, making your financial reporting process more stressful and complicated. In Massachusetts, if your not-for-profit is a public charity with annual revenue in excess of $500,000, you are generally required to submit audited financial statements to the Massachusetts Division of Public Charities. It is important to note that other states may have different audit requirement thresholds. The laws regarding financial reporting are constantly changing, and it takes a team of qualified professionals to appropriately manage your not-for-profit audit.

Form 990, which was significantly altered in 2008, has since been tweaked even further, aiming to increase transparency and accountability, forcing tax-exempt organizations to provide an extensive amount of internal information to the government and the general public. Hiring an accounting firm with expertise in not-for-profit reporting can ensure that in addition to taking the necessary steps to accurately and thoroughly report all required information, the information compiled presents a true picture of your organization.

The accounting professionals at Anstiss can conduct any not-for-profit audit, including your Single Audit and Yellow Book audit. We train our staff of professionals beyond minimum requirements, and understand the complex and constantly changing rules and regulations which not-for-profit organizations are subject to. We regularly have more representation than our competition at the annual AICPA Not-for-Profit Industry Conference in Washington, D.C., led by leaders and rulemakers that affect all aspects of not-for-profit operations and governance.

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