Non-profit organizations are a significant part of our client base. We provide services to a broad variety of these entities ranging from drug clinics to fraternal organizations and homeowner associations. Non-profits operate in a far different environment than taxable entities. Besides differing accounting and reporting requirements; management goals, financial objectives and funding sources are vastly different as well.
We offer guidance on obtaining and maintaining tax exempt status. We help to determine under which provisions of the Internal Revenue Code an organization might qualify for exempt status.
Some non-profits are “more exempt” than others. Charities, for instance, are exempt in New Jersey from sales tax, but business groups and social clubs are not. We help the officers and directors of non-profits understand such distinctions to avoid problems and penalties.
Frequently officers and directors have had no prior experience in tax laws or accounting and bookkeeping. We understand that many time clients need a lot of basic guidance in these areas.
Non-profits which obtain government grants may be required to have their financial reports audited under strict government auditing standards , sometimes referred to as Single Audits. These standards require us to regularly attend courses on government accounting and auditing.