Greater financial accountability, increasing competition for revenue, and dwindling budgets … these are just a few of the challenges that nonprofit (aka “not-for-profit”) organizations face.
It’s tough to keep up, especially when you have an important mission to fulfill. Gross Mendelsohn’s Nonprofit Group can help.
Whether you need advice on internal control, budgeting or investment management, our Nonprofit Group can give you the peace of mind you need so you can focus on fulfilling your organization’s mission.
Gross Mendelsohn’s Nonprofit Group has worked with a wide range of nonprofit organizations, including charitable organizations, private schools, religious institutions, cultural organizations, private foundations, publically supported foundations, voluntary health and welfare organizations, and trade and membership associations.
Many members of the firm serve on boards of directors and committees of various nonprofit organizations. This hands-on community involvement strengthens our industry expertise and increases our understanding of the tough decisions that nonprofit board members and executives face.
Audit issues for nonprofits
In addition to performing financial statement audits to satisfy grantor, lender, government and other requirements, Gross Mendelsohn can assess organizations’ internal control and recommend improvements to controls and operating procedures, resulting in enhanced accuracy and peace of mind.
Members of the firm’s Nonprofit Group have an in-depth understanding of Single Audit (aka “OMB Circular A-133”) issues. In addition to having the ability to interpret the rules and regulations set forth by OMB Circular A-133, nonprofit organizations benefit from our knowledge of how the federal government operates and applies the rules and regulations of OMB Circular A-133.
As a member of the American Institute of CPAs’ Governmental Audit Quality Center (GAQC), Gross Mendelsohn is required to adhere to a strict set of standards that ensure high-quality governmental audits (including Single Audits, financial statement audits of nonprofit organizations, and audits performed under the HUD Consolidated Audit Guide).
We can also help your nonprofit organization with employee benefit plan audits. Our membership in the American Institute of CPAs’ Employee Benefit Plan Audit Quality Center (EBPAQC) ensures you that all of our employee benefit plan auditors have current knowledge of applicable professional standards, rules and regulations for employee benefit plan audits.
Tax issues for nonprofits
Even though most nonprofits are tax-exempt organizations, they still have tax issues.
Gross Mendelsohn’s Nonprofit Group includes tax professionals who specialize in working with nonprofits on issues such as minimization of unrelated business income tax (UBIT) exposure, avoidance of private inurement and excess benefit transaction issues and tax-advantaged planned giving vehicles. And of course, we’ll prepare your organization’s Form 990 and / or Form 990-T.
Specialized services just for nonprofits
We can also help your nonprofit organization with budgeting, fraud investigation, strategic planning, succession planning, board retreat facilitation, corporate governance, documentation of policies and procedures, investment management, tax-exempt financing, IT networking, financial reporting, and executive compensation issues.