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Nonprofits require special financial services

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.

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


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New Legislation Impacting Wisconsin Nonprofits

On March 21st, Governor Tony Evers signed Assembly Bill 912 into law. This piece of legislation introduced significant changes to the financial reporting requirements affecting nonprofit organizations operating in Wisconsin.