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