Not-for-Profit Entity Accounting
Not-for-profit organizations today face unique business and financial challenges. From declining federal and state grant funding to increased oversight from regulatory and tax authorities, including greater compliance requirements, effectively managing a not-for-profit is more complex than ever before.
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GYL has a thorough understanding of the importance of the many factors that determine the success of your organization including: funding from federal and state agencies as well as individual and corporate donations and compliance regulations. These factors can determine how successful your organization will be as well as determine your ability to grow and continue to serve the needs of the community. Armed with an in-depth understanding of the regulatory environment in which not-for-profit organizations operate, GYL offers the full range of auditing, accounting, tax and consulting services. Beyond financial assurance, we lend expertise and insight to reveal improvement opportunities.
GYL clients are served by a group of professionals who continue the GYL tradition of technical excellence combined with personal attention at a partner level. With years of experience in serving not-for-profit clients, we understand the special environment in which your entity operates. We’re in tune with the information needs of your contributors, grantors, lenders and various other constituencies – from your governing board to the general public. When there is a need for independent accountant involvement with your financial information, we’re there to provide the necessary audit or other level of assurance.
We can also provide various levels of support depending upon your organization’s internal information needs. The quality of a not-for-profit entity’s systems of internal control is frequently a focus for management and the governing board, as well as for various outsiders. We can assist management and audit committees with assessments of internal-control risk, documentation of policies and procedures, identification of internal control gaps and tests of controls for effectiveness.
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In addition, our staff have specialized skills working with child development organizations, private schools, charter schools, and not-for-profit HUD entities.
Our experience allows us to provide you with innovative solutions that meet the needs of your organization. Our not-for-profit accounting and consultant services include:
- Informing clients of changing standards affecting not-for-profit organizations
- Audits and reporting requirements including Yellow Book, HUD and Single Audits
- Not-for-Profit tax and related reporting issues
- Assisting not-for-profit organizations in implementing standards for Accounting for Contributions Received and Contributions Made
- Analysis of unrelated business taxable income
- Grant administration and compliance
- Internal financial systems and controls
- Assisting start-up, not-for-profit organizations in implementing standards for Financial Statement of not-for-profit Organizations
- Audits of employee benefit and retirement plans
- Agreed upon procedures
- Internal controls evaluations
Tax Compliance Services
- Preparation of application for tax-exempt status (Form 1023 or 1024)
- Preparation of private foundation tax return annual filing (Form 990PF)
- Preparation of annual unrelated business income tax return filings (Form 990T)
- Preparation of annual not-for-profit tax return filings (Form 990)
- Representation for IRS audits and correspondence
- Government audit requirements and compliance
- Exemption requirements and special filings
- Reporting for both fee-for-service and reimbursement funding