Nonprofit Accounting and Tax Preparation Services
If you run a 501c3 nonprofit (or maybe you’re on the board of directors), you have to be absolutely confident that you know where each and every dollar goes.
Your world is quite a bit different from regular businesses who simply exchange products or services for dollars. When donors give you some of their hard-earned money, they expect you to handle it responsibly. (They aren’t the only ones…the IRS insists on it too.)
Throughout our 40+ year history, CRS CPA has partnered with countless nonprofit organizations to help them with:
501C3 Nonprofit Status Application
Nonprofit Tax Returns
Nonprofit Financial Accounting
Audited, Reviewed, and Compiled Financial Statements
Board of Directors Consulting
Learning Center Resources for Nonprofits
Creating Effective Nonprofit Financial Policies: A Blueprint for Success
There’s a quiet power in paperwork. That may sound strange, especially in a nonprofit world driven by passion, people, and purpose. But when it comes to managing money responsibly, nonprofit financial policies are the unsung heroes behind the scenes. They don’t make...
Nonprofit Bookkeeping Services: How to Stay Compliant and Organized
Your nonprofit may be powered by passion, but it’s held together by process. While your mission brings in donors and drives programs, it’s the day-to-day bookkeeping—the quiet, behind-the-scenes work—that keeps everything from unraveling. Solid nonprofit bookkeeping...
The Importance of Nonprofit Compliance: How to Stay Legally and Financially Transparent
Most people go to work for a charitable organization because they want to spend their time serving their community. They hardly ever do it with dreams of spending their time managing nonprofit compliance. We get it. While it isn’t the most exciting thing you’ll do as...
Frequently Asked Questions for Nonprofits
What are the main financial statements nonprofits need to prepare?
The main financial statements include the Statement of Financial Position (balance sheet), Statement of Activities (income statement), Statement of Cash Flows, and Statement of Functional Expenses.
Can a nonprofit organization make a profit?
Yes, nonprofits can generate a profit, but any surplus must be reinvested into the organization to support its mission rather than distributed to owners or shareholders.
What are some common tax deductions available to nonprofits?
Nonprofits can deduct ordinary and necessary expenses related to their operations, such as salaries, rent, and supplies. They may also benefit from tax credits for activities like research and development.
How can high interest rates impact a nonprofit organization?
High interest rates can increase borrowing costs, reduce the value of investments, and strain budgets. Nonprofits may need to reassess their financial strategies to mitigate these effects.
How can a financial consultant assist a nonprofit during periods of high interest rates?
A consultant can help by reviewing and optimizing the organization’s financial plans, exploring alternative funding sources, and advising on investment strategies to navigate economic challenges. We would love to help you do this! Schedule a call to see how we can help.
What are restricted and unrestricted funds?
Restricted funds are donations or grants that donors specify must be used for particular purposes. Unrestricted funds can be used at the nonprofit’s discretion to support its operations and mission.
