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
Top Strategies for Building a Nonprofit Budget That Supports Your Mission
If you handle money at all (personal life, business, etc.), you need a budget. If you’re leading a nonprofit, you definitely need a budget! A lot of people cringe at the thought of budgeting. They immediately feel like they’re back in math class having to turn...
How You Can Do Good Even Better (The Essential Role of a Nonprofit Chart of Accounts)
A good nonprofit chart of accounts can help you avoid a lot of confusion and misunderstandings when it comes to keeping up with all of your important financial information. As the director of a nonprofit (or other high-level leader), you regularly provide your board...
Accounting For Nonprofits (A Complete Guide To What You Need To Know)
Nonprofits exist to make positive improvements in their community (or however far their impact reaches). They meet needs and raise awareness of issues in our world in ways that lone individuals usually cannot. And they are an incredibly valuable part of our society....
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.
