Not for Profit Organizations
Not-for-profit organizations are facing increasing scrutiny into their operational effectiveness and financial well-being from various stakeholders including funding sources, donors, lending institutions, service recipients, staff and members of the Board of Trustees. You expect your business advisors to understand your financial and operational issues and have the specialized expertise to provide insight, direction and the highest quality of service.
Wolf & Company has developed specialized expertise in those areas critical to the financial and operational well being of not-for-profit organizations. Our professional staff has a clear understanding of how accounting, tax and management issues impact the financial performance of not-for-profit organizations. We can provide the following expertise:
- Broad experience providing quality audit services for not-for-profit organizations in accordance with generally accepted auditing standards
- Many of our not-for-profit clients receive federal funds and are required to comply with the requirements of OMB Circular A-133. As a result, we have extensive experience with the Single Audit compliance and reporting requirements, as well as with performing agreed upon procedures with respect to specific grant requirements.
- Exceptional understanding of not-for-profit financial and operational issues and internal controls, and identification of practical solutions to correct weaknesses and inefficiencies. Also, assist in budget preparation and analysis, and financial feasibility studies.
- Extensive technical expertise in tax research, IRS not-for-profit reporting requirements, and federal and state registration. We also advise clients in obtaining and maintaining tax exempt status.
Wolf & Company provides a broad range of accounting and consulting services to not-for-profit organizations.
Audit & Accounting Services:
- Audits, reviews and compilations
- Financial reporting to satisfy requirements of lenders and governmental agencies
- Assistance with the development of accounting procedures and related documentation
- Accounting and bookkeeping services
- Payroll accounting
- Employee benefit plan audits
- Information return preparation and filings
- Unrelated business income issues
- Protection of tax exempt status/Not-for-Profit Compliance Review
Financial Consulting:
- Financial forecasts and projections
- Evaluating financial alternatives
- Cash flow management
- Litigation support
- Fraud detection and prevention
- Sarbanes Oxley compliance
Management and Operational Consulting:
- Internal operation reviews
- Long range/strategic plan development
- Design and administration of employee benefit plans
- Board Governance
Technology Consulting:
- Accounting system installation and training
- Vendor selection studies
- Conversion assistance
For more information on our services for not-for-profit organizations, contact…
- Jody A. Gauthier, Partner, Not-for-Profit Services Group - Social Service Agencies, Foundations, Other Not-for Profit Organizations
- David R. Siehoff, Partner, Not-for-Profit Services Group - Membership and Trade Associations
- Scott C. Termine, Partner, Not-for-Profit Services Group - Religious Organizations and Educational Institutions
- Stephen J. Nofzinger, Senior Manager, Not-for-Profit Services Group - Tax Services
Upcoming Not-for-Profit Webinar
Please join us on Wednesday, May 23rd from 10:00-11:00 am for our not-for-profit webinar entitled "When A Financial Crisis Hits, Your Board Needs to Take Action."
This webinar will provide potential problems to watch for and specific recommendations for dealing with troubles when they arise.
Presenters
William J. Cadigan, is a principal in the Chicago-based Law Office of William J. Cadigan, P.C. In his practice, Bill represents a variety of tax-exempt organizations in corporate, transactional and regulatory matters. In addition, he provides counsel on matters ranging from formation and general corporate matters to financings and civil litigation.
Jody A. Gauthier, Partner-in-Charge of Wolf & Company LLP’s Not-for-Profit Services Group, will join Bill in providing her insight into the financial problems nonprofit organizations are facing today, warning signs, and recommended actions.
Click here to register. Upon registration, you will be sent login instructions.
Not-for-Profit Resources
Check out our newsletter for not-for-profit organizations.
Click here to view our most recent webinar and to read additional not-for-profit articles found under "Other Resources".
To view a previous copy of our electronic e-newsletter click here.