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Non-profit & Not-for Profit Accounting

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Accountability 

Whereas a for-profit business is accountable to generating a profit for its shareholders as well as meeting the needs of other stakeholder groups, non-profits have different funding sources, and must serve their constituents in a financially responsible and defendable manner, and be able to justify their costs to donors, their Board of Directors, and/or a Governance Board. 

 

Funding/Spending 

With the above as context, it’s important that you accurately record how funds are spent. Most non-profits raise funding via donations and grants.  While donors do not expect a financial return, they will expect reporting that shows how their donations are being allocated responsibly to achieve the non-profit’s mission. 

 

Reporting

Non-profits analyze and file different reports than do for-profit entities.  For example, common financial statements for non-profits include Statement of Activities, Statement of Financial Position, Statement of Cash Flows, and Statement of Functional Expenses - the last of which is a report unique to non-profits.  Additionally, Form 990 is filed by non-profits only, and not by for-profit entities.   

 

Taxation

Non-profits operate as tax-exempt organizations, but that privilege can be revoked should the organization not take proper care with their financial reporting. As such, our team can help ensure that your organization operates in a compliant manner and preserve your tax-exempt status. 

What Are Some of Your Unique Challenges?

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Our Non-profit Accounting Services:

  • "In-Kind" Service Accounting

  • Accounting for Grants

  • Filing Tax Returns

  • Payroll (linked to a funding source)

  • Implementing & Evaluating Internal Controls

  • Compliance

  • Benefits Administration

  • Employee Records Management

  • Strategic Planning​

Non-profits can face a variety of complex accounting challenges. The accounting, bookkeeping, and payroll teams here at Zinman & Company come with a wealth of experience and therefore are prepared to support your organization from a financial compliance perspective so you are free to focus upon furthering your organization’s mission. 

Why Partner With Us?

If you are looking for a new accounting team to support your organization, or if you are a newly formed non-profit or not-for-profit, please click here to contact us.

As a non-profit or not-for profit (NFP) organization, your focus may be to further a charitable, social, educational, religious, environmental, or other purpose.  Your mission likely is to generate positive social or environmental outcomes. Still, you are accountable to the IRS to report on the money that flows in and out of your organization, and as a non-profit, you face unique and significant challenges, plus different reporting requirements than for-profit entities. 

What is Non-profit Accounting?

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