Accounting for Nonprofits
Your nonprofit has different accounting needs and challenges than a for-profit business, and not every accountant is prepared to navigate those differences. That’s why working with an accounting team with nonprofit experience is so important. Shannon & Associates has a passion for helping nonprofits manage their resources to best suit their missions.
Nonprofits are near and dear to us as demonstrated by our commitment to our community. You will find the partners and staff of Shannon & Associates involved in the local community through volunteerism and financial support.
Shannon & Associates has served nonprofits for over 60 years. We provide the financial services you need, plus assist you with measuring and projecting outcomes of programs and services you plan in the future. We can also assist you with reviewing your administrative and fundraising costs to determine if they are an acceptable percentage of your overall expenses. These costs are critically reviewed by grantors and contributors who are interested in supporting your organization.
Shannon & Associates can also help you get qualified initially with your tax-exempt filing and then make sure you stay qualified. We can advise you on the best way to structure your nonprofit organization for optimal risk management and minimal tax liability. Having the right structure is especially important if you’re affiliated with a for-profit entity.
Services Performed:
- Assurance services – audits, reviews, compilations, agreed-upon procedures
- Compliance audits (HUD, Uniform Guidance/OMB Circular A-133)
- Internal control review and strengthening
- Fraud prevention and detection
- Accounting and bookkeeping services
- Tax return preparation
- Tax planning and consulting
- Tax-exempt filing
- State and local tax issues
- Employee benefit plans including audits of 403(b) plans
- Software and consulting
- Mergers and acquisitions
- Budgeting and forecasting
- Board training
- Ethics and HR Hotline
Types of Organizations Served:
- Associations and membership organizations
- Social services organizations
- Special purpose and private schools
- Healthcare organizations
- Governmental services
- Arts and recreation
- Special purpose organizations
- Foundations
- Churches
- Community clubs
To learn more about our Nonprofit services get in touch.