Non-Profit Organizations serve an important role in our society. As a growing sector of our economy, these organizations do not always measure success the same way for-profit businesses do. As for-profit companies determine success as mainly reflected by the bottom line, non-profit entities are driven by its impact on public service. With their focus on civic duty, social service, cultural benefits, and its reach to individuals in need; these organizations need a business partner to address the financial, compliance, and regulatory issues they face so that they can do what they do best – make the necessary impacts in the communities we call home.
Gerson Preston has a specialized team that helps not-for-profits address the specific issues that only non-profit clients face, such as: meeting the special accounting, auditing, and reporting requirements for non-profit organizations; evaluating outcomes in non-profit terms to satisfy contributors and board members and comply with third-party needs and federal grants; and applying the most recent accounting, auditing, and reporting changes affecting non-profits.
We review internal controls and financial statements, including presentations in accordance with the latest audit and accounting guides, SFASs, SOPs, and OMB reporting forms. We also work with the non-profit board of directors to help the organization deal with:
- Fraud Issues
- Risk Management
- Tax Exemption
- Cash vs. Accrual Basis Fund Accounting
- Restricted Contributions
- Inter-fund Transfers
- Allocation of Joint Costs
- Combined Financial Statements
- Related Parties
- Client Representations
- Change in Auditor
- Requirements Under Government Auditing Standards (The Yellow Book)