Did you know that your nonprofit organization has most of the same needs as a for-profit business? For starters, it needs to at least break even, but it should have a planned surplus from operations to build a reserve for future projects or unexpected funding shortfalls. It has to carefully monitor cash flow, have available lines of credit, and meet the employment tax and regulatory requirements imposed on all businesses.
And yet, there are some major differences between for profit and nonprofit accounting. Accounting and reporting differences that require financial expertise in the nonprofit industry:
We are recognized as a leading Digital CPA firm within the nonprofit industry and our leaders are recognized as nonprofit experts within the CPA profession. The American Institute for Certified Public Accountants (AICPA) has relied on our expertise to participate on their boards, lead seminars to peer CPAs and to contribute articles to their website.
Our Chevy Chase firm is just the right size for your organization! We highly value each of our clients, regardless of your size or location. Call us today and we can discuss your nonprofit accounting needs and how we can help you.
Ask the Lumix team to take a look at your financial reports – get an expert’s perspective with a complimentary consultation!
Do your nonprofit financial statements make sense?
Are you seeing the tip of the iceberg of possible nonprofit accounting errors?
Do you know the story your financials are telling? Do you have a nonprofit accounting cheat sheet?
Schedule a complimentary 30-minute consultation. For a more thorough assessment, we charge a small fee and provide you with a confidential list of potential issues including questions to ask and ideas to improve your financial story. Schedule now by contacting us at (240) 395-4500.
”Two years ago, in my new role as Executive Director, I had an uncomfortable feeling about the accuracy of the financial information I was receiving from my accounting team but I couldn’t identify exactly why. I was referred to Lumix and within the first 30 minutes, Maribel confirmed that the reports were not making sense and that there was a lot of important information missing. That consultation changed the course of our organization. Our financial information is now clear, timely and correct. We are also able to plan and measure results accurately, which is helping us achieve our organizational goals. ”
Anonymous Executive Director
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