Not-for-profit organizations, large and small, play a vital role in our communities and our economy. With this good work comes scrutiny of management and volunteer boards regarding operational efficiency, social impact, and fiscal responsibility.
We know this first-hand. Daszkal Bolton’s team members serve on not-for-profit boards notably, as treasurers. Working with and representing not-for-profits is integral to our firm culture. We build housing, we walk, run, and support countless charitable organizations. We make it our business to understand the organizations we represent. We give clients the confidence to utilize their financial statements to educate stakeholders and the public at large about their operations and effectiveness. We help you tell your story with financial certainty.
Dedicated Expert Team
Daszkal Bolton includes experienced financial professionals, both tax and audit, who are dedicated to meeting the unique needs of not-for-profits. Our assigned client teams provide an integrated, comprehensive approach to the financial health of your organization. We maintain consistency in our personnel, year after year, to get to know your culture, mission, and staff members. You can count on Daszkal Bolton partners to be hands-on in planning meetings, end of the year presentations, and answering questions all year long.
To ensure top quality, the Firm is a member of the AICPA Government Audit Quality Center, the industry’s governing body and leading forum for sharing best practices and staying current. Not-for-profit governance and oversight are constantly evolving with changes to accounting standards, tax laws, and regulations.
Complex and Highly Regulated
There are over 27 different types of not-for-profit organizations. Each category has its own set of rules for 1) eligibility; 2) lobbying; 3) electioneering; and 4) tax-deductible contributions. The most common are classified as 501(c) 2, 3, 4, and 6.
Our not-for-profit clients have similar compliance requirements but vary when it comes to areas such as revenue recognition.
Guiding and Assisting Not-for-Profits
The Daszkal Bolton team provides audit and tax counsel to maximize organizational resources with the following services:
- Accounting and auditing
- Application for exempt status
- Business advisory services
- CARES Act funding and compliance
- Cash flow management
- Compliance audits under Government Auditing Standards, including the federal requirements of OMB Uniform Guidance
- Compliance audits under the Florida Single Audit Act
- Cost allocation and budgeting
- Exempt organization tax returns
- Employee benefit plans (401a and 403b)
- Financial reporting
- Federal and State grants accounting and consulting
- Litigation and valuation support
- Tax planning and filings
Attestation, Assurance, and the Single Audit
Daszkal Bolton’s team handles audits, reviews, and compilations for dozens of entities representing a wide range of non-profit 501(c) organizations. Many of these organizations receive grant funding from state and federal agencies. We assist these clients with Single Audits for federal award compliance and with the Florida Single Audit Act for state funds and program-specific audits.
The Single Audit, triggered by $750,000 in expended funds from federal sources, allows not-for-profit organizations to submit one combined audit that can be relied upon by federal agencies. However, it is more detailed than other independent audits. We help clients clarify and interpret the OMB’s Uniform Guidance on fundamental concepts such as cost principles and internal controls for Single Audits. Like other audits, we help organizations document everything and ensure that funds are designated for stated purposes.
At the State level, Florida, like other states has implemented similar audit requirements for not-for-profits receiving state funds. The Daszkal Bolton team guides entities through the applicability, internal controls, and compliance requirements of state laws such as the Florida Single Audit Act.
Federal & State Tax Compliance
For Federal Tax compliance, we prepare Form 990 with the following principles in mind that add value to the submission:
- Keep management and the board of directors informed of federal & state regulations
- Monitor federal & state requirements and the need for additional filings
- Provide management with best-practice policies and procedures
- Advise on ways to use the 990 form as a marketing tool to improve your organizations’ ratings on such sites as Charity Navigator and GuideStar
For State Tax filings, our tax team ensures compliance for organizations that are raising or spending funds in multiple states. In Florida, for example, a review is required on contributions between $500,000 and $1 million. An audit is required for contributions above $1 million.