The not–for-profit sector is a growth industry. According to a study done by the National Center for Charitable Statistics at the Urban Institute, the total number of not-for-profits recognized by the IRS increased by 36 percent from 1996 to 2006. Nonprofit organizations continue to face challenges, including continuing demands for accountability from the public and the legislative community.
With the unveiling of the new Form 990, the IRS has delved whole heartily into the realm of governance. The IRS believes that a well governed organization is more likely to be in compliance with the tax laws. The new form has an entire section devoted to Governance, Management and Disclosure. The basis for such changes comes from the IRS governance papers which spell out best practices for nonprofit organizations.
It is important that the firm you select to perform your audit is qualified and experienced like White, Nelson & Co., a member of the American Institute of Certified Public Accountants’ (AICPA) Governmental Audit Quality Center. Member firms are held to standards that demonstrate a commitment to audit quality and accuracy. As an independent alliance member of BDO Seidman, LLP, we have access to resources and information from BDO’s Institute for Nonprofit Excellence. The Institute specializes in meeting the needs of the nonprofit sector and collaborating with alliance firms to develop innovative, practical accounting and operational solutions for organizations such as yours. Furthermore, as a founding co-sponsor of the Orange County Nonprofit Management Forum, White, Nelson & Co. demonstrates a commitment to supporting local nonprofit organizations and their management.
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To discuss your organization accounting, audit or form 990 requirements, please email nonprofit@whitenelson.com
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