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Services for Not-for-Profits Organizations.

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Nonprofit organizations face peculiar challenges that are unique to their missions. Every nonprofit competes for scarce funding resources. Donors and grantors prefer to fund successful nonprofit entities that will stand the test of time, regardless of the criticality of the cause they champion. With this in mind, I develop financial reporting models that accurately reflect the success of their missions.

I help nonprofits run their organizations in a business-like, profitable manner so that they can continue to provide services to their communities, and achieve their mission objectives. My role with each organization varies with what needs to be done. I can become the accounting department and prepare the books for the audit or review. I can assist internal accounting resources by reviewing or making entries, preparing a draft of the financial statements, and assisting with internal controls.

 

Accounting - Applications for Grants, Employee benefits, Audit and review and more.

QuickBooks Expert for Accounting.

Financial Statements for Nonprofits.

 

Image of Calculator representing auditing, internal controls, cash disbursement and more.Accounting

The heart of any financially successful nonprofit organization lies in its ability to deliver outstanding programs. However, even nonprofits with great programs in their community need a strong accounting system to assist in managing the organization and accomplishing their mission objectives.

Accurate and timely financial information is critical to the success of every nonprofit operation. It helps to manage cash flow, and is used to evaluate pricing decisions, costs, create budgets and manage resources. An effective accounting system is easy to use, and helps management to better understand the financial performance of the organization, and as a result, to make more informed financial decisions on behalf of the organization, its mission and the constituents it serves.

I provide a variety of accounting services in the following areas:

  • Accounting software selection, implementation, and training
  • Applications for grants
  • Audit or review of financial statements
  • Bank and credit card account reconciliations
  • Budgets, cash flow projections and forecasts
  • Capital campaign accounting
  • Capital equipment acquisitions, exchanges and disposals
  • Chart of Accounts design
  • Compliance procedures to meet grant requirements
  • Employee benefit and compensation plan structuring
  • Financial reporting by Grant or Program
  • General Ledger adjusting and closing entries
  • Preparation and filing of financial statements and tax returns
  • Preparation of independent accountant's audit or review report
  • Preparation of various state government annual reports
  • Review of internal controls over cash receipts, cash disbursements and pledges

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Customized QuickBooks® Implementation

Most nonprofits use QuickBooks® to manage their accounting and financial transactions. However, many nonprofits only implement the basic features that QuickBooks® offers, such as check writing and customer invoicing.

I create customized QuickBooks® Chart of Accounts configurations to take advantage of the built-in subaccount and relationship features. This allows me to tailor QuickBooks® to more closely match each nonprofit’s particular business needs and operations, not the other way around.

I then set up various layers of “Items” that consolidate and simplify the transaction entry process. This reduces the tedium of making daily accounting entries, thus freeing up additional time that my nonprofit clients can devote to more important issues, like raising additional funding and achieving their mission objectives.

Lastly, I implement many of the more advanced features of QuickBooks®, as needed, including the creation of custom reports.

By carefully implementing each of the above steps, my nonprofit clients derive the full benefit from the wealth of useful information QuickBooks® provides to help them make better operating decisions, and thus manage their organizations more successfully. For example, my nonprofit clients develop a better understanding as to why certain Programs were more successful, so they can replicate that success to grow their organization and its mission. Similarly, my nonprofit clients develop a better understanding as to why certain Programs were not so successful, so they can learn from those situations and either take corrective actions in the future, or discontinue those Programs.

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Financial Statements

Financial statements provide nonprofit clients with vital information upon which they make critical managerial decisions, as well as meet GAAP reporting obligations. I conduct detailed financial statement analysis to help my clients identify strengths and weaknesses, interpret ratios and trends, and understand how their organization is performing from a financial perspective. By taking the time to develop a thorough understanding of each nonprofit’s mission, I use this information effectively to help them achieve their mission goals.

Reviews of Financial Statements 

I perform Reviews of Financial Statements of nonprofit organizations in accordance with the rules and regulations set forth in the AICPA’s Statement on Standards for Accounting and Review Services No. 21 (SSARS 21), Section 90, which took effect for engagements to prepare financial statements for periods ending on or after December 15, 2015. The Massachusetts Attorney General’s Office requires receipt of Reviewed Financial Statements for resident nonprofit organizations whose annual gross revenue falls between $200,000 and $500,000. The New Hampshire Attorney General’s Office requires receipt of Reviewed Financial Statements for resident nonprofit organizations whose annual gross revenue falls between $500,000 and $1,000,000. 

My CPA licenses are unrestricted, and as such, confer on me full authority to issue independent reports of any kind on financial statements of business entities or other organizations.

Peer Review

As an AICPA member active in the practice of public accounting, TwardyCPA is associated with an independent CPA firm that participates in an AICPA-approved practice-monitoring program. Under this Peer Review program, this CPA firm conducted a thorough examination the Reviewed Financial Statements and related workpapers that TwardyCPA had prepared to ensure that all work was performed in accordance with the rules and regulations set forth in the AICPA’s Statement on Standards for Accounting and Review Services No. 19 (SSARS 19), Section 90. Firms can receive a rating of “pass", "pass with deficiency(ies)", or “fail".

For the most recent 2-year period ended August 31, 2015, TwardyCPA received a rating of “pass”.  

 

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