Not-for-profit organizations are the heart of a community and have unique (and sometimes challenging) accounting, auditing, and tax needs. Good news! We’re here to help.
Since our inception in 1973, Whisman Giordano has served the not-for-profit sector throughout Delaware, Maryland, and Pennsylvania. It is our privilege to serve those who help others, which is why we work so passionately on your behalf. The firm is a member of the AICPA Governmental Audit Quality Center, which bounds us to an ethical code of conduct and requires that we consistently educate ourselves on the latest information to deliver the very best guidance to our clients.
Something that all not-for-profits have in common is that they must maintain public trust by being a good financial steward. Even the most seemingly benign and accidental financial error carries the risk of a damaged reputation, loss of confidence, and potentially more.
The Whisman Giordano team can help you avoid pitfalls and ensure that you meet the requirements of grantors, federal agencies, governing boards, the IRS, and others. You need people on your side who understand the regulatory requirements with not-for-profit organizations as well as the day-to-day challenges that go with working to make the world a better place.
Every Whisman Giordano client receives custom and personalized attention.
Our Services for not-for-profit organizations include,
but are not limited to, the following:
- Audits, reviews, and compilations
- Compliance audits under the Uniform Guidance
- Internal control systems
- Budget and cash flow projections
- Analysis of regulatory requirements
- Consultation with accounting issues and financial statement presentation
- Employee benefit plan audits
- Governance best practices
- Benchmarking – key ratios and other operating analyses
- Accounting treatment and reporting practices associated with donor restrictions
- Risk assessments and assessments of the design and operating effectiveness of internal controls
- Functional expenses/allocation of expenses
- Preparation of Federal Form 990, 990T, and Form 5500
- Preparation of state tax forms
- Consideration of the impact of UBIT on tax status
- Tax planning to minimize UBIT
- Assistance with IRS audits
- Assistance with obtaining and maintaining tax-exempt status
We strongly believe in strengthening the communities where we live, work, and play.
You will find Whisman Giordano team members serving on boards and volunteering.
As a firm, we support numerous not-for-profit events through sponsorships and active participation.
- Are you a State or federal funding recipient? Do you expend more than $750,000 of federal funds (including those passed through from other entities) annually? If so, your organization is required to have a uniform guidance audit in addition to a financial audit.
- Most state and federal agencies that award contracts to provide services in the community require that contract recipients be subjected to an annual audit.
- Private foundations often request that a nonprofit submit a copy of the nonprofit’s most recent audited financial statements in conjunction with a grant proposal.
- Financial institutions will request audited financial statements prior to extending a loan or line of credit to assess liquidity and financial risk.
- The audit will evaluate the internal control structure of your organization to identify weaknesses and reduce risk of material misstatement or noncompliance.
- Board members will receive insight into the financial health of the organization and management recommendations for methods to enhance financial transparency.
- List of board members and committee members
- Policies and procedures manuals
- General ledger detail and trial balance
- Most recent audited, reviewed or compiled financial statements (if available)
- Board minutes for meetings held during the fiscal year through the end of fieldwork, including supplemental reports
- Access to or a back-up copy of your accounting software file for the fiscal year under audit
- Bank statements and reconciliations for all cash, investment, and debt accounts (including the months subsequent to year-end)
- Listing of authorized check-signers