Can Your Nonprofit Afford Not to Hire a CPA?
Success of your religious or charitable organization is largely dependent on strong financial leadership. Yet even for the most seasoned business professional or board member, regulations specific to the nonprofit industry may prove challenging without the assistance of an experienced accountant.
With the specialized characteristics of your nonprofit organization and the complex Internal Revenue Service’s stringent transaction guidelines, a certified public accountant may prove invaluable to your future growth.
CPAs provide:
- Resources that regulators and donors rely on to determine if funds are spent responsibly;
- Guidance regarding the unique and detailed accounting, reporting, compliance and operating requirements vital to your long-term sustainability;
- Reliability in financial reporting critical to maintaining the public’s support of your nonprofit;
- Credibility in the eyes of external auditors and stakeholders including board members, committees, lenders and funding sources;
- Audit Services to gain an understanding of your nonprofit’s internal control structure, determine if transactions are recorded accurately, and to prevent any possibility of inaccuracies, mistakes or intentional fraud;
- Consistency in maintaining tax exempt status. Charities organized under section 501(c)3 in the Internal Revenue Code must operate exclusively for the exempt purpose.
Unlike your for-profit counterparts, your nonprofit must demonstrate complete transparency in providing both financial and nonfinancial information; especially in your charitable organization or house of worship, timely and accurate reporting remains a must.
Using the expertise of a CPA can provide your organization peace of mind along with a foundation it needs to demonstrate the accountability necessary to achieve your mission.
If you need accounting or audit services for your nonprofit, a leading North Florida CPA firm founded Online Stewardship Accounting & Consulting Services to serve the nonprofit and faith-based community. Contact us at Lynn@OnlineStewardship.com or 904-398-4747.
