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Non-Profit Accounting Services

Specialized non-profit accounting services in South Jersey. Over 30 years of expertise in financial transparency, compliance, and growth.


Non-Profit Accounting Services

Non-profits provide great fulfillment, however, dealing with the financial side of things can become a big problem. Precision in bookkeeping is fundamental in establishing a relationship of trust with your donors, being in compliance with statutory requirements at local and federal levels, as well as investing in the right resources in order to be able to produce the desired results. Wasserman CPA, a South Jersey based company in New Jersey, is the one making a promise. 

Overwhelming your organization with the details of IRS documentation may not be the ideal way to carry out your outreach project. That’s why we have a dedicated CPA staff of specialists in South Jersey, with over 30 years of experience working with non-profit organizations. We cut out the stress of accounting.


Why Choose Wasserman CPA for Non-Profit Accounting?

We express our commitment to the growth of local non-profits, thanks to our long history of cooperation. We know that the not-profit sector is not the same as the regular business sector–paying taxes aside, the organization needs to show the people where the money was spent and assure them that it was used well. Be it your small community-based charity or the larger foundation, which is already established, Wasserman CPA is the well of your desire.

Nonprofits prefer us for a number of reasons that are outlined below including:

  • Tailored Expertise: A separate aspect of doing the accounts for charities as opposed to companies. We acknowledge the special demands and difficulties that non-profit organizations face and hence, we adapt our services accordingly.
  • Personalized Service: We realize that no two nonprofits are the same thing. Our devoted accountants take the time to understand your mission, your goals, and your needs, thus, being able to provide you with the most effective financial guidance.
  • Trust and Transparency: Donors and stakeholders are the ones who trust a properly managed organization. Our meticulous accounting procedures, therefore, make sure that your financial statements are precise, transparent as well as compliant.

Our Non-Profit Accounting Services

Wasserman CPA, on the other hand, offers a wide selection of services aimed at the specific accounting demands of nonprofit organizations. Here are, for example, the main services, that we deliver for non-profit accounting:

1. Financial Statement Preparation

Very often, non-financial companies prepare detailed financial statements to explain the events of their operations to donors, grant providers, and regulatory bodies. We are responsible for a simple accounting procedure, namely, the preparation of:

  • Statement of Financial Position: It will show your organization your assets, liabilities, and net assets through a balance sheet or any other report.
  • Statement of Activities: Along with the profits and losses of the firm, the report details the revenues and expenses to display whether the firm is working with a complete or a negative budget.
  • Statement of Cash Flows: Long story short, it offers you the complete picture of the operating activity of your company, how cash is coming and leaving, and how cash persists in the company or general enterprise.
  • Statement of Functional Expenses: Nonprofits must divide the money spent on operations, the administration, and the fundraising in a clear way and make sure that our team of experts deals with this issue perfectly well.
2. Bookkeeping Services

Trustworthy bookkeeping constitutes the base of each accounting system. We help them maintain their non-profit books efficiently through our bookkeeping services:

  • Tracking Contributions and Grants: Make sure each donation and grant is both recorded and correctly categorized.
  • Payroll Management: We do the payroll for the employees or contractors for you; on top of that, everyone is paid accurately and on time.
  • Day-to-Day Financial Transactions: Our professional accountants will make sure that from donations to operating expenses each transaction is recorded, classified, and monitored.
3. Budgeting and Financial Planning

To be sustainable, the life of any nonprofit begins with a well-thought-out budget. We aid in the process of setting funds that are feasible and financial projections which enable you to forecast the future:

  • Developing Annual Budgets: We work with you to come up with a well-rounded budget that is true to your projected throughput and the cost you are going to incur.
  • Scenario Planning: We support you in dealing with different financial situations, be it a bigger donation, a surprise expense, or a new program that you’ve decided to launch.
4. Tax Preparation and Filing

It can be perplexing for non-profit organizations to prepare for tax returns, but our team simplifies the process by:

  • Form 990 Preparation: We fill out Form 990 accurately and submit it before the deadline, ensuring your organization remains compliant and holds its tax-exempt status.
  • State and Local Tax Compliance: We help your nonprofit organization in ensuring there are no state and local violations, thus you do not have to entertain the thought of penalties or fines.
5. Grant Management and Compliance

A multitude of nonprofit organizations tethering their future to grant money has made it essential that they stay within the grant requirements. We help in:

  • Grant Tracking: Monitoring of the grant income and making sure it is distributed rightly.
  • Compliance Reporting: In this case, it is important to prepare the financial documents and reports for the funders of the grants.
  • Advisory on Grant Utilization: Actual skills and procedures on how to easily meet the grant conditions and guaranteeing that no funds are misappropriated are given.
6. Internal Controls and Fraud Prevention

Limited staff in non-profit organizations often open them up to fraud and errors which can be very dangerous. Our non profit cpa experts can help you in the implementation of internal controls which will ensure that your assets are safe:

  • Policy Development: We are involved in the development and implementation of internal financial policies which will reduce risks.
  • Segregation of Duties: This means that the financial duties are divided among different people so that there is no misappropriation of funds.

Practical Advice for Non-Profits

There are a few things to remember if you manage a non-profit organization in New Jersey:

  • Document Every Donation: It is helpful to keep a separate record of each donation, whether it is a cash donation, a tangible gift, or a service that you receive. This will help in both tax audit and grant reporting.
  • Track Restricted Funds Separately: Whenever a grant provider or donor specifically mentions the utilization of their gift for one particular purpose, it is of utmost importance to track and utilize these funds in the right manner. Thus, you are even with the agreement that was made by the donor.
  • Schedule Regular Financial Reviews: Checking your financial statements on a regular basis allows you to catch bugs early and also regulate your budget accordingly.
  • Use Accounting Software: Make it a point to acquire secure accounting software for nonprofits. Our team is able to provide you with recommendations and guidance for set up the software that would be most suitable for your organization.

Our Offerings

Handling your responsibilities will consist of organizing fundraising events to ensure compliance with all the relevant laws and regulations, is a balancing act in the sense that you have enough on your plate. 

At Wasserman CPA, we perfectly understand that the primary aim of non-profits is to make a positive impact on the society, not of worrying about how to deal with financial issues. Hence, we invite you to utilize our resourcefulness in non-profit financial management to feel reassured in the financial domain. Our knowledge of non profit tax liabilities and commitment to ex-cell-ent service might have some very good impact on your group.

Along with this, we have also got a lot more to offer, here is a brief of what we can do for you:

  • Compliance Confidence: We make sure that tax filings are correctly filled and categorized, and ensure the on-time filing which can lead to securing your nonprofit’s tax-exempt position.
  • Financial Transparency: Among our intricate details are accounting and reports services, which could give you the transparency donors, grantors, and other stakeholders want.
  • Customized Solutions: Not a single Nonprofit is like another one, thus our customized method doesn’t differ from the reality we believe it to be. We gear our services according to the requirements of the specific organization.

Contact Us

In case you need your non-profit account in New Jersey to be handled by a trustworthy company, Wasserman CPA is ready to serve you. We are, on the one hand, knowledgeable about the multiple difficulties of the nonprofit sector and are, on the other, truly desirous to assist in the capacity of charitable organizations which can then develop and achieve high.

Contact us today to schedule a consultation and learn how we can assist your organization. Let’s work together to make a difference in your community.

OUR CLIENTS

CLIENTS THAT TRUST OUR SERVICES


Marc has been both my business and personal accountant for several years. During this time I have had a number of small businesses and bought and sold real estate. I know that I can rely on Marc to do the best possible job for me in any financial situation.


JEAN WILCOX



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