As their support is often donation- and grant-based, not-for-profits are especially affected by today’s tough economic climate. This industry’s challenge lies in maximizing operational efficiencies to cut costs, as well as seeking nontraditional methods to connect with donors.
Non-profits are unique. They must meet the needs of their constituents and stay on mission, but with scarce resources. Because this sector often relies on fund-raising, it must plan for fluctuating donor and grant support. Non-profit organizations also must monitor and influence relevant legislation that impacts their revenue – for example, legislation regarding tax on charitable contributions. Increasingly stringent regulatory oversight is an additional hurdle for nonprofits.
To capture value from uncertain revenue levels, efficient operations are critical in this sector. Effective management is also key, given the layers of employees and volunteers. Online giving represents an opportunity for nonprofit organizations to raise additional revenue. Non-profit groups are also finding success through social networking, attracting new volunteers and donations and establishing greater loyalty.
At HRSS CPAs & Advisors, we service non-profits not as cookie cutter businesses, but as individual organizations. Social services and charitable agencies, religious organizations, educational programs, foundations, relief organizations, and professional associations all receive our focused attention. Our professionals spend considerable time staying abreast of key issues affecting the nonprofit world, and we can help your organization file taxes, stay in compliance, and protect its tax-exempt status. We also prepare audits, reviews, and compilations of financial statements, as well as compliance audits for organizations receiving government grants in accordance with OMB circular A-133.