Not-For-Profit
UNMATCHED INDUSTRY KNOWLEDGE
Not-for-profit's support system is greatly affected by today’s tough economic climate.
Not-for-profit organizations are often at the mercy of the economy. However, when the economy takes a downturn, many not-for-profit organizations experience an uptick in the demand for their services. This means when they are needed the most, donations and grants often dry up.
HRSS understands the tight position in which not-for-profit entities are. Unlike for-profit organizations whose goal is reducing costs and maximizing revenues for shareholders and owners. Not-for-profit organizations aim to safeguard their tax-exempt status and ensure their revenue is higher than cost to execute their mission properly. Through its accounting and financial services, HRSS can preserve a not-for-profit organization’s status and thus help them fulfill their mission of helping people.
Some of the not-for-profit organizations that benefit from HRSS’s services include:
- Educational institutions
- Global non-governmental organizations (NGOs)
- Religious organizations
- Charities and charitable foundations
- Performing arts groups
- Cultural organizations
- Benevolent organizations
- Hospital foundations
- Advocacy groups
Not-for-profit organizations have two primary concerns:
- Compliance
- Protecting their funding.
HRSS understands that without meeting these concerns, not-for-profit organizations cannot fulfill their mission of helping people.
Preserving an organization’s not-for-profit status under federal and state tax law is essential to keeping the organization’s funds where it can do the greatest good. Additionally, not-for-profit organizations that take grants must comply with private grant rules and government audit regulations if the program accepts government grants.
Let us help you navigate through the challenges of Not-For-Profit industry uncertainties.
How HRSS Serves Not-for-Profit Organizations
Compliance Planning
HRSS helps organizations develop a compliance strategy to avoid placing their not-for-profit status at risk. We prepare and file taxes for not-for-profit organizations in compliance with state and federal tax laws.
Audit and Assurance Services
HRSS assists not-for-profit organizations by maintaining clear records and performing audits to satisfy grant rules and government regulations, such as OMB Circular A-133. We can also develop a system that maintains financial transparency for donors, grantors, and board members.
Advisory Services
HRSS advises not-for-profit organizations to develop funding structures that preserve and grow the organization’s endowment. Likewise, HRSS can assist not-for-profit organizations form and test internal controls to minimize the risk of fraud and theft.
Long-Term Planning
HRSS stays abreast of key issues affecting non-profit organizations, such as changes to tax laws, to provide advice on long-term plans. HRSS also helps not-for-profit organizations use financial data to make informed decisions about their futures.
Streamlining Operations
HRSS understands that not-for-profit organizations want to use the bulk of their endowment to fulfill their mission. Financial data from HRSS can help clients identify inefficiencies and unnecessary costs to reduce overhead expenses and streamline operations so the organization can preserve its funds.
Perform Your Core Mission as a Not-For-Profit Organization Better with HRSS
Not-for-profit organizations are sometimes buffeted by forces outside their control. A slow economy can take a toll on contributions while increasing the need for its services. Running a not-for-profit organization under these circumstances can require all the focus and energy of the organization’s administrators.
However, there are circumstances within the control of the not-for-profit organization. By hiring HRSS to provide accounting and financial services, the organization can avoid the worry of maintaining its not-for-profit status, be compliant with grant rules and government regulations, and make smart decisions about preserving and growing its endowment. This allows the organization to focus on its core mission rather than being distracted by financial and accounting concerns.
To learn more about how HRSS can help your not-for-profit organization, contact us today.
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