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Not-For-Profits – Updated

We help you maintain your not-for-profit’s financial strength so you can focus on your mission.

Though the not-for-profit industry focuses on serving communities or members, like for-profit organizations, they must also provide sound financial management by reporting on their fiscal health to donors, board members, corporate partners and other stakeholders. Councilor, Buchanan & Mitchell (CBM) helps your tax-exempt group achieve this. Our professionals have decades of expertise providing audit and assurance, tax, accounting and advisory solutions, while consulting on areas related to management best practices, transparency and other solutions customized to the need of your particular not-for-profit. We have advanced the success of charitable entities, trade and membership organizations, private foundations, religious and educational institutions, social service organizations, and international development organizations.

Our core areas of expertise include:

The annual preparation of taxes for a not-for-profit organization should rely on a sound strategy to benefit from as many deductions as possible and minimize your liabilities. The outcome from this approach is a stronger revenue base to fulfill your mission and the peace of mind that comes from knowing your group has complied with all federal and state reporting requirements. CBM’s experienced not-for-profit tax team has expertise preparing Forms 990, 990-T and 990-PF.

CBM’s outsourced accounting advisory team provides the expertise to manage your accounting and finance functions without the cost of a full-time employee, scale your business, stay current with the impact of new legislation on your bottom line and avoid risks that have the potential to derail your growth. Our custom solutions mean we only deliver the expertise you request rather than a package of pre-made solution offerings that may or may not be meaningful to your success. Our accounting advisory team also publishes a series of quick reference resources to provide in-depth expertise about specific areas of risk or emerging legislation to help you navigate emerging challenges.

Qualifying not-for-profits must perform an annual benefit plan audit in accord with Department of Labor and ERISA regulations, which can be complex and carry the risk of penalties for non-compliance. In addition to our history of providing employee benefit plan audits for dozens of tax-exempt organizations, CBM’s membership in the AICPA’s employee benefit plan audit quality center means we have current knowledge about benefit plan audit guidelines covering a broad array of benefit plans including ERISA Sec.103(a)(C) audit (formerly a limited scope audit), defined benefit and contribution plans, profit sharing plans and 403(b) plans. Contact us to ensure you have a qualified auditor in your corner to maintain ongoing compliance with federal requirements.

For the past several years, CBM has proudly led Certified Nonprofit Accounting Professional (CNAP) trainings twice a year. CNAP sessions provide a rigorous, two-day training experience to equip controllers, staff accountants, executives, consultants and others with the knowledge to provide sufficient oversight over the finances of not-for-profit organizations. CBM has trained more than 200 professionals over the years, advancing the ability of industry professionals to deliver high-level expertise anticipated by executives, boards, donors, corporate supporters and other stakeholders in the not-for-profit industry. Click here to learn more about our next CNAP training.

Our Not-for-Profit Services

A full list of all services CBM offers not-for-profit organizations is listed below.

CBM’s Commitment is Personal as well as Professional

CBM has supported the work of not-for-profits for as long as we’ve been in business. Our team members launched a CBM in the Community initiative several years ago, which has inspired volunteerism across a number of areas—assistance at food banks, charity runs, collecting school supplies, making clothes for the homeless and putting care packages together for orphaned children, in addition to many others. Our team members also serve on boards of organizations such as Kid Power, the National Foundation for Cancer Research, Collaborative Dispute Resolution Professionals and others.

Our team members also contribute financially to worthwhile causes throughout the year and were recognized by the Washington Business Journal in 2020 and 2021 as a top corporate philanthropist.

Finally, CBM is annual sponsor, exhibitor and speaker at the Greater Washington Society of CPAs’ Nonprofit Symposium, an event that brings together finance professionals who support the not-for-profit sector for professional education and networking. CBM partner Julia Lafferty served as chair of the symposium in 2019.

Certified Nonprofit Accounting Professional Training Program

CBM’s Certified Nonprofit Accounting Professional training program is a rigorous 2-day training and exam-based certification course that provides bookkeepers, staff accountants, consultants, executives and other professionals who manage nonprofit finances an education on budgeting, fund accounting, effective fiscal systems, internal control issues, IRS disclosures requirements and more. The course is led by two of CBM’s experienced not-for-profit leaders.

Learn More

Quick Reference Resources for Not-for-Profit Organizations

CBM’s quick reference resources are high-level insights published by our accounting advisory team that focuses on critical issues and concerns facing not-for-profit organizations and businesses. CBM is available to help you implement solutions that minimize risks or navigate emerging challenges posed by legislation that can affect your organization. Click here to review our Quick References.

What Our Clients Have to Say

I have worked with Julia Lafferty over the years on behalf of two trade associations, most recently on the 2021 Vinyl Institute audit. During the most recent engagement, she and manager Gemma Coronado came across as thoughtful, thorough and professional. They were a pleasure to work with, which is saying something since transitioning to a new auditor can sometimes be a bumpy process. Instead, everything went smoothly. The commitments and approach made in their proposal were followed as well. The Vinyl Institute and I look forward to working with the CBM team in the future. – Rick Klein, Principal, R. Klein & Associates

CBM has provided ACEEE with value-added attestation services.  From the start of the audit, the preparedness of the audit team and usefulness of the online documentation tools made the process very smooth.  Julia and her team were very responsive and fieldwork was completed on schedule.  CBM has been very helpful with educating us about future pronouncements that may impact our industry, and keeping in touch with us throughout the year to discuss operations and accounting.  We value CBM’s expertise in the nonprofit industry and appreciate their willingness to partner with us and keep us abreast of changes in our industry, finances, or nonprofit accounting in general. – Tom Cox, Finance Director, American Council for an Energy-Efficient Economy

Industry Affiliations

 

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