Non-Profit Organizations are as varied as the causes and missions they are committed to: charities, foundations, humanitarian programs, industry associations, and sports clubs are just some examples of entities structured to serve a particular purpose without making a profit. But regardless of your non-profit’s goals, they all have in common the critical requirement to balance financial sustainability with the needs of their stakeholders. Quilca CPA is dedicated to helping non-profits fulfill their goals with maximum efficiency.
The key distinction between a non-profit organization (also known as a non-business entity) and a for-profit organization comes down to the way surplus revenue is handled. Whereas a for-profit entity can distribute extra income to its shareholders in the form of profit or dividends, a non-profit must use its excess revenue only to expand its operations and achieve it purposes. This makes it crucial for non-profit groups to develop solid accounting and financial plans that will ensure all revenue is effectively allocated.
Quilca CPA can assess and evaluate your priorities and programs and make sure every dollar goes as far as possible. To that end, we offer the specialized non-profit accounting services:
- Preparation of financial statement
- Assisting in the maintenance of the general ledger
- Operating and grant budget assistance
- Strategic and financial sustainability planning
Non-profits also come under stricter regulatory scrutiny in terms of financial transparency and accountability. This is especially true for non-profits seeking tax-exempt status with respect to U.S. federal income taxes, which requires compliance with the I.R.S.’s stringent guidelines. If you wish qualify for tax-exemption, or want to maintain this existing status, you must have your finances and accounting in order. Quilca CPA has deep knowledge of both state and federal tax law as they pertain to non-profits, and can assist you in complying with non-profit requirements.
Among the tax services and expertise we offer to non-profits are:
- Form 990, Return of Organization Exempt From Income Tax Preparation
- Form 1023 Application for Recognition of Exemption
- Public inspection requirements
- Functional expense reporting assistance
- Donation reporting requirements
Quilca CPA can help your organization to optimize its revenue stream, avoid costly regulatory and tax consequences, and fulfill your commitment to sustainable service to your community. As a firm dedicated to best practices and giving back to the community, we would be privileged to partner with organization and help it go far. Please contact (786) 310-5582 or [email protected] to learn how we can work together.