Our professional staff has extensive experience in offering accounting and audit services to many not-for-profit organizations, including museums, cultural, historic preservation and educational organizations, private foundations, human service agencies, and environmental organizations, including those whose audit requirements arise under the provisions of the Single Audit Act and OMB Circular A-133.
For the most recent fiscal year, approximately 80% of the Firm?s billings represented services rendered to not-for-profit organizations. Of this total, approximately 61% related to audit and accounting services, 14% to tax services, and 25% to consulting services.
Firm personnel also have extensive experience in dealing with the tax and compliance issues specific to tax-exempt, not-for-profit organizations, including the preparation of annual information returns for public charities, private foundations, charitable remainder trusts, social welfare organizations, and trade associations, preparation of Internal Revenue Service submissions in support of public charity status, Unrelated Business Income issues, planning for tax-advantaged charitable contributions, and private foundation terminations. In addition, Wallace Tapia, CPA has over twenty-three years? specific experience in planning for the organizational restructuring of not-for-profit entities, including corporate reorganizations, the use of affiliated and subsidiary organizations, and addressing the tax implications of current or proposed new activities.
In addition to customary audit, accounting, and tax services, the Firm assists its not-for-profit clients in matters such as:
- Design or implementation of internal record-keeping systems
- Payroll, grant reporting, and other compliance requirements
- Planning for receipt of charitable contributions, including the use of charitable giving vehicles and related advisory services to you and/or potential donors
- Fringe benefit consultations
- Assistance in drafting the corrective action plan (i.e., responses to auditor?s findings) required of Federal funding recipients
- Tax reporting, compliance, and planning issues
- QuickBooks® assistance, including streamlining, set-up, user training, and trouble-shooting