Nonprofit Organizations
Capaldi Reynolds & Pelosi knows that the nonprofit industry is unique in its focus on public goals and funding streams rather than the private goals of other business owners. We have the expertise to help you navigate the complexities of your program activities, safeguard your assets, and achieve your mission. We can help you attain the transparency in management and operations needed to enhance your stewardship responsibilities and meet the challenges of the complex and changing government and IRS regulations and requirements.
We keep you up to date on critical industry developments and evolving best practices, helping you optimize funding resources. Nonprofit organizations depend on the talent and motivation their team and their reputation in the community- our knowledgeable accounting staff can help you identify and prioritize financial risk areas and develop management plans and policies that inspire trust from Directors, funders and other key stakeholders.
Our services for nonprofit organizations include:
- Audits and financial reporting
- Governmental “Yellow Book” audits
- Single Audits (OMB Circular A-133)
- Retirement Plan (ERISA) audits
- Health and Welfare Plan (ERISA) audits
- Indirect Cost Rate certification
- Exemption application (Form 1023 or 1024)
- Preparation of federal information and tax returns- Forms 990, 990-EZ and 990-T
- Preparation of state registration and reporting
- Internal Control studies
- Data analytics and consulting
- Cost and procurement analysis
- Tax issue analysis
- IRS audit support
- Budget and forecasting
- Transactional analysis and support
- Accounting handbooks
- Board training for understanding financial statements and tax returns
- Development of governance policies
- Benchmark studies
- Industry comparisons
- Functional expense allocation study
Industry Insights
Risk Management for Your Organization
In order to fulfill their charge to provide direction and guide an organization, the Board of Directors must manage risk. Effective risk management involves a process of planning, prioritizing and protecting. In the planning stage, it’s important to identify all the...
Contributions From IRAs
Background The Pension Protection Act of 2006 first allowed taxpayers age 701/2 or older to make tax-free charitable donations directly from their IRAs. Technically, these taxpayers were allowed to exclude from gross income otherwise taxable distributions from their...
Internal Controls in a Remote Environment
Occupational fraud continues to challenge nonprofit organizations. According to the 2020 Report to the Nations by the Association of Certified Fraud Examiners (ACFE), the median loss to the reported nonprofit organizations was $75,000 and the average loss was...
Fed 101
If you’ve seen “Hamilton” you know that our nation’s first central bank was his brainchild, created in 1791 over the objections of many of our founding fathers who thought the concept unconstitutional. That first bank had a twenty year charter that wasn’t renewed. Our...
Parking Tax Repealed for Non-Profits
On December 20, 2019, Congress repealed Section 512(a)(7), commonly referred to as the “parking tax”, imposed on fringe benefits of non-profit organizations pursuant to the 2017 Tax Act. The provision required tax-exempt employers to increase their unrelated business...
Nonprofit Organizations: Charity Registration Filing Requirements with State of New Jersey
Nonprofit organizations are subject to numerous federal and state tax filing requirements, including annual tax returns. Most nonprofit organizations are required to file an annual federal tax return (Form 990, 990-EZ, 990-PF, or 990-N); however, state filing...