Organizing and operating a nonprofit corporation, or serving on the board of your favorite activity may seem a simple thing. You have a mission and a passion. These, along with a lot of hard work, may make your organization a huge success. There are some guidelines to follow and our Albuquerque CPA firm, will guide you through rules and regulations and give you practical advice about Non-profit accounting best practices.
A board member of a charitable organization needs to be aware of the various regulations of your state law as well as the rules imposed by IRS. You have a duty imposed by your State to deal with the funds raised and spent in the most prudent way and in accordance with the bylaws that have been approved by IRS. We can help you navigate these regulations and still keep to your vision and mission. Many of the answers to your questions will be found in your Bylaws, but bylaws may be dry, contradictory, and boring to read. At Vaughn CPA, we are used to reading Bylaws and helping organizations stay in financial compliance with the goals and guidelines included in that document.
Regulations and Requirements
Many non-profit organizations are required to have an annual audit, either by their bylaws or by a regulatory agency. We are familiar with the types of audits or other financial statements that are required, depending on the type of funding your nonprofit organization receives. If you need a regulatory audit or other financial statement, please call us. Even more important may be the need for proper accounting procedures and policies, to prevent the misuse or mishandling of the nonprofit assets. At VaughnCPA, we will help you develop an internal control procedure. Part of this procedure is for the board at regular meetings to review the financial records, the financial statements. We will help you in the beginning stages and all through your growth periods, from the outsourcing of bookkeeping tasks to the internal hiring of accounting personnel and organizing the financial department of what you had in mind all along.