Jacob K. Farsakh MBA, CPA & Company can serve a broad range of Not for Profit clients, including religious organizations, schools, trade associations, homeowner associations, cultural organizations, public charities, and private foundations.
Providing services for not-for-profit clients requires specialized training, continuing education and experience. It also requires an unique ability to understand the mission, the management and the reporting requirements that make not-for-profits different from corporate clients. We have significant experience auditing not-for-profit organizations in compliance with Government Auditing Standards (Yellow Book) and the Single Audit Act (OMB Circular A-133).
Not for Profit organizations face unique challenges associated with federal and state accounting and tax requirements, including the need to file audited financial statements, as well as responding to requests for specific types of federal and state tax details and returns. Many are tasked with satisfying the requirements of a specific agency or governing body, including the need to demonstrate that a compliance audit has been performed and ensuring that they adhere to other specific reporting requirements.
Our vast experience and understanding of Not For Profits can help you and your organization succeed. Let us help with issues including:
- Tax status
- Tax planning
- Strategic planning
- Regulatory compliance
- Accounting systems and controls
- Setting up a separate foundation
- Treasury matters