The nonprofit sector in the U.S. serves as a major cultural, social and economic force and employs close to 10% of the U.S. workforce.
According to the Urban Institute, the number of nonprofits grew 25% between 2001 and 2011, at a rate of growth that surpasses both the business and government sectors. There are over 30 types of charitable and nonprofit organizations that are categorized under various Internal Revenue Code (IRC) sections, including charitable entities, educational institutions, healthcare and medical research organizations, professional and trade associations, private foundations and political organizations. The majority of nonprofits operating in the U.S. are exempt from tax under the IRC Section 501(c)(3).
We can help you set up and maintain your nonprofit organization’s tax exempt status by handling all the IRS reporting for you. We can also provide a variety of audit and assurance services to your organization.
Here’s what KWC can do for you…
- Audit, review or compile your financial statements, depending on your needs and desires
- Assist you in selecting your accounting system and designing your chart of accounts
- Be available to consult with your accounting personnel as needed
- Provide training for your accounting personnel
- Complete and file your non-profit status application
- Provide training for your board on non-profit financial statement usage and effective budgeting practices
- Prepare and file the 990 and 990T tax forms
- Prepare your initial start-up documentation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
- Prepare your organization’s 501 (c)(3) application for tax-exempt status.
Specialists in Accounting Services for the Non-Profit Industry
CPA – Senior Manager
• 12 years experience in financial reporting for non-profit and commercial entities
• Graduate of The George Washington University
CPA, CVA – Manager
• 25+ years experience in public accounting
• Graduate of Randolph Macon Woman’s College
• 20+ years full service bookkeeping experience
• Certified QuickBooks ProAdvisor