There are a number of common misconceptions regarding non-profit organizations, including the idea that tax-exempt companies do not require traditional accounting and consulting services. While a non-profit’s accounting responsibilities are different from those of a for-profit business, they are essential to the health and longevity of your organization. If you run a non-profit organization, your main goal is to make a difference, and it’s likely that the last thing you’re interested in is worrying about your books on top of everything else you have on your plate. It’s also important to be aware that many traditional CPAs may be unfamiliar with the nuances and unique challenges that a non-profit faces in terms of accounting practices and requirements – reporting methods are different, budgeting needs can be more complex, and dealing with the specifics of tax exemption can be tricky. Fortunately, The ALG Group has an extensive background in serving the accounting and tax related needs of tax-exempt organizations. We can help you properly manage your funds, provide sound financial advice, and help you prepare for the future so that more money goes to feeding your mission. When you partner with The ALG Group, we can:
501(c)(3) classified organizations are required to submit annual filings to the IRS to maintain tax-exempt status and avoid noncompliance penalties. If you fail to submit the appropriate Form 990 along with the required documents, the IRS could immediately revoke your tax-exempt status. With your tax-exempt status at stake, we understand that as a non-profit organization you need a partner that you can reply on. Not only do we have a long-standing history serving non-profits with their accounting and auditing needs, but The ALG Group’s experts are your top choice to ensure that you aren’t in violation of non-profit specific tax code. We are here to handle all of your IRS reporting for you, including the annual submission of Form 990 and its relations, including:
Creating and sustaining a non-profit organization requires more than the desire to make a difference. The key to success is a solid financial plan to ensure your organization remains in good standing with the IRS. Non-profit accounting and tax assistance can be hard to find due to the nuances associated with non-profits, but you’re in the right place! The ALG Group has long-term experience guiding both new and existing non-profits through IRS requirements. We can help you acquire and maintain tax-exempt status, along with any other tax or financial assistance your organization may require.
We will assist you with:
Some states require non-profit organizations to perform annual audits to verify their charitable status, and even if your state does not, choosing not to conduct some sort of analysis or report on your institution’s financial practices could render you ineligible for funding; in other words, a charitable organization’s worst nightmare. There are numerous “charity watchdogs” that rate non-profits, and choosing not to undergo and publish the findings of an audit could result in you winding up on their “do not donate” list. In addition, executing an audit can be a great way to show the public your commitment to financial transparency and assist in building a reputation of integrity and professionalism. The ALG Group knows that as a non-profit, your budget is always tight, so it may be tempting to execute the audit yourself in order to save money. However, doing so does not provide the highest level of assurance to your board and the public that the resulting financial statements are free of discrepancies. Our team of specialized, non-profit financial experts has extensive experience in performing all levels of audits for non-profits. We provide assistance with the following:
A non-profit organization is defined as a business that has been granted tax-exempt status by the IRS because their work furthers religious, scientific, charitable, educational, literary, or public safety causes and purposes. These organizations must serve the public, either through goods, services, or both, i.e. churches, hospitals, universities, and charities. While non-profits are often driven by a passion to make a difference, these organizations must also be aware of strict IRS requirements that they must abide by if they want to retain their tax-exempt status. At The ALG Group, our specialists can not only help you prepare your 501(c)(3) application, but can help you submit the yearly requirements for tax exempt organizations. We go beyond traditional accounting, and help set your organization up for success through consulting, auditing, and compliance services that are customizable to your non-profit’s needs.