Not-for-profit organizations, ranging from professional and trade associations 501(c)6 to charitable organizations 501(c)3, arts and educational organizations and foundations, are facing some of the most dramatic changes in IRS tax reporting requirements on Form 990 – Return for Organizations Exempt From Income Tax. Unlike traditional accounting for businesses, accounting for not for profit entities is highly specialized and requires a strong knowledge of non profit reporting, exemptions, and budgeting, which is why it's so important to find an expert who understands the intricacies of not for profit accounting. Porte Brown has been assisting non profit organizations with their audit and accounting needs for decades and has built a reputation as the go-to non profit accounting firm for Chicago and the surrounding communities.
Porte Brown provides our clients interactive checklists, mailing reminders, and opportunities for webinars to make sure that our 120+ not-for-profit clients have all policies and standards in place to comply with the new IRS governance and transparency regulations.
Along with its not-for-profit audit and non profit accounting expertise, our experienced team of CPAs hold leadership positions in not-for-profit organizations, giving our accountants unique insights and real experience managing successful not-for-profits. Many of our clients look to us for counsel on more than just audit and accounting issues. For example, Porte Brown helps not-for-profit clients strengthen their operations. We assist clients in selecting the right software and hardware, developing budgets and attaining the most effective processes and infrastructures.
The Porte Brown team of not for profit accounting specialists continues to serve as featured speakers for major events, such as the Chicago Arts and Business Council’s On Board Program as well as the American Academy of Sleep Medicine Conference.
Please contact Porte Brown’s Not for Profit accounting industry contact, Genevra Knight, CPA, CCIFP, at 847-956-1040.
A corporate credit card can be a useful tool to aid organizations in cash management. A corporate credit card is most often utilized for two types of situations (although there may be others); frequent online purchasing or for individuals with frequent reimbursements. In ether situation there are best practices for the security of the organizations assets.
The name on the card matters: Even corporate credit cards for an organization will be associated with one person. As such only the person whose name is on the credit card should be using the card. It is important to ensure that not everyone in the organization has access to the credit card information which could result in misappropriation of funds. This might mean that an organization has more than one corporate card. Regardless the individuals who receive a corporate card should be limited to appropriate personnel. Policies should identify which employees are eligible for a corporate credit card. Read More
If you have any other questions, please feel free to contact Megan Angle at 847-956-1040.
Get in touch today and find out how we can help you meet your objectives.