Not-for-Profits

A Unique Set of Financial Challenges and Requirements

Not-for-profits face a variety of constantly changing financial management and taxation issues. At Snyder Cohn, we work with all types of not-for-profits, including trade associations, professional societies, charitable organizations and religious organizations. We assist chief financial officers and controllers in meeting their reporting requirements and improving their internal financial controls.

Snyder Cohn understands key trends and challenges that are impacting not-for-profit organizations, including:

• The 2010 tax season builds on the more complex filing regulations required beginning in 2009 for not-for-profits. This includes the revised Form 990, which has seen the most substantive changes in 30 years, and requires nonprofits with gross revenue of more than $1 million to explain executive compensation and conflict of interest on boards, among other details. Smaller organizations will be impacted over the next two years.
• The Internet has proven itself as a fruitful and for some not-for-profits the most profitable fundraising channel. This strategy streamlines the process for donors to give while often increasing efficiency and reducing costs for the organization. Implementing online fundraising tools can be costly and time consuming, so investments must be considered carefully.
• Unfortunately 2009 saw a series of high profile scandals related to funds donated to and or invested by not-for-profits. To reassure donors and board members, many organizations annually develop and distribute audited financial reports with balance sheets, income statements, and explanations of significant expenses.

Click here to see a list of useful resources for not-for-profit organizations.