Huddleston Tax CPAs, is a full service certified public accounting firm that serves the accounting, auditing and consulting needs of non-profit organizations in the greater Seattle area. We recognize these organizations operate in a unique and challenging environment, yet we continually focus on the business’ individual needs, maintaining a commitment to quality and personal service.
Non-profit organizations are concerned with monetary constraints. We work with our clients to assist with their growth, evaluate their costs, and help them become as efficient as possible.
Our services include:
- Financial reviews,
- The design, installation and maintenance of an accounting system,
- Payroll preparation,
- Tax preparation,
- Training for your accounting personnel,
- Filing your non-profit status application,
- Providing training for management team,
- Implementing effective budgeting practices,
- Preparation of your start-up documentation (including setting up your federal employee identification number (FEIN)),
- Ongoing consulting for additional business & financial matters
Non-profits have many aspects that differ from for profit accounting. At Huddleston Tax CPAs we work with these unique aspects daily and can pass this knowledge onto you.
Non-Profit Specific Considerations
Request for Proposal (RFP): What your organization needs to ask for when seeking a CPA firm for your annual audit.
Why Internal Controls are important: Non-profits are obligated to make sure donor funds are used properly and safeguarded. For this, good internal controls can help.
Endowment Accounting Considerations: Every charitable organization seeks these, but without the right accounting, it can quickly become a legal nightmare.
Noncash Contributions: All contributions should be recorded, including material items and service hours.
New Non-profit Reporting Standards: The nonprofit reporting has changed dramatically over the past year; do you know the rules?
When you need someone that has certification and the qualifications to tend to the tax and accounting needs of your charitable organization, give us a call at 1-425-483-6600. You can also send us an email at firstname.lastname@example.org.
Frequently Asked Questions
How is accounting different for nonprofits?
It’s main difference is how nonprofits measure success is fundamentally different from what many people consider success. Whereas a for-profit company focuses on profits and losses, a nonprofit company measures success based on how it achieves its mission to the benefit of public welfare. Accounting is still necessary, but fundamentally different since nonprofits need to track where different elements; chiefly where they’re raising money, what their income/expenses are, how they’re funded, and what net good they bring to the public.
How do you record donations for a non-profit?
You write and submit “donation receipts” to your donors. This written receipt acknowledges their donation and is entered into your records. If your non-profit is registered then you can issue official receipts, but many send informal ones as well.
What kind of accounting do nonprofits use?
Fund accounting. Broadly, accountants subdivide your company’s income into 3 categories: restricted funds, temporarily restricted funds, and unrestricted funds. These three categories determine what’s available to spend; what funds are dedicated to specific projects; and what’s temporarily untouchable until a certain amount of time has passed. The fund accounting method ensures you’ll understand where funds are allocated so you can pursue your mission.