At J.H. Cohn, our Not-for-Profit Industry Practice recognizes the important role these organizations fulfill in society, as well as the challenges such organizations face in today's business and regulatory environment. Since each organization is different, it is important to address these issues on an individual basis, taking into consideration an organization's mission, corporate structure, financial stewardship and public reporting.
As part of our industry and service commitment, our Not-for-Profit Industry Practice can provide your organization with the necessary business intelligence and financial advice that will allow you to focus on fulfilling your mission and financial objectives. Additionally, we can help you minimize risk, enhance financial stewardship and protect its tax-exempt status. To best service the diverse needs of our not-for-profit clients, we have created specialty teams in four key not-for-profit segments, including: social service and charitable agencies, professional associations, foundations, and religious organizations. Our professionals spend considerable time staying abreast of key issues affecting these segments.
Services We Provide
J.H. Cohn dedicates significant resources to its Not-for-Profit Industry Practice to ensure organizations receive the value-added services they deserve.
- Audited and reviewed financial statements
- OMB Circular A-133 audits
- Housing and Urban Development audits
- Agreed-upon procedures engagements
- Form 990, 990-PF and 990-T Preparation and Planning
- Form 5500 preparation and planning
- Tax planning for exempt and non-exempt entities (including UBIT)
- Board fiduciary responsibilities
- Internal controls
- Risk management
- Cash flow planning
- Real estate transactions
- Investment planning
- Employee benefits
- Cost and work flow efficiencies
- Long-range planning
- Fundraising/planned giving
- Volunteer recruitment
- Database management
- Capital campaigns
- Cost allocations
Snapshot: Not-For-Profit Social Service and Charitable Agencies
Social service and charitable agencies are vital to humanitarian fulfillment. Unfortunately, many agencies are faced with the challenge of maintaining the necessary revenue and cash flow to support their respective missions. Understanding the unique needs of social service and charitable agencies, we can help your agency:
- Leverage its corporate governance policies and financial stewardship to improve organizational efficiency and attract and maintain financial contributors and other stakeholders
- Assess proposed ideas for supporting community and educational programs
- Enhance operating performance and internal controls
- Develop long-term strategic plans to ensure future viability
- Integrate technology to enhance operational efficiency
Snapshot: Not-for-Profit Professional Associations
P>Professional associations are the representative voice for their respective professions and are important to public advocacy. These associations typically provide members with ethical guidelines and standards, as well as resources and tools to enhance the services rendered to employers, clients and the general public.
Key association statistics:
- Membership education and training account for $3.6 billion, or approximately 18% of the average association's budget.
- Association members spend approximately $10 billion annually to participate in association educational programs.
- Americans active in associations devote more than $173 million volunteer hours each year.
- Three out of five associations set industry and product standards at an annual cost of $884 million. Members spend over $1.1 billion to comply with these association-set standards.
Working closely with professional associations, our Not-for-Profit Industry Practice helps your organization:
- Leverage assets to support programs and financial objectives
- Financial personnel recruitment
- Identify alternative revenue centers
- Provide value to membership through special service offerings
- Enhance operating performance and internal controls
- Integrate technology to enhance operational efficiency
Snapshot: Not-for-Profit Foundations
The philanthropic sector is expected to grow dramatically as a result of the intergenerational transfer of wealth (trillions of dollars) over the next two or three decades. With this anticipated growth, may come legislative changes (in tax incentives and regulatory standards) that could adversely impact foundations. One factor fueling legislative reform is the fact that financial institutions are marketing charitable products.
Given potential legislative changes, foundations should take this opportunity to address their corporate governance policies, including accountability and standards for giving. Additionally, it is important that foundations help policy makers and related parties understand the true value philanthropy brings to society. Our Not-for-Profit Industry Practice can help your foundation:
- Determine the best approach to controlling and accounting for alternative investments
- Implement practices to improve corporate governance policies and procedures
- Respond to changes in the philanthropic landscape that may adversely impact its mission
- Financial personnel recruitment
- Balance financial objectives with philanthropic objectives
- Integrate technology to enhance operational efficiency
Snapshot: Not-for-Profit Religious Organizations
Religious organizations are very similar to charitable organizations in that they raise money to fund various types of charitable and educational programs. These programs may benefit members of a congregation, community, as well as those individuals in need worldwide.
Members of our Not-for-Profit Industry Practice are very active in civic and religious organizations in their respective communities. Our experts can help your religious organization:
- Implement systems and controls to enhance cash flow management
- Address issues relating to planned giving strategies
- Develop strategic plans to best meet humanitarian goals and objectives
- Maximize real estate assets to achieve specific financial objectives
- Financial personnel recruitment