What We Do
Monthly Financial Statements
Many nonprofits do not have the budget or volume to hire a high-level, experienced CPA to properly close their books and prepare monthly financial statements. We are uniquely positioned to provide these services, customized to meet the needs of your agency, in an efficient, cost-effective manner.
When we onboard a new nonprofit client, the first step is to meet and get an understanding of their specific needs. We want to understand what information management needs to effectively run the organization. In addition, we obtain an understanding of funding source reporting requirements. Having been auditors ourselves for many years, we well understand what is required to successfully undergo an audit, as well as IRS and regulatory reporting needs. We then blend all of these desired outcomes to determine a chart of accounts and cost center structure that will allow us to accomplish all the required reporting objectives, efficiently and effectively.
After that, we determine the specifics of our ongoing relationship with the client. This varies depending on the client’s staffing, size, volume, and needs. However, generally, the client is responsible for the transactional bookkeeping: paying bills, making bank deposits, interfacing with a payroll service, and remitting a monthly package of information to us.
And we take it from there…
Financial statements are provided within five days of receipt of client information, achieving the goal of having timely, accurate financial statements for monthly board meetings.
The last step is customization and review of reports to assure that the end result achieves our initial expectations. We are also available to train management or board in understanding and analyzing the financials if that is needed.
In addition, we are available to act as your Controller, assuring that you have professional-level advice on a regular basis.
“The contributions of Donna Cohen and her associates have been critical to our organization’s success over the last 12 years. If you need an accounting partner that can help with the details and the larger strategies for growth, Cohen Anderson CPAs is the right choice.”
— Ed Bice, CEO
Meedan
Tax - Annual Returns
As the annual returns for nonprofit organizations are readily available on the internet for donor perusal, proper preparation has become more important than ever. For agencies receiving individual and/or grant funding, they are a marketing tool, an opportunity to showcase your mission and results. We are available to prepare the I.R.S., Franchise Tax Board, and Registry of Charitable Trusts forms that pertain to your agency.
Consulting & Advisory Services
We are available to consult on a variety of issues pertaining to nonprofit finance:
Internal Controls design
Accounting System Design
Developing Cost Allocation Methodologies
Audit Preparation Assistance
Advice and/or Management/Board Training about best practices in accounting
“Since 2010 we have been able to rely on Donna and her staff to deliver solid financial reporting for management and the board of directors, as well as noting important best practice trends and requirements as we evolved. Leveraging their solid non-profit accounting expertise and collaboration with our new CFAO, we have improved our internal controls, and our annual audits have gone smoothly. Over the 10 years of their tenure with Out & Equal, Donna’s firm has been a constant – providing the stability of reliable financial statements, as well as advice and direction to management when needed.”
— Erin Uritus, Chief Executive Officer
Out & Equal