Nonprofit organizations play a crucial role in our communities, providing essential services and support to those in need. However, their status as tax-exempt entities means that they are subject to intense regulatory scrutiny. This heightened level of attention requires a correspondingly high level of experience and service from professionals who can navigate the complex web of rules and regulations governing nonprofit accounting.
Whitley Penn is your partner in regulation and community impact. Our experienced team of advisors specialize in providing comprehensive accounting and financial services to nonprofit organizations at all levels. We understand the unique challenges and opportunities that nonprofits face, and we are committed to helping our clients achieve their mission and goals, ensuring that their organization stays on track.
What We Do
We provide a number of services specific to the nonprofit industry. See below to learn more about a few that we have chosen to highlight here. Contact an advisor to learn more.
Audit & Assurance
We are well-versed in the requirements of OMB Circular A-122, Cost Principles for Nonprofit Organizations, and the Uniform Grant Guidance. With our extensive experience, we are adept at working with organizations that receive federal and state grants. Our knowledge of single audits for governmental and nonprofit organizations allows us to provide exceptional assistance, whether it’s a large or small federal or state compliance audit.
Accounting and Advisory Services for Non-Audit Clients
Whitley Penn advises nonprofits on their everyday operational concerns, including financial reporting, internal controls, gift acceptance, expenditure responsibility, mission creep (activities that reach beyond the scope of the recognized exemption), governance issues (such as implementation of procedures to avoid self-dealing, conflict of interest, etc.), officer and director liability as well as public trust and fund management.
Tax 990 Preparation
Though charitable organizations exempt under 501(c)(3) are by far the most common, the Internal Revenue Code identifies numerous other types of organizations qualifying for exemption from tax. Each classification has its own qualifying criteria and its own operating rules. Whitley Penn works closely with these exempt organizations to ensure their activities continue within the scope of their exempt purpose and are accurately reported in their respective filings.
