Nonprofits provide a vital role in servicing the community. Similar to a “for-profit business,” nonprofits are subject to New Hampshire state law governing compliance and reporting; they must categorize their expenses properly so their books are correct. Unfortunately, small nonprofits are often comprised of volunteers with no accounting background.
At Picchi & Martel, we provide accounting services for a variety of nonprofits such as:
- High School Sports Teams
- Fraternal Organizations
- Political Organizations
- Municipal Organizations
- Community Outreach
- Religious Organizations
There are three major areas that we offer accounting assistance to nonprofits:
Reporting and Compliance. Unlike “for-profit” businesses who report to the Department of Revenue, nonprofits must submit an annual report to the New Hampshire Attorney General’s office in order to remain in good standing as a nonprofit. This state has a three-year “administrative dissolution” policy regarding nonprofit organizations. Basically, if they don’t hear from you in three years, your nonprofit is considered to be dissolved and you will have to apply all over again. At Picchi & Martel, we file the necessary annual reports with the state as well as the 990-EZ federal nonprofit report.
Review and categorize expenses. “Nonprofit” doesn’t mean “nobody makes money.” Officers collect salaries and nonprofits can actually show a profit; however, its primary purpose is to fulfill its mission. Nonprofit organizations must categorize their expenses properly so that the income statement reflects financial integrity. They need to show that the money received and paid out is supporting the mission of the organization. At Picchi & Martel, we assist nonprofits in setting up proper books.
Advocacy. Sometimes nonprofits get blindsided with an audit inquiry from the New Hampshire State Attorney General’s office. It’s not is intimidating as it seems – they may just have a number in the wrong place. At Picchi & Martel, we thoroughly understand what nonprofits need to be in compliance and are happy to provide advocacy services to represent the client.
Can we help you help others with your nonprofit? Call us today!