At a glance
The main task of the nonprofit industry falls to supporting the community, not grappling with taxes and accounting. At KT, we are proud to support nonprofit organizations.
We are committed to providing the best services for the nonprofit sector as we understand its challenges. Our nonprofit CPAs and accountants will work with your 501(c) organization to make the best use of available resources, grow your support services, keep you financially viable, and provide accountability.Â
Nonprofit organizations often encounter intricate tax and accounting matters. The IRS has established precise regulations for charity and nonprofit compliance in reporting, filing, and maintaining exemption status. To ensure that funds are utilized responsibly and that the financial statements provided are accurate, contributors and granting organizations seek reassurance. Our nonprofit accounting team possesses a wealth of experience in effectively addressing each of these critical issues.
Our dedicated team of CPAs and nonprofit accountants understand the unique financial challenges faced by nonprofit organizations. They provide comprehensive accounting services tailored to the specific needs of charities and nonprofits, ensuring compliance with IRS regulations and maintaining financial transparency. With their expertise in nonprofit accounting, our team empowers organizations to focus on their missions while entrusting their financial matters to experienced professionals.
How We Can Help
Income Tax Exemption Applications
Nonprofit organizations must file an application to be deemed tax exempt under IRS regulations. We can assist with a new organization applying for tax exempt status or for any existing nonprofits that lost their exempt status and need to reapply.
Audits, Reviews, and Compilations
Nonprofit organizations may be required to have an audit, review, or compilation due to lending activity, federal or state grant funding requirements, grant application needs, or election of board of directors. We provide each of these services.
Board of Directors Training
Board members are charged with the oversight and operation of nonprofit organizations. Proper training can assist board members fill their role by understanding legal requirements, general nonprofit operations, organization policies, and nonprofit financial information. We will assist with proper board member training.
Form 990
Nonprofits must submit an annual information tax return (Form 990) dependent on gross receipts. We will assist in determining filing requirements, prepare the return in accordance with IRS requirements, and assist your organization in telling its story to donors and grantors through the tax return.
Internal Control Evaluation
Nonprofit organizations without an audit requirement may still want to evaluate its internal controls. Internal controls are a review and supervision completed internally to verify accounting information. We will review an organization’s accounting processes and make suggestions for improvement.
Independent Audit Preparation Assistance
Preparing for an independent audit can be time-consuming for internal accounting staff. We can help by preparing year-end adjustments to reconcile balance sheet accounts to supporting schedules, recording year-end accruals, and accumulating and preparing audit workpapers. Audit preparation assistance may include preparing the financial statements with note disclosures.
Nonprofit Accounting Services & Assistance
We can assist your nonprofit organization with monthly bank reconciliations, payroll, accounts payable, and net asset restriction tracking.
Need Our Services?
Our nonprofit accounting team has hands-on experience working with nonprofits organizations and can identify with clients’ day-to-day management issues and operational concerns.
Traci Hanson
Traci has spent her 20-year career helping various nonprofit, governmental, and commercial organizations by providing accounting assistance, audit services, and compliance audits. She appreciates assisting nonprofit and governmental organizations to provide valuable services to respective communities by helping these organizations meet regulatory requirements.