For a nonprofit organization to fulfill its mission, it not only needs financial support; it must also satisfy special accounting and reporting requirements. Our work with not-for-profits is extensive. We understand the unique environment and have developed efficient audit methodologies that enable us to provide effective audits. We have experience serving many types of nonprofit organizations and our team of experts can provide the needed services and guidance for each type. These include:
- Educational institutions
- Higher education / colleges and universities
- Private elementary / high schools
- National, regional and local trade associations
- Cultural institutions
- Voluntary health and welfare organizations
- Behavioral health care
- Governmental entities
- Religious organizations
While we perform traditional audit services, we also get involved at a deeper level by reviewing internal control systems, assisting with strategic planning, performing operational reviews and evaluating information systems to identify efficiencies.
Many CPA firms audit employee benefit plans, but few truly specialize in this complex and highly regulated area. Maloney + Novotny has the current experience, ongoing training and resources necessary to effectively audit 403(b) plans under the regulations outlined in ERISA (Employee Retirement Income Security Act).
The scrutiny of not-for-profit organizations by Congress, the Internal Revenue Service, and the media has increased dramatically over the last several years. Form 990 for the 2008 filing year has undergone unprecedented changes that require all filers to disclose significantly more information, including governance policies, greater compensation disclosure, and more detailed explanations of the filer’s activities. Maloney + Novotny has developed a proprietary program to assist clients with gathering the necessary information for the new 990 in an efficient and cost-effective manner.
We also assist not-for-profit clients with the complicated matters such as unrelated business income activities, employment taxes, and the excess benefit transaction rules. We specialize in providing sound advice on tax matters for tax-exempt clients, a service that very few CPA firms are able to provide.