Since our founding in 1921, Tait Weller has had the privilege of serving as auditors and business advisers to hundreds of local and global not-for-profit organizations.
Today, non-profits are expected to run and behave like a business, with the same transparency and effective communication of their financial condition and performance as their for-profit counterparts.
Many of our non-profit clients are actively focused on their mission and may not have the requisite internal operational resources to ensure regulatory compliance and contributor scrutiny, or to respond to economic pressures. In addition to performing annual audits, Tait Weller has provided the independent, outside consultative expertise and support to guide governing boards and to enable organizations to reach their ultimate goals and programmatic success.
- Our Audit and Assurance department serves a substantial number of non-profit organizations, including many organizations which receive federal, state and city funding. As a result, we are very familiar with the current operational, accounting, tax and reporting issues as well as the complex financial, regulatory and compliance requirements.
- Our tax department provides our clients with assistance to operate under today’s frequently changing and increasingly complex tax laws and regulations, and prepares and ensures compliance with all federal, state and local tax requirements. We provide your organization with a full range of services to address such issues as unrelated business income on alternative investments and other vehicles, taxable and nontaxable compensation and fringe benefits, taxable arbitrage on tax-exempt financing, deferred giving programs and joint ventures with for-profit entities.
- Our Consulting Practice offers accounting and management advising focused on strategic planning, risk assessments, cost and control analysis, and compliance, as well as technology advising to assess and optimize your data processing infrastructure and implement specific technology solutions.
Each of our offices have engagement partners who are non-profit experts and have many years of experience and intimate working knowledge of the complex financial, regulatory and compliance reporting requirements, including:
- AICPA Audit and Accounting Guide, “Not-for-Profit Entities”, which covers such topics as contributions, financial statements, investments, split-interest agreements, asset transfers, and other pronouncements impacting non-profit organizations
- GAO Government Auditing Standards
- Uniform Guidance (2 C.F.R. Part 200)
- Compliance audits and attestation engagements
In addition, we have assisted our non-profit clients in the preparation of financial information for public debt offerings, including construction financing for nursing homes, college and independent school facilities, and office buildings, and circulars for mission investment certificates for religious and other organizations.
Organizations that we service include:
- Membership Organizations
- Colleges and Universities
- Independent Schools
- International Relief and Development Organizations
- Religious Entities
- Social Mission Organizations
- Museums and Other Cultural Institutions
- Providers of Healthcare Services
- Refugee Assistance Organizations
- Mental Health/Mental Retardation Assistance Organizations
- Labor Unions
Tait Weller, as part of our audit engagement, will keep you up-to-date on emerging accounting, auditing and reporting standards, and tax issues that would affect your organization through our industry and regulatory contacts and non-profit bulletins. When new pronouncements are issued, we provide you with copies of the standards and authoritative literature and assist you in assessing possible impacts and implementing appropriate provisions.
We bring our clients more than an audit engagement – we interact with you as partners on both a formal and informal basis to reach financial management decisions that support your ultimate goals, mission and programmatic success. Our hallmark is to provide service throughout the year. Clients find this “operational consulting” an invaluable contribution to furthering the mission of their organizations.