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Not-For-Profit Organizations

One of the firm's specialties and areas of expertise is working with not-for-profit, tax exempt organizations.  We understand how not-for-profit organizations operate, and we are knowledgeable about the unique challenges that not-for-profit organizations face in managing their short-term operations while working toward their long-term goals.  Our not-for-profit industry specialty group is experienced in accounting for and advising not-for-profit organizations in areas that are unique to their industry, such as:

bulletPreparation of financial statements in accordance with Statements of Financial Accounting Standards Nos. 116 and 117
bulletUnrestricted, temporarily restricted, and permanently restricted contributions
bulletUnrestricted, temporarily restricted, and permanently restricted net assets
bulletRelease of restricted net assets
bulletBoard-designated net assets
bulletCapital campaigns and other fund-raising events and campaigns
bulletPledges receivable
bulletAccounting for investments by not-for-profit organizations
bulletGovernment and private grants
bulletAudits in accordance with Government Auditing Standards and Office of Management and Budget Circular A-133
bulletSponsorships
bulletAgency transactions
bulletFund-raising costs
bulletReporting of related entities by not-for-profit organizations
bulletContributed services
bulletParents' organizations at private schools
bulletTuition deposits and unearned tuition at private schools
bulletSalary payment options for teachers

Our tax accountants are experienced with preparation of the information tax returns required of not-for-profit organizations by the Internal Revenue Service.  They can also assist your organization with planning and the minimization of unrelated business income taxes and excise taxes.

Williams Benator & Libby, LLP is a Gold Level Blackbaud Solutions Provider for "The Financial Edge", Blackbauds's accounting software, and we have practical experience with "The Raiser's Edge", Blackbaud's fund raising software.  Blackbaud is a leading provider of software for not-for-profit organizations.

We take pride in the successful working relationships we consistently achieve with our audit clients.  Our auditors are attuned to our client's needs and respectful of the demands of their daily routines.  We strive at all times to minimize disruption of our client's staffs during the audit process.  Audit engagements are planned in sufficient detail to enable your personnel to provide maximum client assistance, thereby reducing your audit costs.  Continuity of staffing is maintained on virtually all of our client engagements to reduce the time that your staff must spend answering questions during the audit.  Partner involvement is stressed on each engagement.

Client Quotes
"WBL has conducted our audit for many years.  The firm understands our not-for-profit organization and the audit team is familiar with our processes.  An extremely positive experience year after year keeps us coming back." MM

 

 

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