Sound financial strategy and controlled operational expenses are the hallmarks of success for not-for-profit organizations. With over 70 years of experience serving the not-for-profit industry, Bowman & Company LLP has accumulated a wealth of knowledge to guide our clients. Our team has comprehensive expertise in the operational structures, tax requirements and unique needs specific to not-for-profit entities.
The Tax Cuts and Jobs Act of 2017 made sweeping changes to the existing tax code, many provisions of which not-for-profit organizations are still trying to wrap their heads (and budgets) around. Many provisions are having a direct impact on the way not-for-profits fundraise and finance their organizations, i.e. the increased standard deduction leading to downward pressure on individual donations.
The steady tightening of state and federal budgets over the last several years, coupled with the ongoing uncertainty of individual giving, has created a need for not-for-profit organizations to diversify their funding sources. As many boards and finance directors find themselves needing to do more with less year over year, getting creative with your funding can go a long way to supporting your services.
Beyond the Tax Cuts and Jobs Act of 2017, state and local regulations seem to be in a constant state of flux, and keeping up with the myriad changes can be a struggle. Issues like revenue recognition, accounting for leases, and changes to financial statements can be overwhelming to finance directors working to stay current on new rules and regulations while delivering the best services possible.
|
|
We invite you to CONTACT US if you would like additional information or to discuss your particular business needs.
