205 East 42nd Street, 19th Floor, New York, NY 10017

Services

TAX ADVISORY
CORPORATE GOVERNANCE AND REPORTING
ACCOUNTING INFRASTRUCTURE REVIEW AND DEVELOPMENT
BUDGET AND FORECAST MODELING AND DEVELOPMENT
INTERNAL CONTROLS REVIEW AND FISCAL POLICIES DEVELOPMENT
INVESTMENTS TRACKING AND REPORTING
SYSTEM IMPLEMENTATION SUPPORT

TAX ADVISORY

  • Review transactions for compliance to exemption status, unrelated business taxable income, and Chapter 42 Excise Taxes including advising on:
    • Qualifying distributions, grantmaking and expenditure responsibility
    • Inter-company transactions
    • Conflict of interests with regard to private benefit, inurement and self-dealing
    • Detection of disqualified persons and interested transactions
  • Donation acknowledgement letters and deductibility of contributions
  • Provide analysis and memorandum on transactions with potential conflict for compliance to tax statutes
  • Account for and report the effects of taxes under ASC 740 Income Taxes
  • Entity formation, new projects, and initiatives evaluation including:
    • Legal entity structure and formation in compliance for federal tax exemption
    • Financial planning, funding strategies, and forecasts
    • Form 1023 application
    • Applications for state sales tax and property tax exemptions
  • Support and review third-party preparer federal and state return filings

CORPORATE GOVERNANCE AND REPORTING

  • Advise Board on financial leadership including roles and responsibilities, committees and sub-committees, and charters for these committees
  • Advise on best practices for financial planning and reporting, as well as the governance over financial matters
  • Develop program and operational metrics to better monitor performance and output
  • Design dashboard reporting customized for different key stakeholders
  • Develop customized key performance indicators to enhance management reporting
  • Provide synopsis of emerging trends and issues within the nonprofit arena and advise on implications to the organization
  • Refresh policy and procedures to incorporate changes

ACCOUNTING INFRASTRUCTURE REVIEW AND DEVELOPMENT

  • Establish or review of accounting infrastructure for efficient financial record keeping
  • Review of chart of accounts and key accounting assumptions/methodologies to align with the organization’s reporting goals
  • Develop monthly and quarterly close processes customized to the organization’s reporting needs and complexities

BUDGET AND FORECAST MODELING AND DEVELOPMENT

  • Advise on development and management of annual operating and/or capital budgets, in conjunction with the organization’s long term strategic goals
  • Develop budget review and forecast process to enable the organization to allot its financial assets effectively and sustainably
  • Collaborate with multiple stakeholders such as finance personnel, program and department managers, and executives to set financial goals
  • Optimize operating reserve for availability of sufficient funds for daily cash flow and financial flexibility while enhancing returns on excess cash

INTERNAL CONTROLS REVIEW AND FISCAL POLICIES DEVELOPMENT

  • Review existing financial processes and identify key controls or control deficiencies
  • Perform risk assessment for key financial cycles to identify any gaps
  • Identify and develop key controls and compile an internal controls checklist
  • Write or update organization’s fiscal policies and procedures while incorporating best practices
  • Develop processes to support periodic refresh of policies and procedures

INVESTMENTS TRACKING AND REPORTING

  • Build comprehensive and centralized database of all investments since inception date with record and calculation of:
    • Purchases, contributions, distributions, withdrawals, transfers, equalization of unit shares
    • Book and Tax/Outside Basis
    • Attributes and legal entity structure
  • Provide provisions, quarterly estimates and proper recording of tax accounts and deferrals.

SYSTEM IMPLEMENTATION SUPPORT

  • Review business processes to align with new system features
  • Design/redesign of chart of accounts
  • Develop customized reporting solutions
  • Research and evaluate software customized to the organization’s needs
  • Develop and support change management