Non-Profit organizations have many compliance requirements. We provide bookkeeping compliance reports, Form 990 preparation, and fund accounting systems.
“You can do what I cannot do. I can do what you cannot do. Together we can do great things.”
At Somerset Tax Partners, LLC, we specialize in providing comprehensive financial support to non-profit organizations. We bring experience to optimize your organization’s financial health. We assist with budgeting, cash flow management, financial reporting, and tax compliance to ensure that your resources are used efficiently. Additionally, we work with you to develop long-term strategies, including fundraising plans and endowment management, to sustain and enhance your mission. With our expertise, we ensure your non-profit operates smoothly and remains aligned with its financial goals.
One of the most important documents for a non-profit organization is the fund accounting. Our staff has developed a streamlined and detailed system to create fund accounting reports. The reports are then utilized in board meetings, compliance reporting to state regulators, and grant reporting.
Our software of choice is QuickBooks Online. We have reporting templates specifically for non-profits to provide detailed financial reports. We can also prepare budget reports to highlight year-to-date revenue and expenditures.
Our approach to financial reporting ensures that your bookkeeping and accounting records are audit-ready, and we will assist in communicating with your auditor.
At Somerset Tax Partners, LLC, we specialize in tax compliance for non-profits, ensuring you meet IRS regulations while maximizing tax benefits. Services include:
A: Filing the annual 990 (Form 990/N/EZ), charitable solicitation license renewal, grant reporting, and annual audit are the primary compliance requirements for non-profits. Our services are designed to provide “plug and play” reporting, our bookkeeping system is designed to simplify compliance reporting and provide transparency. We understand the information needed for the Form 990, charitable solicitation license, and grant reporting, and we ensure that bookkeeping entries conform to regulatory requirements.
A: Yes, our office is experienced and knowledgeable in preparing and filing the Form 990. If we did not also handle your bookkeeping, we will need your bookkeeping records, audited financial statements, and any documentation unique to your operations. We will provide a document request to you. The Form 990 due date is May 15th.
A: Tracking restricted contributions and funds is critically important for non-profits. Our fund accounting system is designed for transparency and to accurately track activity in each fund. The fund accounting is intimately connected with bookkeeping entries, and we design QuickBooks entries which simplify fund accounting reports.