Your organization holds a clear vision for a better future — but financial stewardship, risk management, internal controls compliance, and reporting consume limited resources. CohnReznick provides solutions and peace of mind to not-for-profits. Working with hundreds of organizations nationwide, we help you enhance your governance, minimize risks, improve controls and accountability and, ultimately, accomplish your mission.
For stewards of not-for-profit and educational organizations, CohnReznick is a reliable source of accounting, tax, and advisory expertise focused on the industry. We offer:
EXPERIENCE ACROSS DIVERSE NOT-FOR-PROFIT SECTORS
Our team has a strong track record among social service and charitable agencies, professional and trade associations, foundations, educational institutions, arts and cultural organizations, and religious organizations.
LEADING INSIGHT PROVIDER
Not-for-profit leadership often benefits from an outside perspective to enhance planning efforts. Understanding the industry’s best practices or having access to comparative data on your peer group provides context and useful benchmarks. Our specialists bring an objective view to your board and actively work with you as operational challenges surface — including compliance with changing accounting standards. We also publish educational materials and facilitate learning workshops designed for not-for-profit administrators, board members, trustees, and other stakeholders.
ACTIVE IN THE INDUSTRY
With decades of experience across the sector, our practice professionals are respected for their thought leadership and opinions on timely and consequential matters. As a strong industry voice, our participation at the national, state, and regional levels among industry associations, conferences, and think tanks is sought after, including:
- American Society of Association Executives
- Association of Independent Schools in New England
- California Society of Association Executives
- The Center for Association Leadership
- Center for Nonprofit Advancement
- Council on Foundations
- Eastern Association of College and University Board Officers
- Housing Association of Nonprofit Developers
- Maryland Association of Nonprofit Organizations
- National Association of College and University Business Officers
- National Business Officers Association
- NJSCPA Nonprofit Interest Group
- Nonprofit Roundtable
- Society of Nonprofit Associations
- Various state nonprofit associations
CohnReznick’s integrated accounting, tax, and advisory capabilities form the foundation of our relationship. In addition, because we understand the intricate reporting challenges facing not-for-profit organizations, we have developed unique capabilities to serve the industry:
SUPPORT FOR NEW ACCOUNTING STANDARDS IMPLEMENTATION
Every not-for-profit must meet the requirements of the Presentation of Financial Statements of Not-for-Profit Entities (ASU-2016-14) issued by the Financial Accounting Standards Board (FASB). Not-for-profits may also be required to adopt new standards for leases, revenue recognition, and other accounting rule changes imposed by FASB. CohnReznick will build comprehensive training and implementation strategies for your organization, work with you to draft, review, and revise pro-forma financial statements, and help prepare the requisite disclosures.
NOT-FOR-PROFIT TAX REQUIREMENTS
Obtaining and maintaining tax-exempt status is essential to organizations. CohnReznick has a dedicated Exempt Organizations Tax Services practice that provides specialized expertise in the compliance and reporting obligations of Form 990 or Form 990-PF and ASC 740 (FIN 48). We can also assist you with corporate structuring, state and local tax issues, Unrelated Business Income Tax (UBIT) and foreign tax compliance.
As part of our assurance offering, we provide financial, Yellow Book, OMB Uniform Guidance Compliance, HUD, CFR, and DOE and other audits.
InsightDemonstrating relevance: a top priority for not-for-profits in 2023John AlfonsoIn 2023, not-for-profit organizations need to be able to demonstrate relevance by measuring and reporting on impact. Learn more.
InsightNew York not-for-profits: Amendments bring new flexibility for board operationsLori Rothe Yokobosky, Jola Tuck, Chaim FridmanCatch up on recent changes related to voting methods, quorum requirements, and replacement board member term durations.
Press ReleaseCohnReznick’s Yokobosky named to NJBIZ 2022 Best 50 Women in Business ListCohnReznick Partner and Exempt Organizations Tax Services Leader Yokobosky was named by NJBIZ as one of its Best 50 Women in Business for 2022.
InsightTaxation for higher ed: Are RA stipends and housing taxable?Laura Kielczewski, Sima WolfsonStipends for resident advisors are a great way for colleges and universities to encourage participation of their upperclass students in the welfare of undergraduates. But it is important to keep the tax implications of such payments in mind.
InsightSVOG recipients: Prepare for your federal audit requirementsPaul R. Ballasy, Rebecca W. LymanBoth for-profit and not-for-profit SVOG grantees may face additional compliance audits. Read key rules and how to prepare
InsightUnderstanding and implementing FASB’s new guidance for gifts-in-kindJason Mintz, Catherine SysloNot-for-profit entities need to not only understand the FASB’s new guidance for gifts-in-kind but also know how to implement these changes. Learn more.