You’re investing in the world around you, working to make it a better place. At hfco, we think your work is extraordinary. We help by providing nonprofit accounting, advisory and compliance services, and business services that will allow you to invest more time, energy, and resources into your cause.
We know the complexity of running a mission-driven organization, having closely worked with nonprofit leaders.
Nonprofits manage restricted and unrestricted funds simultaneously, each with its own reporting requirements and donor expectations. We track grant activity, ensure proper allocation, and produce reports that satisfy funders while giving leadership the clarity they deserve.
The Form 990 is your organization’s most public financial document. Filing it accurately is the minimum requirement. Filing it strategically, in a way that tells your organization’s story and protects your exempt status, is where specialized preparation makes a real difference. This requires rigorous attention to unrelated business income, related-party transactions, compensation reporting, and governance disclosures. We help you stay compliant and avoid the issues that put exempt status at risk.
Boards carry legal and fiduciary responsibility for the organization’s financial health. Providing your board with financial reporting that is clear, timely, and drives governance and management decision making, is one of the most important aspects of the nonprofit finance function.
Nonprofit leaders are asked to do more with less, year after year. Building leadership capacity and developing the next layer of management is how organizations grow while sustaining the people who lead them.
Dependence on a single funding source creates organizational fragility. Building a sustainability plan that diversifies revenue, strengthens reserves, and prepares the organization for funding disruptions is strategic work every nonprofit leadership team needs. Managing financial risk involves complex analysis of multiple factors that hfco can facilitate.
One of hfco’s clients is a nonprofit association dedicated to water and wastewater education, training, and leadership across North Carolina. Managing the financial operations of a member-driven organization with complex compliance requirements demands more than accurate bookkeeping. It requires a team that anticipates needs, strengthens internal controls, and translates financial data into clear insight for leadership and board members.
Yes. Nonprofit accounting and advisory is a dedicated practice area at hfco. We serve nonprofits of all sizes, from small community organizations to large multi-program entities.
By: Cristopher Sefransky, CPA, CFE, LSSGB Our industry is well over a year into implementation of the transitional guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses...
In 1999, the Government Accounting Standards Board (“GASB”) issued Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments. That statement has been one of the most...
Haefele Flanagan (HFCO) has acquired Durham, North Carolina based Mig Murphy Sistrom, CPA, PC, a firm focused exclusively on nonprofit accounting and advisory services. The acquisition strengthens Haefele Flanagan’s nonprofit practice and expands our capabilities...
Beginning in 2025, Pennsylvania non-profit corporations and other non-profits registered in Pennsylvania will now be required to file an annual report with the Pennsylvania Department of State. In November 2022, Pennsylvania Governor Wolf signed Act...
Earlier this month, the Internal Revenue Service (IRS) released a memorandum (CCA 202302012) concluding that a qualified appraisal is required when a taxpayer claims a charitable contribution deduction exceeding $5,000 for donated cryptocurrency. The memorandum...
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