Serving the Nonprofit Community, Organizations and Foundations
Cover & Rossiter is one of the most respected and experienced CPA firms serving the accounting, tax and audit needs of the not for profit community in the Delaware Valley. We have established a trusted reputation among agencies of all missions and sizes and count many of Delaware’s nonprofit agencies among our satisfied clients. Whether it is fundraising, or keeping track of government grants or maintaining your nonprofit status, your needs as a tax-exempt organization are different.
The needs of each type of tax-exempt organization are unique. We at C&R understand what makes nonprofits different and you need an accounting firm that “knows the difference.”
Cover & Rossiter is privileged to provide the accounting, tax and audit needs for over 40 social profit organizations in the Delaware, Pennsylvania, New Jersey and Maryland. Our clients range in size from internationally renowned institutions with $40 million budgets and nine-figure endowments to much smaller organizations making a difference locally. Our clients include charter schools, churches, cultural institutions, healthcare advocates, historical museums, medical societies, membership organizations, museums, private foundations, private schools, professional organizations, religious schools, social welfare, and trade associations You may be organized as a:
- 501(c)(3) – Public Charities and Private Foundations
- 501(c)(4) – Social Welfare Organizations
- 501(c)(7) – Social and Recreation Clubs
You will find the reputation, experience and expertise of the C&R team will compare favorably with any firm of any size.
Our approach focuses our audit on risk areas and to work collaboratively with your Audit/Finance Committees. We issue a management letter for every engagement with required commentary on controls and helpful suggestions for upcoming trends in the regulatory environment, accounting standards updates, and ideas to improve efficiency based on our experience with other organizations. We work with your team to tailor the presentation to the board to help them focus on their role of governance.
Our approach differs from the industry norm in many respects:
- The Partner and Manager-in-charge will be engaged in the planning and fieldwork.
- We can perform paperless audits to minimize the disruption to your staff. We do not charge for routine phone consultations with our clients.
- Our clients receive a quality audit with tangible results and a management letter that ensures your board’s fiduciary responsibilities are met.
- Clients like our 990 preparation since we understand it is not only your legal responsibility, but also a key representation of your organization to the public and potential funders.
- We identify opportunities for improvement and efficiency, either formally or informally, based on whether the issues identified are material weaknesses or simple ideas to improve control or streamline operations.
Our fees are attractive given the tangible, proven value we provide our clients. By encouraging regular contact throughout the year, we enhance the value of the eventual year-end audit, making it a more organized event.
Our not-for-profit services include:
- Application for, and maintenance of, tax-exempt status (IRS form 1023 or 1024) and helping you determine if you are a 501c3, 501c4 or 501c7
- 403B Benefit Plan audits
- Preparation of Form 990 or 990EZ or 990T
- Development of performance measurement systems
- Education for your board and staff regarding non profit accounting rules regarding reporting of donations
- Establishment of financial controls and reporting systems
- Excise tax planning
- Financial training for staff and board members
- Fraud risk analysis and fraud investigations
- Functional expense allocations
- Internal accounting control systems evaluation and improvement recommendations
- Management advisory services
- Monthly budget preparation and cash flow projection consulting
- New accounting standards recommendation and implementation
- Nonprofit audit, compilation or review services
- OMB A-133 audits and reporting requirements
- Perform feasibility studies and due diligence
- Periodic financial reports
- Special projects
- System development to track earnings and restricted net assets
- Tax compliance
- Unrelated business income tax issue consulting
Our firm can help free up your time and keep you focused on your organization instead of doing administrative tasks such as monthly accounting, or paying your employees and vendors. We will also do this on an interim basis when you have a staff transition or in the absence of key personnel.
Cover & Rossiter’s Nonprofit Team
We are proud supporters of DANA:
The firm is a regular contributor to the Wilmington News Journal’s “Get Involved Nonprofit Guide.” Recent topics have included:
- The Wonders of Modern Technology
- “Field of Dreams” vs. Responsible Capital Projects
- The GAAP Gap
- Fraud at the Top
Whether your organization is searching for a new accounting firm using an RFP process or would like to explore a relationship with C&R, please contact Pete Kennedy at 302- 656-6632 or send him an email.