Nonprofit 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 advise some of the regions great organizations. We understand that your needs as a tax-exempt organization are different, so whether you are fundraising, keeping track of government grants or maintaining your nonprofit status, we know what kind of strategy you need.

The needs of each type of tax-exempt organization are unique. We know what makes nonprofits different and we know you need an accounting firm that knows how to understand those differences.

Cover & Rossiter is privileged to provide the accounting, tax and audit needs for over 40 social profit organizations in 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, 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

Cover & Rossiter’s auditing services for nonprofits can be compared with any firm of any size. Cover & Rossiter is relentless in providing audit services down to the last detail whether you are a large, globally reaching organization or a small, community driven local nonprofit.

Our approach to performing audits focuses 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:

  • Our audit team is always up to speed on your needs, eliminating additional time investment for any updating on prior issues.
  • Your questions and concerns are welcome year-round thanks to our commitment to our open line of communication philosophy.
  • Your phone calls with any of our experienced staff are welcomed and encouraged to ensure smooth operations year round leading to easier audits.
  • As 990 experts, we stay informed regarding tax law changes and IRS audit issues that could affect your nonprofit. Our senior audit director, Pete Kennedy, previously served on the FASB’s Resource Group for Not-For-Profit Financial Reporting. Pete serves on the audit committee for the Delaware Community Foundation because they value his expertise. Pete prides himself on keeping you in-the- know of upcoming changes.
  • We identify and provide you with the knowledge of potential opportunities for improvement and efficiency, whether a minor tweak or a major change.
  • We are actively involved with the Delaware Alliance for Nonprofit Advancement (DANA) with Vickie Young Beam serving on their board of directors. They regularly ask Vickie and Pete to lead highly educational DANA workshops to ensure growth in the Nonprofit community.

Don’t you want the experts that others turn to for nonprofit accounting advice to work with you?

Our most used 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 501(c)(3), 501(c)(4) or 501(c)(7)
  • 403b Benefit Plan audits
  • Preparation of Form 990 or 990EZ or 990T
  • Education for your board and staff regarding nonprofit accounting rules regarding reporting of donations
  • Establishment of financial controls and reporting systems
  • Development of performance measurement systems
  • Unrelated business income tax issue consulting

Our other services:

  • 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

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 staff transition or absent key personnel.

We are proud supporters of DANA:

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