Nonprofit organization

Nonprofit organizations often are founded for the lofty goals. Excessive focus on noble goals leaves the issue of accounting for spent funds neglected. Often, such organizations haven’t even a competent accountant on their staff.

It is difficult to believe, but we have repeatedly seen that such organizations have no properly drafted orders, advance statements for all compensation for taxi services, restaurants, conference participation for third parties. The foregoing is due to the fact that, historically, fiscal authorities have not inspected nonprofit organizations.

Tax risks remain underrated! However, situation is changing. The government gets more and more interested in checking of nonprofit organizations. They have funds which can be used to fill the budget.

The main risk for NONPROFIT organizations is the loss of the privileged status, deregistration from the State Register of nonprofit organizations. This is an automatic transition to a common taxation system. Therefore, all obtained grants will be income tax imposed on general.

Hence, NONPROFIT organizations need our professional assistance as auditors.

We have been working with nonprofit organizations for almost 17 years. The audit has been conducted for 32 non-governmental organizations (NGOs), 5 charitable organizations and 2 religious organizations. Over the past year, we have audited 5 NGOs. 2 of these organizations are on our outsourcing treatment (accounting keeping).

The diverse background and experience in this field allows us to lead up such clients from the registration in the ministry and tax authorities to the preparation of reporting for donor and further funding.