Accounting & Bookkeeping Services for Nonprofit Organizations
Your passion is moving your mission forward, not worrying about tracking funds and expenses or paying staff. While you focus on running lean to maximize your impact, you can lean on us to manage your back office functions.
Managing your books to withstand constant scrutiny is both daunting and exhausting.
It gets tiring scrambling to pull together reports for your next board meeting only to be surprised by your numbers. What if you had books and reports you could rely on? Working with over 100 nonprofits and charities, we understand your everyday struggles. We’re here for you.
Even though nonprofit organizations do not focus on generating an income, it is still important to have proper bookkeeping habits to ensure the organization’s success.
Understanding tax implications, as well as properly recording and tracking financial data, will help you to run a successful nonprofit. This will enable you to meet your goals and supports your cause.
Tax Reporting Requirements for Nonprofits
Even though nonprofits are tax-exempt, they still need to file a T2 Corporate Income Tax Return. Some nonprofit organizations may also have to fill out a Form T1044 (“Non-Profit Organization Information Return”).
The T2 Corporate Income Tax Return is an 8-page form that is due 6 months after the last date of the organization’s fiscal year. If the nonprofit organization only operates in a single province or territory, only 2 of those pages need to be filled out.
Under certain circumstances, a nonprofit organization may also have to file for T1044:
- If the organization received dividends, royalties, rentals or interest in excess of $10,000 during the year;
- If the organization owns more than $200,000 in assets;
- If the organization was required to submit a T1044 the previous year.
Book a Formal Introduction Meeting (if required)
Our favorite part of what we do is getting to know our clients. We are so blessed to work with such a unique and diverse group of clients and getting to know each other is definitely the part we enjoy the most. We take great pride in the education aspect of our job. We are happy to work independently or in conjunction with your internal treasurer, and accounts payable and receivable clerks. We ask that you communicate to us your needs and we will gladly build a plan that is tailored to your organization.
During your consultation, some of the issues we can discuss are:
- How you are currently running your Non-Profit Organization and your goals
- Your current accounting, bookkeeping, and tax system/procedures
- Determine if any of your current operating systems may be costing you time and money
- How to reduce costs in order to achieve your mission
Negotiate Pricing, Sign Contracts and Begin Onboarding
If the formal introduction meeting goes well and your organization wishes to proceed we will prepare a formal package for your consideration which will include the negotiated price, a basic service contract and start the onboarding process.
Services and Pricing:
We typically work on a subscription service billed on a monthly basis direct from your bank account or via credit card held on file. Enjoy same day billing every month. No hidden fees or extras.
Ultimately, when it comes to the prices for services our goal is to accommodate every budget and work to create packages that suit our client’s needs.
Standard Bookkeeping Prices:
Bronze Monthly Package – $250/Month
- Ideal for clients with Annual Gross Revenue of $100K to $350K
Silver Monthly Package – $350/Month
- Ideal for clients with Annual Gross Revenue of $350K to $750K
Gold Monthly Package – $550/Month +
- Custom packages – Ideal for clients with Annual Gross Revenue above $750K
Open Hourly Consulting and Review Packages – $65/Hour
- Custom packages – Ideal for clients who are looking for a more casual engagement with emphasis on review and advisory duties where most of the bookkeeping tasks are handled internally.
Standard Accounting Prices:
T2 Corporate Income Tax Return – Starts at $795
- Included in this package is a complete set of Financial Statements which may include some or all of the following:
Statement of Financial Position
Statement of Activities
Statement of Cash Flow
Statement of Functional Expenses
- We prepare traditional Notice to Reader year-end financial statements that are clear, meaningful and allow our clients to make the best possible business decisions.
- Extra charges apply to multi-provincial organizations
Form T1044 (“Non-Profit Organization Information Return”) – $250
- Annual Return Filing – $125
Communication and Reporting
Any partnership requires strong communication is key to making things last. Our staff is dedicated to providing top quality services in a timely manner. We have a full suite of reports and tools that we can either provide your organization with or that we can show your internal members how to create and use.
If we are working with your organization in a full time capacity we deliver reports shortly after your month end. Typically these reports are reviewed at your regular internal meetings.
If we are working with your organization in an advisory capacity we are happy to recommend reports and supplemental tools that will assist your organization with clear, easy to digest financial information that can be shared with your board members for their review.