Your nonprofit CPA auditor should help you assess opportunities, risks and financing opportunities.
They should have connections in the community and a good relationship with your board so your organization can be on solid financial footing.
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There are plenty of CPA firms that can provide an audit, a review or any kind of accounting service.
And while cost might be a factor for most nonprofits – because you don’t have a lot of money coming in, you have limited ways to spend the money you do have – hiring a CPA is not just a compliance measure.
The relationship with your accountant or your auditor should be multi-tiered. They should be an advisor. They should be helping you look for risks, look for opportunities, and help you have a relationship with the community.
Maybe they know a bank that will help you refinance a poorly worded note from your previous bank. Maybe they know of grants you can submit for that you’re not familiar with.
READ MORE: 7 Best Financial Practices for Nonprofit Organizations
Concannon Miller helps our clients grow and can help the nonprofits in the region grow just by our relationships – by seeing where they are today and helping them find a plan for the future. Nonprofits should not function on a year-to-year basis, starving for cash. They should have a plan to grow just like every for-profit does.
A key area that a nonprofit should be looking for in their CPA is for them to have a relationship not just the people running the organization but with the board. Nonprofit financial statements are not the easiest to understand, and often board members need assistance to fully comprehend them.
All nonprofits should make sure their auditor can get in front of their board and explain what they do and explain the differences between what boards see on a monthly basis with internal financial statements and external financial statements prepared by CPAs.
Concannon Miller is aware of the responsibilities and needs of our clients just by talking to them and meeting with them on a regular basis. We don’t want to have a once-a-year conversation. We want to be with them on their journey.
