In recent years, board members and executives at not-for-profit organizations have found themselves in a much more competitive environment. Pressures from growing regulatory complexity and donor scrutiny are in addition to the factors like social media-driven donor campaigns and crowdfunding.
While these seem challenges, and from many angles they really are; they can be converted into valuable opportunities by developing systems that can ensure compliance, efficiency and continuous improvement in competitiveness. A not-for-profit making sure it is compliant; is employing latest technology it can afford or get financed by a grant; and has established vigorous systems, it would most likely be much ahead of its competition.
Volunteer Board Members and the executives of not-for-profit and charitable organizations have a lot more to do. They face the day-to-day challenges of developing programs and delivering on their core mission, with limited financial means. It is very hard for them to gather time and resources to develop in-house expertise in many technical areas. In many organizations, a large number of employees report to the executive director because the organizations do not have enough budget to create a heavier organizational structure. Due to lack of awareness of what intellectual value is available and sometimes due to the pressure of keeping indirect expenditure low, these organizations tend not allocate much budget to be spent on engaging specialists. Those who engage the right specialist notice evolution of their spending into valuable investment as it develops better sustainability and leads towards growth.
At Bay Street CPA, we understand the complexity of the not-for-profit landscape, and the specific information needs of your unique position; not-for-profit executives, governing boards, contributors, grantors, auditors, members and other interested parties.
Our not-for-profit services include:
Click on the links below to know more about these advisory services:
- Strategic Planning
- Internal Audits, Risk Assessment and Compliance
- Business Process design, implementation and re-engineering
- Review of Financial Statement
- Audit of financial statements
- Agreed Upon Procedures
- Financial analysis, Planning and Management reporting
- Financial reporting
- Payroll management
- Tax planning and compliance
- General, provincial and harmonized sales tax rebates
- CRA audits and inquiries
Being the ‘new generation professional services firm’ we do not show up as outsiders. We work as an extension of our client team foreseeing challenges; finding and implementing solutions, Governance issues, fraud protection, compliance problems, cost control and financial presentation are some of the challenges that we help our clients overcome, through hard work, innovation and continuous knowledge development.
If you are interested to find out more about how we can help your organization overcome many of its challenges, let’s talk >>>