Rivero, Gordimer & Company is proud to have been admitted as the exclusive member of the National Association of Nonprofit Accountants and Consultants (NPAC). NPAC is a nationwide association of CPA firms that provide specialized accounting and consulting services specifically to not-for-profit organizations. To be accepted for membership, firms must demonstrate proficiency in the not-for-profit industry and a commitment to the field. Only one member firm is admitted in each metropolitan area.
The¬ not-for-profit industry, also known as the nonprofit sector, includes organizations that set out to provide a public service or value other than earning a profit. This¬†can include charities or organizations focused on¬†religion, education, animal rights, or amateur sports to name a few.
Not-for-profits rely heavily on government funding, charitable donations, and various tax benefits. The IRS has tax-exempt not-for-profit organizations which are classified as 501 (c) organizations.
Because the¬ not-for-profit¬ industry¬†has several branches and classifications, it can make it difficult for novice accountants to navigate the business. Thus, it’s critical that your¬ not-for-profit work with CPAs who have experience and knowledge of this specific industry.