Nonprofit Accounting Frederick MD
Business & Financial Solutions provides non-profit accounting in Frederick MD and prepares and files 501 (c) 3 applications for Maryland non-profit organizations, as well as other states throughout the country. Our Montgomery County, Maryland accounting firm currently supports non-profit organizations in 11 states. States include the Washington DC Metropolitan Area, Georgia, Texas, California, Arkansas and the District of Columbia. Our firm’s services range from full service accounting for nonprofit organizations, to writing grant applications and proposals.
Starting a 501C3
Non-profit Accounting Frederick MD – Any organization, that wishes to be recognized by the federal government as a non-profit charitable organization, must complete the form 1023 (501c3 Application). Only then can funds donated to the organization become tax deductible to its donors. The question is often raised how to setup a 501 (c) (3)? We have tried to answer this question for many clients. Finally, we have concluded you let professionals do it. The 501c3 Start-up Application requires several supporting documents and forms to be setup.
Experienced Accounting Firm
Business & financial Solutions is experienced in processing 501 (c) 3 start-up applications. We are knowledgeable in expediting the process. There are also provisions that are often overlooked in the Articles of Incorporation of the organization. These oversights may create problems during start-ups if not handled at the onset.
There are many documents that clients can file themselves, without the help of accountants or attorneys with experience. Many times, we suggest to our clients that they should in order to save money. The 501 (c) 3 applications is not one of those documents.501c3 start-ups should be prepared and filed by professionals. If we can assist, call our Rockville accountants at (240) 297-1055 or e-mail us at firstname.lastname@example.org.
Grant Applications and Proposals
What makes a grant work is following the directions of the grant. That includes everything from the date of the Letter of Intent, to the line spacing. By the time the grant reader gets to those last grants, it is extremely easy to find reasons to move the remaining ones out of the way. It does not matter how great the content in the grant may be, if it never is read. Our team of grant writers understands the importance of following each little detail to the letter.
Grant proposals and applications are often specific in how they can be used. Most of us assume that because these grants are used for a specific purpose that indirect expenses cannot be used in the grants. This is far from the truth. Indirect expenses may be inclusive within the grants as well. Just because you are writing a building grant does not mean you cannot include the utilities associated with that building into the grant. Other indirect expenses may be written into the grant as well. Our granter writers are well versed in and know how to build these legitimate expenses into your grants.
Budgets & Forecasting
Assuming that an organization already has a business plan, the budget and forecast for the organization is changing from time to time. Budgets change at least yearly. Forecast can change weekly. To keep your organization in line with its spending, we are constantly running the numbers. How frequently depends on the level of service you have hired us to perform. Non-profit organizations’ budgets need to always be ready to go. It is most certainly a part of most any grant application. As well, the form 990 tax return is becoming a common request in the grant application process.
Forecasting is a tool, necessary in helping organizations avoid overspending. It is also essential in planning and scheduling the grant funds over the accounting period. Many grants only disperse the funds in parts. Each part has to be spent and an accounting for it has to be provided, before the organization can draw down on the next part. In our forecasts, we can determine how much of the grants will be spent and when.
Grant and Fund Accounting
Once an organization has been awarded a grant it is imperative that excellent procedures are in place to account for grant spending. The grantors are going to want to know how this money was spent and the results from its spending. In financial reporting for non-profit organizations, our responsibility is to provide an accurate accounting of the funds. Therefore, a solid plan of action needs to be developed to account for the funds.
BFS will work with the Executive Director in developing such a plan. Further, we will help in providing an Executive Summary, explaining the result of impact that the funds had on the community or population for which it served. This is an important factor when it comes time to request additional funds from the grantor for an upcoming year, or event.
Visit us in Vienna Virginia, Frederick or Rockville, Maryland (Washington DC Metro Area)
Best Practices With Nonprofits
Phone (855) 557-2222, Fax (855) 557-2222
Montgomery County, MD
Serving these local areas: Washington DC, Olney, Middletown, Poolesville, Rockville, Hagerstown MD, Loudoun County, Northern Virginia, Fairfax, Vienna, Leesburg VA, Birmingham AL, West Monroe LA