Not-For-Profit / Educational Organization Acco

Your organization holds a clear vision for a better future — but financial stewardship, risk management, internal controls compliance, and reporting consume limited resources.

At the heart of our work is a dedication to your mission. Our team’s insights, backgrounds, and capabilities have helped not-for-profits optimize their resources, respond to financial challenges, improve governance, identify and mitigate risks, and provide greater transparency to their stakeholders.

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EXPERIENCE ACROSS DIVERSE NOT-FOR-PROFIT SECTORS

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Higher Education

Educational institutions, including colleges and universities, struggle with internal and external pressures such as enrollment challenges, rising costs, perceived value, legislative changes, and funding options. Our specialists help educational institutions get more out of their resources and funding by providing valuable insights and solutions to address common and emerging issues.

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Social Service Organizations

Social service organizations provide essential services to a diverse community, ranging from housing to healthcare and every need in between. Government funding, strained resources, competition for public support and complex regulations continue to pose challenges amidst rising community needs. Our team assists organizations in seizing opportunities while navigating challenges arising from evolving reporting and compliance requirements, stakeholder demands, elevated risks, and liquidity issues.

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Professional & Trade Associations

Associations, professional societies, and other membership organizations are more than not-for-profits; they are business enterprises that must demonstrate value to members. Rising costs, changes in government policies, member attrition, increased competition and technology obsolescence all pose obstacles to mission execution. We help associations achieve strategic goals and overcome challenges by providing auditing, financial reporting, risk management, and digital transformation services that help ensure compliance and sustainability.

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Foundations

Not-for-profits look to foundations to enhance financial sustainability, grow their programmatic offerings and to maintain operations amidst a challenging funding environment. To nimbly deal with these conditions, foundations must be proactive in making sure they are well equipped to respond. Whether it be tax advice from our specialized Exempt Organizations Tax Services team on areas such as donor advised funds, international giving, and self-dealing, to supporting foundations with our comprehensive accounting, assurance, and advisory services, we can help.

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CDFIs

In the public eye, a community development financial institution (CDFI) is defined by its impact. To be successful, CDFIs must maintain the efficiency of their operations while implementing financial reporting and accountability processes that bolster confidence from target markets, investors, and other stakeholders. Our team helps CDFIs identify workflow inefficiencies, enhance internal controls, leverage technology and IT infrastructure, and provides insights on how to more effectively manage capital and other investment resources.

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Comprehensive solutions for not-for-profit organizations

For stewards of not-for-profit and educational organizations, CohnReznick is a reliable source of assurance, accounting, tax, and advisory expertise focused on the industry. Our team has a strong track record among social service organizations, educational institutions, foundations, professional and trade associations, and Community Development Financial Institutions.

Our experienced assurance teams perform audits in accordance with auditing standards generally accepted in the United States; the standards for financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; the Single Audit Act Amendments of 1996; and the provisions of the Uniform Guidance.

Accurate, meaningful, and timely financial statements promote stakeholder engagement and confidence, and enable management and the board to identify opportunities and react to in your organization’s financial health while mitigating risk. CohnReznick will build comprehensive training and implementation strategies for your organization, work with you to draft, review, and revise pro forma financial statements, and help prepare the requisite disclosures.

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Obtaining and maintaining tax-exempt status is essential to organizations. Our Exempt Organizations Tax Services practice helps organizations comply with international, federal, state, and local requirements, while also guiding them in minimizing and managing tax liabilities. CohnReznick provides specialized expertise in the compliance and reporting obligations of Form 990/990-PF and ASC 740 (FIN 48), and assists with corporate structuring, state and local tax issues, Unrelated Business Income Tax (UBIT), and foreign tax compliance, while offering integrated, strategic insight to keep organizations moving forward.

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CohnReznick can help not-for-profit CFOs improve the effectiveness of their accounting function with best practice workflows, timely and accurate information, and the meaningful data needed to drive decision-making. Whether clients require short- or long-term resources, augmentation of existing staff, transformation of the entire accounting ecosystem, or advice about how to scale for growth, our talented professionals provide a deep bench of expertise that can streamline your back office and strengthen your business

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Whether engaging in a specific project, augmenting staff, or managing an outsourced initiative, we help companies develop a cohesive risk-aware culture that achieves strategic objectives, strengthens competitive advantage, decreases business disruption, and maximizes compliance resources. Our comprehensive slate of capabilities includes:

• Internal Audit

• Enterprise Risk Management (ERM)

• Third-Party Risk Management (TPRM)

• Cybersecurity

• Information Technology (IT) Risk

• Data Privacy

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CohnReznick’s Digital team helps not-for-profit organizations demonstrate value to their stakeholders in a variety of ways, including developing or enhancing a digital strategy, tackling digital transformation, leveraging artificial intelligence and automation, implementing comprehensive data analytics, and enhancing value via enterprise resource planning systems and cloud applications.

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