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Not-for-Profit and Education


 Kelly A. Frank
 CPA, Partner, Not-For-
 Profit And Education
 Industry Practice Leader

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A not-for-profit organization is defined in the public eye by its mission. But successfully fulfilling that mission requires careful financial stewardship, risk management, and the scrupulous internal controls and compliance that will stand up to scrutiny by donors and other observers.

The members of CohnReznick's Not-for-Profit and Education Practice specialize in working closely with the boards and management of these organizations so that they have a best-practices approach to their critical financial and operational functions. In addition to the standard array of tax and accounting services, we help not-for-profits identify cost and workflow inefficiencies, implement appropriate internal controls, and manage capital and planned giving campaigns. We have particular expertise in helping the following organizations:

  • New FASB Standard on Not-for-Profit Financial Reporting (ASU 2016-14): This much-anticipated new guidance was issued last August, and is intended to enable not-for-profit organizations to tell their financial story more fully by changing the way all not-for-profits must classify net assets and prepare financial statements.

  • Social service and charitable agencies: We help these entities leverage their governance and internal controls to improve organizational efficiency, assess proposals for supporting community and educational programs, and develop strategic plans to strengthen long-term viability.

  • Professional associations: We work with professional associations to identify alternate revenue sources, integrate technology to enhance operational efficiency, recruit financial personnel and develop new strategies to provide value to their members.

  • Foundations: Foundations play a critical role in the not-for-profit ecology. We assist them in navigating the complex regulatory changes affecting them; implementing practices to improve corporate governance, accountability and standards for giving; and balancing financial and philanthropic objectives.

  • Educational institutions: We work with independent schools, colleges and other institutions to give them the tools they need to manage their endowments, improve financial efficiency and optimize tax structures with the benefit of reliable internal controls.

  • Religious organizations: We help these organizations develop strategic plans to best meet their humanitarian goals and objectives, maximize real estate assets, strengthen cash flow management and create planned giving strategies.


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