Nonprofit
From accounting and bookkeeping to financial reporting and compliance, we are dedicated to providing top-quality services that help our clients thrive.
Help Achieving Your Mission
At Sassetti, we specialize in providing expert financial services to help nonprofit organizations efficiently support their causes. Whether you need us to serve as your auditor or provide accounting support, our team of experienced professionals is here to help. We can work with your current auditor to take over responsibility for your accounting systems or manage your in-house accounting team. For some clients, we serve as a fractional or part-time CFO or Controller, providing the financial leadership and strategic guidance needed to achieve your mission. With our in-depth knowledge and understanding of the nonprofit community, we deliver the specialized expertise and insights you need to succeed. Let us help you achieve your goals and make a difference in the world.
Our Nonprofit Assessment
At Sassetti, our goal is to help nonprofit organizations make progress toward achieving their mission while keeping costs reasonable and minimizing risk. We understand that accurate and timely financial record-keeping can be a burden, which is why we take on that responsibility for you. Whether we serve as your auditor, handle your accounting, manage your 990 reporting, or provide other financial or advisory services, we’ll assess your needs and tailor our solutions to meet them. With our deep expertise in the nonprofit sector, we offer unparalleled insights and strategies that help you achieve your goals and fulfill your mission. Let us be your trusted partner in success.
Our Nonprofit Focused Solutions:
Audits, Including Single Audits
Sassetti offers professional audit services to ensure accuracy, compliance, and identification of potential areas for improvement in financial statements. With our in-depth expertise in accounting and financial analysis, we provide a comprehensive review of financial statements, including specialized single audits for nonprofit organizations. We work to provide customized solutions and ongoing support to address any issues identified during the audit process and ensure compliance with regulatory requirements.
Agreed-Upon Procedures
Agreed upon procedure (AUP) services for non-profit organizations help assess and report on specific financial information or operational processes. We design procedures that address specific areas of concern, providing objective and independent assessments of financial or operational data. With our expertise in accounting and financial analysis, we ensure that AUPs are conducted effectively and efficiently, and that any issues are identified and addressed promptly.
Internal Controls & Fraud Prevention
Given our experience in accounting and financial analysis, Sassetti provides customized solutions to identify and mitigate risks, improve internal controls, and safeguard against fraud. We work closely with clients to design and implement effective policies and procedures that comply with regulatory requirements, while addressing unique operational challenges. Our ongoing support ensures that controls remain effective and risks are monitored, mitigated, and reported on a timely basis.
Audits of 403(b) and Retirement Plans
We provide specialized audit services for nonprofit organizations’ 403(b) and retirement plans to ensure compliance with regulatory requirements and provide accurate financial reporting. We design audit procedures that meet regulatory requirements while addressing specific operational needs. Our team of experts conducts thorough and efficient audits to identify and address any issues promptly, ensuring that the retirement plans are managed effectively and responsibly.
Accounting Department Outsourcing
Our firm offers customized solutions tailored to your unique needs, including accounting, bookkeeping, financial reporting, and compliance. Our experienced professionals work with you to design and implement effective financial management policies and procedures that improve internal controls and ensure regulatory compliance. By partnering with us, you can focus on your core mission while we handle your accounting needs with efficiency and accuracy and achieve greater financial transparency and accountability through outsourcing your accounting department.
Fractional or Part-Time CFO or Controllership Support
Sassetti offers fractional or part-time CFO and controllership support services to help you optimize your financial management functions without the cost of a full-time executive. We can provide you with strategic financial guidance, budgeting and forecasting, financial analysis, risk management, and more. We work to understand your business goals and tailor our services to meet your specific needs. With our flexible and cost-effective solutions, you can gain access to the expertise you need to enhance your financial performance and drive growth.
990 Return Preparation & Filing
As a nonprofit organization, filing Form 990 is an essential part of your compliance obligations. Sassetti provides tailored 990 return preparation and filing services specifically for tax-exempt organizations. Our team of tax experts has in-depth knowledge and experience in navigating the complex tax regulations that govern Form 990 filings. Ensure that your return is accurately prepared and filed on time will give you peace of mind and allowing you to focus on your mission.
Support with Transparency
At Sassetti, we understand that transparency is crucial for nonprofit organizations to maintain their integrity and credibility. We offer support and guidance to help your organization operate transparently and maintain compliance with regulations and ethical standards. Our team has extensive experience working with nonprofits and can provide valuable insights on transparency best practices. We can assist with developing and implementing policies, procedures, and reporting mechanisms to enhance your organization’s transparency. Let us help you build trust with your stakeholders and achieve your mission with confidence.
Unrelated Business Income Tax (UBIT) Support
Navigating the complexities of Unrelated Business Income Tax (UBIT) can be daunting for nonprofit organizations. Our team can provide guidance and support to ensure compliance with UBIT regulations and help minimize tax liabilities. We grasp the unique challenges that nonprofits face in this area and have extensive experience working with organizations to identify and address UBIT issues. Whether you need help with tax planning, compliance, or resolving tax disputes, we are here to help.
Exempt Status Applications
We offer support for organizations seeking to obtain or maintain their tax-exempt status through the application process. Sassetti can help you navigate the complexities of the application process, including preparing the necessary documentation, submitting the application to the IRS, and providing ongoing support. We have a proven track record of success in helping nonprofits secure and maintain their exempt status.
Consulting on Governance Issues
We provide expert guidance on governance issues such as board composition, bylaws, policies and procedures, conflict of interest, and best practices. Our team of experienced consultants offers tailored solutions that help organizations navigate complex governance challenges and strengthen your operations to achieve your mission. Let us help your non-profit organization establish a framework for sound governance and effective decision-making.
Cash Flow Planning & Operational Consulting
Sassetti offers cash flow planning and operational consulting services to help non-profit organizations effectively manage their finances and plan for the future. Our team work with your organization to locate areas for improvement and implement strategies to increase efficiency, reduce expenses, and enhance overall financial health. We understand the unique challenges faced by nonprofits, and we are committed to providing personalized solutions that help your organization attain its objectives.
Sustainability Analysis
Sassetti’s Sustainability Analysis helps nonprofit organizations evaluate their financial sustainability and identify opportunities for growth and improvement. We work to assess your financial health and develop customized strategies to help you achieve long-term success. By analyzing factors such as funding sources, revenue streams, and operational expenses, we help nonprofits make informed decisions that align with their mission and values.
Insights and Strategies for Success
Many audit professionals supporting nonprofits do so in a “part-time” manner. They view a non-profit audit as off-season work to keep their auditors busy. At Sassetti, the nonprofit profession is a major part of our firm and something we do year-round and not just in the summer. Our team has extreme depth, receives specific nonprofit education and will add insight to help manage your operations. We know what to look for and how to support organizations like yours.
Employee Benefit Plans
Experienced auditors help plan providers avoid penalties and ensure compliance by addressing issues related to participant eligibility, compensation determination, and timely transfer of withholdings. Their year-round support reduces headaches and errors during audits. In case errors are found, auditors offer guidance through the correction process.
BDO Membership
Sassetti is a valued member of the BDO Alliance, an esteemed nationwide association of independently owned local and regional accounting, consulting, and service firms sharing similar client service goals. This alliance allows member firms, including Sassetti, to expand their services to clients while maintaining their existing relationships and autonomy. By accessing the resources of BDO USA, LLP and other Alliance members, Sassetti and fellow members gain a competitive advantage in a dynamic business landscape. The BDO Alliance fosters strong relationships with reputable firms that share a common understanding, enhancing collaboration and mutual growth. As a subsidiary of BDO USA, LLP, the BDO Alliance USA strengthens the collective capabilities of its members, including Sassetti.
AICPA Center for Audit Quality Center
Sassetti proudly holds membership in the AICPA CAQ, an esteemed organization based in Washington, DC, dedicated to enhancing public trust in global financial markets. Its membership includes prominent US accounting firms registered with the Public Company Accounting Oversight Board, upholding high standards of auditing and financial reporting. Guided by a Governing Board comprising CEOs from leading auditing firms, the AICPA, and independent representatives from audit committees, investors, and academia, the CAQ promotes quality in audits, fosters dialogue, and drives improvements in the accounting profession. Through collaborative efforts, the CAQ maintains public confidence in financial information.
Meet The Experts
Our team members have spent a lot of time problem-solving for a variety of industries. Their expertise is unmatched and they are driven and excited about new challenges.
Featured Insights
Small business 401(k) plans – Meet the IL retirement mandate
Many states have begun implementing state laws that require every employer that has been in business for a certain period...
Pay Transparency – Is Your Organization Ready?
In the past, most discussions about compensation were largely confined to the specific instances of either a job offer or...
Mergers and Acquisitions – Exit Planning
By Jim Robbs I’m Jim Robbs and I am one of the partners here at Sassetti LLC. I spent about...
We Are Here To Help
We perform our duties best when we get to know your business and can tailor our services to your specific situation.
