Non-Profit Organizations Pacific Northwest Tax Service

Multi-entity nonprofits have more complexity when it comes to nonprofit accounting and financial statement preparation. It’s essential to have the right visibility into financial performance so you can make good stewardship decisions, have a successful audit, and maintain donor trust and confidence. We provide bookkeeping, payroll, budget, and tax prep on a simple monthly retainer basis.

Have questions or need general coaching on topics related to non profit accounting and financial management? We offer quick on-demand paid  consulting for those who don’t need full-service accounting,  don’t know where to start, or just know they need to talk. We work with all types of nonprofit organizations such as charities, health services, human services, foundations, and membership organizations. The Pacific Northwest is home to a thriving ecosystem of nonprofits, serving countless causes right in our backyard. We couldn’t be prouder to be neighbors with such worthwhile organizations, which is why serving this sector with our CPA and financial consulting firm is the cornerstone of our business.

YPTC WORKS ANYWHERE

Once you’ve determined the fair value of your donation, you’ll record the journal entry. While it won’t have any net impact on your books, it will impact your organization’s total revenue and expenses, and it is a requirement of both FASB and the IRS. Who you designate to handle this task will depend on your organizational structure and size. What’s most important is that you are properly recording in-kind donations and acknowledging each one appropriately.

And, of course, make sure you regularly visit Mac’s List, the premier source for nonprofit and social good jobs in Portland and beyond. This is one the questions we get all the time at Mac’s List… and I love it! The frequency of the question shows how passionate Oregonians are about doing something special and socially-responsibly with their career. Marcum brings an unmatched depth and portland bookkeeping breadth of expertise in tax consulting and preparation services. Marcum Social Capital Advisors provides an exclusive platform that connects socially conscious investors with entrepreneurs committed to making the world a better place. For over 35 years, we have provided financial and operational know-how and passion to organizations who are committed to making the world a better place.

How to Track and Record In-Kind Donations

A cloud financial management system with multi-entity and multi-currency global consolidation capability can be accessed from anywhere, so it is easy to have entities use the same accounting system. Preparing consolidated financials can drag out close timelines, as you can see in the chart above. For most multi-entity nonprofits, consolidation can require days or even weeks; however, with the right accounting system, nonprofits can create consolidated financials in hours or minutes.

• Moreover, nonprofits are very process oriented, with consensus building, deliberation, and transparency often being goals in-and-of-themselves.
• With us, you can be confident that your books will always be accurate and up to date.
• Let us maintain your books while you focus on your mission without being derailed.
• In today’s rapidly changing nonprofit environment, your financial management system needs to become a source of real-time operational and financial intelligence, not simply a system of record.
• With Sage Intacct, Vitamin Angels streamlined multi-entity accounting processes and adopted financial best practices.

Accounting and reporting for in-kind donations is important for a number of reasons. First, it helps nonprofits to accurately track their income and expenses. Third, it provides donors with the information they need to claim tax deductions. With Sage Intacct, Vitamin Angels streamlined multi-entity accounting processes and adopted financial best practices.

Community Commitment

I have appreciated your personal accessibility to me – your good counsel, prodding and encouragement. Todd Kimball is a Partner with CFO Selections and leads the non-profit practice in Oregon and SW Washington. He is also the Accounting Solutions Partners practice leader in Oregon and SW Washington. Examples of goods or property that might qualify as an in-kind donation are computer hardware and software, office furniture, medical supplies, and food. This category also includes intangible property such as securities, copyrights, and patents as well as items that can be used as fundraisers for prizes or put up for auction to raise money.