Fulfilling the mission of the organization is a top priority for not for profit organizations. For most, this requires a leadership team that is not only flexible and focused but can effectively address various challenges simultaneously. Issues such as program development and implementation, funding management, employee recruiting, and retention and volunteer management sit atop most lists. This demand for time and energy often leaves little time to focus on the accounting and financial vitality of the organization. While there are many providers in the marketplace that can meet an organization’s basic needs, far fewer have the experience to deliver insights.
Nonprofit Auditor Experience
PBMares works with dozens of nonprofit organizations across Virginia. We serve a diverse base of nonprofits including public charities, associations, foundations and many others. Our diverse experience and Yellow Book Certification means we can offer value beyond compliance including strategic consulting and assurance services.
Essential Facts – Virginia Not for Profits
Below is a list of essential facts about the nonprofits based in the state.
- Number of Nonprofits – There are 37,260 total public charities located in the state including 26,283 public charities, 1,827 foundations, and 9,750 other nonprofit organizations.
- Economic Impact – These nonprofits employ 8% of the state’s workforce, generated an estimated $63B annually, hold assets of $153B and annually give an estimated $656M.
- Top Challenges – The challenges nonprofits are facing include marketing and outreach, diversifying funding sources, not enough staff, low organization visibility and need for training and ongoing staff skills development.
Source: Independent Sector
Virginia Nonprofit Services
PB Mares offers a variety of services to Virginia nonprofit organizations, including;
- Outsourced Accounting
- New Accounting Standards
Nonprofit Audit & Assurance
- Agreed-Upon Procedures
- Audit and Assurance
- Internal Controls
- Cybersecurity and Risk Control
- Fraud Investigations
- Investment Advisory and Management
- IRS Audit Support
- Mergers and Acquisitions
- Plan Design and Administration
- Tax Planning and Compliance
Nonprofit Top Challenges
The top challenges facing nonprofits in 2019 include,
- Protecting nonprofit nonpartisanship
- Providing moral leadership for the values of diversity, inclusion, and equity
- Budget cuts
- Changes in charitable giving
- Natural disasters: preparedness and recovery
- Donor advised funds
- Peer-to-peer fundraising and “crowdfunding”
- Financial wellness and vitality
Source: Council of Nonprofits
Contact Our Virginia Nonprofit Auditors
PBMares provides accounting, tax, audit and consulting services for organizations in Richmond, Norfolk, Newport News and across Virginia (VA). If you are interested in learning how we can assist your organization, complete the form to the right and a team member will follow up with you promptly.