Nonprofit organizations encompass a wide variety of missions and constituents and operate in an increasingly complex environment, characterized by change, and regulation:
- Financial accounting standard setters are changing the financial accounting and reporting landscape.
- The federal government is modifying operational, reporting and auditing requirements in administering federal grants.
- Government agencies at all levels are decreasing funding for social services requiring nonprofit organizations to fill ever increasing needs in the communities in which they operate.
- The IRS is laser-focused on exempt organizations to ensure proper reporting of unrelated business income, compensation and fringe benefits and functional expenses.
Our job is to help you navigate the maze of requirements that are specific to nonprofit organizations so that you can do what you do best – serve your constituents well. Serving nonprofits has been a cornerstone of HoganTaylor since our founding.
Our interdisciplinary team of assurance, tax and advisory personnel leverages our extensive experience and works closely with your management and board of directors to help you better navigate the unique and complex challenges you face. We are also committed to utilizing the most advanced technology and processes available through our proprietary myPortal communication portal for efficient project management, information transfer, milestone determination and communications between our clients and their service teams. We employ a customized, disciplined project management approach on each engagement to ensure the timely delivery of all services.
HoganTaylor and our people are committed not just to our clients, but also to a host of other nonprofit and community organizations. We encourage our team to volunteer their time to serve on boards and committees of organizations that make our communities better places to live. This focus is so integral to who we are as a firm that we formed the HoganTaylor Foundation in 2013 so that we could provide additional support to nonprofits in our home towns.
We know from years of experience the difficulties faced by nonprofits and not only can we help you stay in compliance with accounting, reporting, tax and governance issues, we want to.
Our assurance services include:
- Audits and reviews
- Compliance audits of federal awards under Uniform Guidance
- Employee benefit plan services
- Agreed-upon procedure engagements
- Compliance examinations pursuant to federal reporting requirements
- Outsourced internal audit
- IT audits
Our tax services include:
- Preparation of Form 990, 990-T, 990-PF, and relevant state forms
- Unrelated business taxable income
- Compensation, payroll, and employment tax issues, including fringe benefits, deferred compensation, and policy setting
- Donor-advised fund planning and reporting
- Estate planning for donors and development department marketing
- Complex group structures, including non-501(c)(3) exempt organizations
- Alternative investment issues
- For-profit organization formation and operations
- Formation of new entities, including preparation of Forms 1023 and 1024 and associated state filings
- State solicitation registration and annual filings
- Independent contractor versus employee determinations
- IRS and state audit representation
- Joint venture formation and operation
- Lobbying and political expenditure classification and reporting
- Maintaining tax-exempt status and public charity status
- Member versus nonmember activity issues
- Public support test planning
- Sales and use tax exemptions
- State and local tax services, including credits and incentives
- Third-party management agreements and sponsorship planning
Our advisory services include:
Whether a foundation’s mission focuses on community philanthropy or on fundraising initiatives for targeted health and welfare issues, all must meet specific nonprofit accounting, financial and tax reporting standards to maintain their foundation status and provide assurance to donors. Private foundations make up a significant portion of HoganTaylor’s Nonprofit Practice. We serve independent grant-making foundations, community foundations and private foundations, many with hundreds of millions of dollars in assets. This experience means we are experts in nonprofit accounting and reporting for investments, including alternative investments.
Colleges, Universities & Private Schools
Colleges and universities have particular challenges as nonprofits because of the varied organizations and sources of funds that govern and affect them, such as the requirements associated with federal funding and rules and regulations having to do with national collegiate athletic bodies. Today, colleges and universities are challenged to deliver high-quality programs, recruit and retain top-notch faculty, prepare graduates for an ever-changing business market and do all of this in an affordable manner.
HoganTaylor is zealous in our commitment to providing tax and assurance services to educational institutions. Our extensive experience and dedication to this industry allows us to provide value in excess of our competitors.
Our current college and university clients are some of the largest and most noted in the region, including Oral Roberts University and Oklahoma Christian University and the foundations of the University of Oklahoma, Oklahoma State University and the University of Arkansas.
Nonprofit Membership Organizations, Voluntary Health & Welfare Organizations and Charities
Membership organizations, voluntary health and welfare organizations and charities are a significant component of our nonprofit practice. Management and Board members of these organizations know the significant role they play in strengthening our communities. Nonprofits are businesses that must adapt to the changing needs for your services and realities of the economy. These changes in mission and operations impact your accounting, financial and tax requirements. We can help you manage this.
Our current membership organization and professional association clients include the Tulsa Area United Way, Tulsa Regional Chamber, and Oklahoma Manufacturing Alliance, among others.
Museums & Cultural Organizations
Arts, museums and cultural organizations are a unique set of nonprofits. Museums are particularly unique in that they must follow accounting principles that deal with accounting for their collections, use of funds to acquire art or maintain a certain collection, in addition to those principles dealing with membership fees and often times, retail sales from a gift store. HoganTaylor provides assurance, tax compliance or advisory services to some of Oklahoma’s most admired museums and cultural organizations, including:
- Crystal Bridges Museum of Art
- The Oklahoma City Museum of Art, home to one of the most comprehensive collections of glass sculpture by famed artist Dale Chihuly