Educational institutions with a non-profit designation (501(c)(3)) are among the types organizations that provide us with an opportunity to use our talents and experience to directly impact the communities where we live. Having deep family roots in education, we understand the unique challenges that are present in non-profit settings. There is a direct relationship between fiscal responsibility and the quality of education a school can provide. Throughout the non-profit sector, fiscal responsibility directly impacts the quality and quantity of services that can be provided. Services that Novack CPA provide for the nonprofit sector include monthly visits to ensure records are accurate and up-to-date to facilitate mission critical decision-making. We are instrumental in evaluating current use cases and possible future scenarios that might require additional funding. In these situations, we work with administrators and investment advisors to ensure liquid funds are available as needed, while simultaneously ensuring maximum cash flow is also accessible for investment areas. We also create annual financial statements, balance sheets, statement of revenue and expenses, and statement of cash flows for Administrators and Board Members. Additionally, we provide required federal and state income tax returns. If the nonprofit is still in the conception and development phase we can assist with obtaining the tax exempt status from the IRS and required state agencies. Some of our services include:

  • Provide monthly bookkeeping services to ensure all records are up to date to allow for informed decision making
  • Prepare detailed audited and unaudited financial statements for the Board of Directors and management to permit optimal business performance
  • File annual 990 statements with IRS and any state required filings to keep tax exempt status in good standing
  • Facilitate and coordinate required paperwork to obtain tax-exempt status from IRS and state agencies
  • Timely filing of all payroll on a quarterly and annual basis as required

Closter, NJ 201.767.3706
Locust Valley, NY 516.782.1946

"Novack CPA provides skillful and informed accounting services for Purple Circle, a non-profit pre-school in New York City. Their professional acumen is enhanced by both their thoughtful interaction with our staff and their consideration of dynamic factors that impact our community based program. They are a pleasure to work with."

Elaine Karas, Executive Director