For most businesses to be successful, establishing a formal set of accounting processes and procedures is critical to an organization’s financial health. For nonprofit organizations, having a proper accounting system is even more important.
While there are many accounting similarities between for-profit and not-for-profit organizations, there are several key differences, including accounting for contributions, capitalizing and depreciating assets, use of cash-basis and modified cash-basis accounting, functional expense classification and development of financial statements.
At CTM, we understand the unique financial reporting needs of 501(c)(3) organizations. We also understand that changes in our economic, political, demographic and technology landscape greatly impacts the future of nonprofit organizations.
With this in mind, CTM works hard to ensure that our not-for-profit organizations stay on course and focus on their missions.
In addition, giving back to the community is one of CTM’s core business philosophies. Whether individually, or as a whole, the firm has a long history of volunteering for, participating in, donating to and supporting a wide variety of charitable programs, many of which are geared toward children.
