There are a number of factors related to for-profit and not-for-profit organization accounting that are virtually the same. For example, payroll taxes and reporting expenses and income are the same regardless of your charitable status. However, there are also a number of significant differences. These accounting differences are related to the not-for-profit organization’s allocation of
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As a not-for-profit organization you have a mandate to achieve certain goals. The money that is available to your not-for-profit organization is essential for reaching the goals, and a quality bookkeeping system is essential to keep track of and manage that money. Since the funds are such an essential part of keeping your organization running, it
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Although a Not-for-Profit organization (NPO) may be thought to be the same as a charitable organization there are significant differences. What is a Not-For-Profit Organization? A NPO can either be incorporated or not incorporated. A NPO is a club, society, or association that is not a charity. It is organized and operated solely for: ■
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Our Toronto-based tax accounting clients often ask us, “How much money do you get back for charitable donations?” That, of course, depends on a lot of factors. However, Canada Revenue Agency (CRA) is making it easy for you to calculate exactly how much you can receive in tax credits for your charitable donations. Their website
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The Ontario Not-for-Profit Corporation Act has targeted on July 1, 2013, as the effective date to help make Ontario Not-For-Profit Corporations (NPO) more efficient and effective in their operations and governance. Updates to the Ontario Not-for-Profit Corporations Act NPOs can engage in profit-oriented activities if the revenue is clearly re-invested to advance one or more
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The Canada Not-for-Profit Corporations Act (“Canada NFP Act”) became effective October 17, 2011 and was developed to promote accountability, transparency and good corporate governance for the not-for-profit sector. This was considered a necessary modification, as not-for-profit (NFP) corporations incorporated under federal legislation have been abiding by an act which is approximately 95 years old. The
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