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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Are you a Board member, Financial Officer or Treasurer of a not-for-profit organization? Perhaps you are an entrepreneur or owner-manager and have recently opened up your business or looking to start operations. In any of these circumstances, it might be wise to consult with a chartered accountant. Speaking with a chartered accountant could prove to
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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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Canada makes a specific distinction between charitable organizations and not-for-profit organizations, commonly known as NPOs. NPOs encapsulate a variety of groups such as clubs, societies, and associations as well as agricultural organizations such as farmers markets. Once an organization has filed an NPO information return for a fiscal period, it must file an information return
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