We have over 50 years auditing experience and providing tax and consulting services to foundations.
At Vicenti, Lloyd & Stutzman, we feel it is our obligation to not only keep current with general accounting literature, but with the issues you are currently facing. We achieve this by actively participating in various organizations and subscribing to publications regarding the not-for-profit industry.
We are available to help deal with the multitude of significant issues facing foundations. Some of the important issues we currently assist our clients with include:
- Assistance with governance issues including compliance with the non-profit integrity act
- Accounting and reporting in accordance with donor restrictions as required by FASB Statements No. 116 and No. 117
- Assisting in training of staff regarding Associated Student Body Organizations, Booster Organizations, Fraud Awareness, and more;
- Planned giving such as gift annuities, charitable remainder trusts (CRT) and charitable remainder unit-trusts (CRUT)
- Approval of an indirect cost rate under both the Department of Defense and the Department of Health and Human Services
- Accounting for major construction projects financed with tax-exempt debt; including capitalization of interest costs in accordance with FASB No. 62
- Developing long-range plans
- Fraud investigations
- Fraud hotlines
- Tax related issues such as unrelated business income, payroll and sales and use tax issues, and required informational return preparation
- Informational returns require care and professionalism as they are examined more closely by the Federal Government and potential donors
We also recognize the increased level of responsibility being placed upon the governing boards of not-for-profit organizations. As a result of recent public scandals, we respect the sensitivity governing boards have when assessing their relationship with their auditors. The public accounting industry is built on maintaining independence, objectivity, and integrity, and this includes being free of conflicts of interest when serving in the attest function. These are responsibilities we take very seriously.
Who Needs This Service?
All foundations, including those associated with educational organizations such as universities, K-12 school districts and community colleges as well as other private foundations.
Benefits to Our Clients
- We bring a strategic perspective to engagements rather than focusing exclusively on the task at hand. We strive to help the organization improve throughout the engagement.
- We have significant experience working with Boards and Audit Committees. We understand the important information they require to fulfill their fiduciary responsibilities, and are able to communicate this information in a concise yet thorough manner.
- We have substantial knowledge regarding the audit and reporting requirements of the single audits under Uniform Guidance, including preparation of the Data Collection Form
- Our personnel receive extensive and ongoing professional training through seminars, workshops, courses, and publications. They are experts in the not-for-profit field.
- Our status as a large, local firm allows us to offer a wide range of services while remaining flexible and responsive to client needs.
- We have a more than 50-year record of commitment to the not-for-profit industry.