Nonprofit Accounting in Chicago

Nonprofit accounting is a specialized form of accounting used by charitable and mission-driven organizations.  Unlike for-profit entities that generate revenue through products or services, nonprofits primarily rely on donations and grants to fund their causes. 

Donors and board members need to see how funds are used toward the intended programs and purposes.  At P&N, our nonprofit accounting ensures financial transparency and accountability.  

40+ years of celebrating the power of philanthropy by supporting our clients and their vital initiatives.

For 501(c)(3) organizations, financial audits are an essential part of maintaining integrity, legal compliance, and donor confidence. These audits provide a detailed review of financial practices, helping nonprofits demonstrate responsible stewardship of funds.

P&N offers expert guidance throughout the audit process, ensuring nonprofit organizations in Chicago maintain transparency and meet all regulatory requirements.

Nonprofit accounting requires meticulous tracking of funds, ensuring restricted and unrestricted donations are properly allocated. Maintaining accurate financial records is essential to meeting compliance standards and supporting an organization’s mission.

Key components of nonprofit financial management include detailed financial statements, transparent reporting, and adherence to IRS regulations. With our nonprofit accounting expertise in Chicago, organizations can streamline financial operations while remaining mission-focused.

We work with a broad spectrum of nonprofit organizations, from small community groups to large foundations with national influence. Our clients benefit from expert guidance, a dedicated nonprofit tax team, and tailored financial solutions. Some of the organizations we support include:

• Affordable housing entities
• Charitable organizations
• Educational institutions
• Healthcare organizations
• Membership organizations and trade associations
• Museums, arts and cultural institutions
• Private country and social clubs
• Public and private foundations
• Religious entities
• Social services agencies