Nonprofit Accounting in Chicago
Supporting Nonprofits in Chicago with Expert Accounting Since 1982
Nonprofit organizations are essential to communities, supporting causes that range from education and healthcare to the arts and social services. Since 1982, Presti & Naegele has specialized in providing financial expertise to tax-exempt organizations, ensuring they maintain compliance and financial stability.
The IRS recognizes 30 types of nonprofit organizations, but only those with 501(c)(3) status qualify for tax-deductible donations. Unlike for-profit businesses, nonprofits do not distribute profits to owners—any surplus funds must be reinvested to further their mission. This commitment to purpose-driven operations is what sets them apart.
Chicago is home to a vast nonprofit sector, with organizations tackling everything from community development to cultural enrichment. Our expertise in nonprofit accounting in Chicago ensures these organizations stay financially strong while making a lasting impact.
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
Benefits of Working with Presti & Naegele for top Nonprofit Accounting in Chicago
PRE-AUDIT BOOKKEEPING FOR NONPROFITS
A well-organized financial record system is critical before undergoing an audit. P&N’s pre-audit bookkeeping services help nonprofits in Chicago prepare for financial reviews by ensuring records are complete and audit-ready.
By reviewing and structuring financial data in advance, we enhance internal controls, improve reporting accuracy, and reduce the burden on nonprofit finance teams. Our pre-audit services make the external audit process smoother and more efficient.
PREPERATION OF FORM 990
Nonprofits must file IRS Form 990 annually, which provides transparency into their financial activities, governance, and expenditures. P&N assists Chicago nonprofits with accurate preparation and filing, ensuring full compliance with IRS regulations.
Beyond compliance, we explore tax-saving opportunities, including credits and incentives, that can strengthen financial sustainability. Our nonprofit accounting firm in Chicago helps organizations maximize their resources while advancing their mission.
Why Choose Presti & Naegele for Accounting and Advisory Solutions?
Choose Presti & Naegele for our tailored financial services, optimized operations, ensured compliance, and enduring success.
- Holistic Business Approach
- Customized Strategies
- Proactive Advisory
- Reliable Support
Contact P&N Today!
For inquiries or expert guidance, contact Presti & Naegele Accounting Offices. Your success awaits!
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WHAT OUR CLIENTS ARE SAYING
I have had my business for more than 10 years and struggled through several *truly awful* accountants in the early years. I found Presti & Naegele about five years ago and have never looked back. They are a life-changing breath of fresh air and they will be my accountants for as long as I live. Donald Sager brings me confidence, peace and calm in an area of the business that would otherwise be stressful. He knows what he's doing and is always extremely responsive and ready with a plan of action and to explain anything at all. I am so grateful for him!
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