A nonprofit organization, often called an NCO, is an organization that uses surplus revenues to achieve its goals rather than distributing them as profit or dividends. While not-for-profit organizations are permitted to generate surplus revenues, they must be retained by the organization for its self-preservation, expansion, or plans. NPOs have controlling members or boards. Many have paid staff including management, while others employee unpaid volunteers and even executives who work with or without compensation (occasionally nominal). Where there is a token fee, in general, it is used to meet legal requirements for establishing a contract between the executive and the organization.
A non-profit organization faces considerable challenges for survival, especially in the present economic environment with restricted ability to raise funds and achieve its objectives. It has become more difficult, time-consuming and expensive to raise money due to increased competition for fund-raising. Besides these factors, unfavorable conditions complicate the process of identifying, assessing and managing risk.
In order to cope with unstable financial conditions and safeguard its viability, it is essential that non-profits secure funding by demonstrating valuable program outcomes with clear objectives coupled with practical plans and strategies. This helps to illustrate their future achievements to stakeholders, thereby taking their organization to the next level in their life-cycle. Adequate funding is needed to improve the efficiency of operations while ensuring compliance with financial and regulatory requirements.
In Crowe Horwath Dr. A. M. Hegazy we understand how strategies, processes and technologies need to work together in a non profit environment and how regulatory and tax issues can affect your business. We have developed customized services for non-profit organizations that are specifically designed to optimize organizational performance. Our team of professionals who are specialized in serving non-profit organizations offer a myriad of services to help you attain compliance and mitigate risk, reduce operation costs and communicate your achievements.
We serve a broad range of nonprofit organizations, including sporting clubs, membership organizations, foundations, cultural arts, religious organizations, economic development corporations and human services organizations.