Expert Financial Stewardship with Not-for-Profit Accounting for Non-For-Profit Organizations
At TMP, we provide not-for-profit accounting services for Non-for-Profit Organizations (NPOs) in accordance with the framework set out by ASNPO. Our team is dedicated to assisting NPOs in managing their finances effectively, allowing them to focus on their core mission and service delivery. With a deep understanding of the unique financial requirements of NPOs, we offer a comprehensive range of accounting services for charities tailored to your needs.
Applies to Canadian not-for-profit entities.
Guides accounting for segregated funds (e.g., restricted, unrestricted).
Prescribes rules for assets, liabilities, revenues, and expenses.
Addresses conditions and restrictions on contributions, guides recognition.
Sets requirements for financial statement format and content.
Addresses transactions with related parties, requires disclosure.
Guides accounting for government transfers and contributions.
Provides guidance on investment valuation and disclosure.
Requires comprehensive disclosure for transparency.
Outlines amortization rules for tangible assets.
Provides guidance for entities transitioning to ASNPO.
Guides accounting for non-monetary transactions like donated assets.
Type of Corporation
Gross Annual Revenue per Financial Year
Appointment of Public Accountant by Members
Financial Review Required
Public benefit corporation
$100,000 and less
Must appoint a public accountant by ordinary resolution unless members waive appointment by an extraordinary resolution (at least 80% approval).
Public accountant must conduct a review or audit engagement. If no public accountant is appointed, then only a compilation is necessary.
Public benefit corporation
$100,001 to $500,000
Must appoint a public accountant by ordinary resolution at each annual meeting.
Public accountant must conduct an audit; but members can pass an extraordinary resolution to require a review engagement instead.
Public benefit corporation
$500,000 and more
Must appoint a public accountant by ordinary resolution at each annual meeting.
Public accountant must conduct an audit.
Non-Public Benefic
$500,000 and less
Must appoint a public accountant by ordinary resolution at each annual meeting.
Public accountant must conduct an audit.
Non-Public Benefic
more than $500,000
Must appoint a public accountant by ordinary resolution at each annual meeting.
Public accountant must conduct an audit; but members can pass an extraordinary resolution to require a review engagement instead.
We understand that NPOs operate under different accounting methods. Our experts are well-versed in deferral and fund bookkeeping, ensuring your accounting aligns with the method adopted by your organization. This allows for accurate and compliant financial reporting, tailored to your specific needs.
We offer segregated fund accounting services to help you classify transactions accurately, directing funds to the appropriate department or fund within your organization. Whether it’s operating funds, capital funds, special projects or others we ensure that financial data is meticulously organized for transparency and efficiency.
We offer segregated fund accounting services to help you classify transactions accurately, directing funds to the appropriate department or fund within your organization. Whether it’s operating funds, capital funds, special projects or others we ensure that financial data is meticulously organized for transparency and efficiency.
Setting strategic goals for the upcoming year and securing necessary funding are crucial components for the smooth operation of any Not-for-Profit (NFP) organization. Our team is dedicated to helping you develop a comprehensive budget that aligns with your management objectives. We will also provide ongoing monthly support to monitor progress and initiatives, ensuring that your organization stays on track with the goals established at the year’s start. This consistent oversight aids in maintaining compliance and achieving your mission effectively.
Most NFPs do not pay tax but may be required to file an annual Charitable return T3010.
Our firm can assist in implementing automated bookkeeping, payroll processing and bill payment (AP processing) software to help streamline an NFP’s accounting operations.
In most cases NFPs prepare budgets and submit this information in applications for grants and other funding. In some cases an organization may be required to repay a grant if all the funding has not been utilized according to the terms of the grant; our firm can assist in helping to analyze budget variances and help ensure funds granted can be spent and do not need to be repaid.
If you sell goods or services in Ontario in excess of $50,000 in any 12-month period, you must register and remit the HST.
Since most NFP raise funds through donations and fundraising, revenue is often not subject to HST. NPO’s and charitable organizations generally do not file an HST return but file Public Service Bodies’ (PSB) HST Rebates which are made up of both a federal and provincial component which allows them to reclaim a portion of HST paid on eligible purchases.
Our experts specialize in deferral and fund bookkeeping, ensuring your accounting aligns with the method adopted by your organization. This guarantees accurate and compliant financial reporting tailored to your specific needs.
Segregated fund accounting involves classifying transactions accurately. We help direct funds to the appropriate department or fund within your organization, ensuring meticulous organization for transparency and efficiency in financial data.
Our Finance Department Support includes comprehensive financial analysis, budget planning, cash flow management, audit preparation, grant compliance and reporting, financial policy development, and streamlined accounts payable. This allows your staff to focus on your mission while we handle financial tasks remotely.
We assist in the preparation and electronic filing of the annual Charity Information Return (T3010) and associated filings (T1235, T1236, T1441), ensuring compliance with regulatory requirements. Additionally, we handle the preparation and filing of Public Service Bodies’ (PSB) GST/HST Rebates and other compliance needs.
Yes, our Finance Department Support includes budget planning and management services. We work with you to ensure effective budgeting aligned with your organization’s goals and financial health.
Our experts are experienced in managing grant compliance and reporting as part of our Finance Department Support. We ensure accurate reporting and adherence to grant requirements, allowing your organization to maintain strong relationships with funding sources.
Our team is dedicated to understanding the unique financial requirements of NPOs. We employ deferral and fund bookkeeping methods, ensuring accurate and compliant financial reporting tailored to the specific needs of your organization.
Absolutely. Our comprehensive payroll processing services include the preparation of T4 forms and management of pension/union contributions, ensuring compliance with payroll regulations for NPOs.
We utilize automated bill payment software to streamline accounts payable for NPOs. This efficient system ensures timely and accurate payments, reducing administrative burdens for your organization.
We manage the preparation and filing of Public Service Bodies’ (PSB) GST/HST Rebates as part of our Annual Return and Compliance service. This ensures that NPOs receive eligible rebates and remain in compliance with tax regulations.
$850 /per hour
$1,500 /per hour
$3,000 /per hour
