Not-for-Profit and Charity Accounting Services

Expert Financial Stewardship for Non-For-Profit Organizations

Accounting Standards for Not-for-Profit Organizations (ASNPO)

At TMP we provide accounting services for Non-for-Profit Organizations (NPOs) in accordance to 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 services tailored to your needs.

Donation jar filled with coins

Scope and Applicability

Applies to Canadian not-for-profit entities.

Fund Accounting

Guides accounting for segregated funds (e.g., restricted, unrestricted).

Recognition and Measurement

Prescribes rules for assets, liabilities, revenues, and expenses.

Contributions and Revenue Recognition

Addresses conditions and restrictions on contributions, guides recognition.

Financial Statement Presentation

Sets requirements for financial statement format and content.

Related Party Transactions

Addresses transactions with related parties, requires disclosure.

Government Transfers

Guides accounting for government transfers and contributions.

Investments

Provides guidance on investment valuation and disclosure.

Disclosure Requirements

Requires comprehensive disclosure for transparency.

Amortization of Tangible Capital Assets

Outlines amortization rules for tangible assets.

First-Time Adoption

Provides guidance for entities transitioning to ASNPO.

Accounting for Non-Monetary Transactions

Guides accounting for non-monetary transactions like donated assets.

TMP services offered to Not-For-Profit organizations​

Comprehensive financial analysis and reporting

Budget planning and management

Cash flow management and forecasting

Audit preparation and liaison with external auditors

Grant compliance and reporting

Financial policy development and implementation

Automated bill payment software for streamlined accounts payable

Compliance Management

T1044 Non-profit organization information return

Continuous Improvement

Bi-annual Public Service Bodies’ (PSB) GST/HST Rebate filing

End-of-Period Review

What type of Financial Statement is required for NFP in Ontario

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.

Working with TMP

Deferral or Fund Bookkeeping

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.

Segregated Fund Accounting

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.

Finance Department Support

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.

Budgeting and variance analysis

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.

Why Us

Financial Education

We prioritize educating our clients, equipping them with the knowledge to make sound financial decisions for their future success.

Seasoned Experts

Our experienced team offers deep expertise, ensuring reliable and comprehensive solutions for all accounting and tax needs.​

Personalized Solutions

Tailoring our services to each client's unique circumstances, we deliver customized solutions that address specific goals and challenges effectively.​

Modern Approach

Embracing cutting-edge technologies and innovative methods, we provide efficient and forward-thinking accounting and tax services to meet the demands of today's business landscape.​

FAQ

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.

Pricing

Basic

Monthly bank Reconcilation upto 2 accounts, Payroll 3-5 employees, Annual Budget preparation, Corporate tax filing, GST/HST filing, one-on-one meeting every quarter

$850 /per hour

Expert

Monthly bank Reconcilation upto 5 accounts, Payroll 6-10 employees, Annual Budget preparation, Corporate tax filing, GST/HST filing, one-on-one meeting every month, internal controls implementation

$1,500 /per hour

Premium

Monthly bank Reconcilation upto 8 accounts, Payroll 11-20 employees, Annual Budget preparation, Corporate tax filing, GST/HST filing, one-on-one meeting every month, internal controls implementation, annual audit support and filings

$3,000 /per hour

Custom

Please fill in this questionnaire and we’ll get back to you with a quote

$1,500 +HST

Next Steps

Step 1

Please fill in this questionnaire

Step 2

Schedule a consultation with one of our CPAs to receive a final quote and a checklist of the required data.

Step 3

Upload requested data onto cloud folder shared

Let’s collaborate!

Have a question, an idea, or just want to learn more about Triple M Professional Corp.? We’re all ears. Fill out the form or Email us and we’ll connect with you soon.

Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9
Markham Office
905-237-6424
675 Cochrane Dr East Tower 6th Floor, Markham, ON, L3R 0B6
Toronto Bay Street Office
416-333-1116
401 Bay Street, 16th Floor Toronto, ON, M5H 2Y4
San Francisco Office
415-366-5667
590 California Street 16th Floor, San Francisco, CA 94104
New York Office
212-651-9101
555 Madison Ave 5th Floor Manhattan,
NY 10022
Toronto King Street West Office
416-333-1116
100 King Street West, Suite 5600, Toronto, ON, M5X 1C9