Ostrow Reisin Berk & Abrams, Ltd.

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Not-For-Profit Group

Whether you’re a foundation providing scholarships to individuals in need, a social service organization providing support and services to your community, a charter school furthering the education of inner-city youth or a museum inspiring future scientists, ORBA understands the importance of your mission and the unique financial and operational challenges you face. For more than 40 years, our Not-For-Profit Group has been providing our clients with the solutions that allow them to fulfill their commitments and serve the needs of the communities they support.

In addition to limited funding and stretched resources, we know that not-for-profit organizations face financial and operational challenges that range from board accountability to complex tax and audit reporting requirements. Our Not-For-Profit Group understands these challenges and the importance of having a proactive accounting firm that you can trust.

Our Not-For-Profit Group has more than 30 audit, tax and advisory professionals focused on serving tax-exempt organizations.  Our professionals serve on the Nonprofit Committee of the Illinois CPA Society, the State of Illinois Attorney General’s Charitable Trust Advisory Council and BKR International’s Government and Not-For-Profit Accounting and Auditing Committee.  We are also active members of the American Institute of CPAs and its Governmental Audit Quality Center, the Illinois CPA Society, Association Forum and Donors Forum.  In addition, our team members serve on a number of charitable and civic boards, participate in fundraising activities, and volunteer their time and talents to charitable and civic events.

Through hard work, dedicated staff and hands-on client service, we have established long-term relationships and built an enviable reputation for quality. With ORBA, your organization will have the peace of mind that comes with knowing your fiscal accountability is in good hands.  We work with all types and sizes of not-for-profit organizations, including: 

  • Associations
  • Charter schools and other educational institutions
  • Civic and cultural organizations
  • Religious organizations
  • Foundations
  • Human need and social service agencies
  • Local colleges and universities
  • Museums

Through our audit and assurance services, tax services, and consulting and advisory services, we provide competent, effective and efficient solutions that not-for-profit management, audit/finance committees and boards expect.  As a trusted business advisor, we look for ways your organization can better manage operating costs, strengthen controls, mitigate risks, achieve efficiencies and improve performance.  We share best practices, industry trends and creative ideas with our clients, and host not-for-profit industry-specific seminars that allow clients to gain valuable insights and perspectives.

At ORBA, we are your partners.  We are there when you need us and we stand behind our work so that you can concentrate on supporting the mission and programs of your organization.

Services to Not-For-Profit Organizations

Audit and Assurance

The ORBA Not-For-Profit Group provides expert and efficient audit and assurance services to various types and sizes of not-for-profit organizations.  We are experienced and qualified to conduct audits under the OMB Circular A-133 Single Audit Act.  We understand that boards and management count on a quality audit that will be held to the highest standards by various stakeholders, including donors, government and oversight agencies, bond holders, media and the general public.  As part of our audits, we can advise management on how to produce quality and timely financial statements on which boards, management and external stakeholders can rely to obtain a transparent, accurate fiscal recap of your organization.

Our directors, managers, senior accountants and staff receive significant continuing education specifically geared to the not-for-profit industry, and stay abreast of key changes in accounting and audit requirements.  We audit as efficiently as possible, focusing our time and attention in the areas that may present financial risks for your organization and minimizing time-consuming disruptions to your personnel.  We pride ourselves on a consistent staffing model that is well versed with the intricacies of your operations and offer our deep resources to you throughout the year as questions or issues arise.

Our audit and assurance services encompass:

  • Financial statement audits
  • Audits conducted under OMB Circular A-133
  • Grant audits
  • Performance audits
  • Agreed-upon procedure engagements
  • Employee benefit plan audits (401(k) plans, 403(b) plans, etc.)

Tax

ORBA’s Not-For-Profit Group recognizes not only the importance of the services provided by not-for-profit organizations to the community, but also the fact that the tax landscape in which our clients must operate is becoming much more complex. Today, having a trusted advisor you can count on is a necessity – especially given the high levels of scrutiny not-for-profit organizations receive from both the government and the general public.

Our not-for-profit team is committed to staying informed on changes in the tax laws and regulations affecting the industry. Through presentations, newsletters, blogs and alerts, we keep you informed on the latest developments, important tax changes and new opportunities that impact your organization, your supporters and those you serve.

Our tax compliance and consulting-related services include:

  • Securing and maintaining tax-exempt status
  • Annual federal and state information and tax return preparation and review
  • Unrelated business income tax issues
  • Representation with the IRS on compliance and tax issues
  • Private foundation tax compliance and excise tax issues

Our strong commitment to providing proactive and value-driven service is designed to minimize tax compliance and liability burdens so that your organization can do what it does best – focus on its mission.

Consulting and Advisory

The ORBA Not-For-Profit Group provides strategic guidance on utilizing your resources, protecting your organization from various financial or other enterprise risks, and developing long-term financial strategies. We quickly address problems and offer recommendations that focus on your goals.

We offer the following types of consulting and advisory services:

  • Benchmarking studies
  • Board and committee training
  • Employee benefit plans
  • Financial, capital, and resource management
  • Fraud risk assessment, fraud investigation, and forensic accounting
  • Internal control reviews and consultations
  • Risk management and advisory services
  • Strategic planning
  • Tax consulting and advisory services

Accounting Services

The ORBA Not-For-Profit Group delivers accounting services that can be specifically scaled to meet your organization’s needs.  For those clients who do not have an internal bookkeeper, the ORBA team can provide full bookkeeping services on a monthly, quarterly or annual basis.  We also work with your personnel, lending our expertise and training where necessary to get your organization up to speed and in compliance. 

Our accounting services include:

  • Audit schedule preparation
  • Bank reconciliations
  • Bookkeeping and processing receipts and disbursements
  • Internal audit capabilities
  • Payroll processing
  • Temporary controller or CFO functions
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