We’re Nonprofit Accounting Specialists in North Carolina
We’re a Wilmington-based CPA Firm That Advocates for Nonprofit Organizations of all Sizes.
Regardless of your nonprofit’s size or financial condition, we believe you should have access to the same financial techniques and best practices employed by the nation’s leading nonprofits. We’re committed to serving our community by offering you expert-level accounting that truly helps you navigate the unique operational and financial challenges you face.
We’re Certified, Specialized Nonprofit CPA’s in Wilmington, North Carolina
Our personalized services are focused on helping you minimize operational disfunction, lower costs, and maximize the potential of your available resources so you can continue making an impact in your community.
How Can Bearman CPA Help Your Nonprofit Organization?
As an advocate for nonprofits, we strive to solve tough financial problems today while also helping you plan for the future. Our office is located in Wilmington, North Carolina, but we serve clients all over!
Starting A Nonprofit
Start strong! BearmanCPA has helped scores of nonprofits get off the ground and start out along the right path as an incorporated nonprofit entity.
Time for an audit? Not sure? We can help! A financial statement audit can provide your board of directors, grantors and the general public with assurance that your financial records are fairly presented.
990 Form Filing
“Form 990” is the generic term for a series of informational forms (as opposed to tax returns) that nonprofits are generally required to file with the IRS each year. We can help you file your 990 correctly!
We work with charter schools in North Carolina and around the country by offering accounting services to pre-audit support, financial forecasts and IRS communications.
We can help you develop best, worst and most-likely scenarios to ensure you weigh the risks of the undertaking in front of you. We develop forecasts that allow you to project expected results.
Our Wilmington-Based CPA Team
We’re a small, tight-knit team that has worked with many nonprofits just like yours in Wilmington, North Carolina and across the country! We get to know you, your challenges, and create real solutions from both experience and passion.
Frequently Asked Questions
Do I need a nonprofit accountant?
Yes. Nonprofits have a unique set of challenges and tax considerations that a specialized accountant can help your organization understand and navigate better than a general accountant.
Do I need a specialized CPA for my nonprofit?
It’s a good idea to work with a specialized CPA to help your nonprofit organization navigate complicated accounting concerns and tax issues. A good nonprofit CPA can help minimize your costs and maximize your resources!
What's a nonprofit audit?
An audit conducted by a Certified Public Accountant is a process that provides you assurance that your financial statements are free from material misstatement. An auditor’s report provides you with an independent opinion as to whether your financial statements are fairly presented, in all material respects, or not.
Does my nonprofit need an audit?
Usually, a fledgling nonprofit will not need a full-scale audit in its first few years. Once you have applied for and received a significant grant, you may find that an audit is required by the grant agreement. Often, an organization’s board of directors will recognize that the organization is becoming large enough that an annual audit is needed to provide them some comfort about the organization’s finances and governance.
What are the types of audits for a nonprofit?
A special kind of audit, known as a Single Audit is required by the federal government if your nonprofit spends more than $750,000 in federal funds. In North Carolina, a lower threshold of $500,000 in State financial assistance (or federal funds passed through the State) triggers an audit. Additionally, once you have applied for and received a significant grant, you may find that an audit is required by the grant agreement.
Which 990 form should I file?
IRS Form 990N: Annual Gross receipts are normally under $50,000
IRS Form 990EZ: Annual Gross receipts are between $50,000 and $200,000
IRS Form 990 (long form): Annual Gross receipts are over $200,000 and/or total assets over $500,000
IRS Form 990PF: For 501(c)(3) private foundations and similar nonprofits (as opposed to public charities).