Not for Profit Accounting

You've come to the right place if you'd like to work with a not-for-profit accounting specialist team.

Finally, a nonprofit accounting specialist team!
We understand your industry and provide strong value.

Not-for-Profit Accounting — for Charities, Associations and Nonprofits)

It’s great to meet you! If you are a charity, association or not-for-profit and you are looking for internal accounting and bookkeeping services in Toronto (or anywhere in Canada), you have come to the right place.

We are a team of trusted accountants, advisors and bookkeepers who support more than 50 successful nonprofit organizations and charities in the Greater Toronto Area and beyond. In fact, nonprofit organizations are a strategic focus of our firm.

Who We Work With

We service nonprofits with budgets of 1 million and up. We focus where we can add the most value: that’s internal accounting and part-time CFO services to optimize your organization’s financial health. Our clients get a senior level of expertise without having to hire a full-time CPA.

If it sounds like we’re a fit, drop us a line!

Our Not-for-Profit Accounting Services

Internal accounting services
Bookkeeping and payroll services
Fractional CFO services
Audit support
Interpretation of financial information
Financial reporting, projections and forecasts for planning purposes
Proactive advice on new issues that may affect your nonprofit organization, including changes in accounting standards, tax legislation, regulations and policies
T3010 Registered Charity Information Return
T1044 Non-Profit Organization (NPO) Information Return
Tax advice & planning
Canada Revenue Agency (CRA) correspondence
Internal process and control evaluations to help prevent errors, fraud & theft
Identification of potential issues for a “no surprise” audit
PSB (Public Service Rebate) forms. Yes! We help our clients get large refunds by successfully claiming the PSB Rebate.
Answers to questions of the board and management
Reporting to stakeholders

Meet our Nonprofit Accounting Practice Leader: Laura Gay, Partner

Our Not-for-Profit niche is led by Laura Gay, CPA, CA, LPA. Laura is a trusted advisor who ensures no stone is unturned when working with her clients.

Laura works exclusively with nonprofit organizations and is a recognized specialist in the industry who frequently presents at conferences on topics of importance to not-for-profit associations.

In addition to her work with Stern Cohen, in 2017 Laura was appointed to the Board of Directors of ALS Canada – a national healthcare charity. From 2018, she has served as Chair, Finance and Audit Committee. This experience working on the inside of an charity adds to her qualifications. You can read more about Laura on her bio here.

I made the decision to focus exclusively on nonprofit organizations because I felt my efforts there could make a real difference to them and the important causes they support. Specializing in the nonprofit industry has enabled me to become something of an industry expert. As a result, my clients benefit from my guidance. Making a difference to my clients’ success is immensely rewarding.”

Laura Gay, Partner and Not-for-Profit Practice Leader

Culture is Important to Us

At Stern Cohen, we have a modern culture that strongly values gender equality, diversity, equity, inclusion, community involvement and open communication.

Our Guarantees

If your nonprofit, charity, or association chooses Stern Cohen, you can expect the following care and support:

We are committed to working proactively with you to ensure your future success. This includes:

identifying issues or opportunities that might impact your organization’s financial position
being part of your budget process
providing regular check-ins and oversight
making recommendations for internal controls
ensuring your public financial statements send the optimal message to your donors
improving the monthly reporting package that you send to your board members

You will have a direct line to our specialists. We will serve as a resource and be available for consultation on accounting issues throughout the year (not just at audit time).

We will attend meetings to discuss our work and/or reports to improve your Management and Board of Directors’ understanding of financial matters.
We are very familiar with industry leading software technologies like QuickBooks Online, Dext, Wagepoint, Plooto and other leading accounting apps. The goal is to help save our clients time, to improve their processes, and to minimize risk and human error. We are happy to share our best practices with you!

Time to outsource your accounting and bookkeeping?

This article will share benefits and help you make a decision.

Read our article

Photograph of two people at a desk looking at paperwork and a laptop.

Client Reviews

Selecting an accounting firm is an important decision. Read our nonprofit clients’ testimonials for some reassurance.

Read reviews

The Stern Cohen team is incredibly responsive, thorough and professional. They are amazing to work with!

Scott Stirrett, Executive Director and Founder Venture for Canada

Laura Gay’s customer service and our relationship working with her has always been positive. She regularly presents to our board and provides support to our Audit and Finance committee.

Bree Grenon, Senior Manager, Member Relations & Operations Addictions and Mental Health Ontario

I feel that I am treated as if I am your favorite client, and that my interests are what motivates you.

Chaim Fachler, Director of International Resource Development Canadian Friends of Mayanei Hayeshua

FAQ

Are you a board member, executive director, CFO, CEO or treasurer looking for
an accounting solution for your not-for-profit or charity?
Read our helpful Q&A below.

What kind of nonprofit clients does Stern Cohen work with?

For organizations with budgets of 1 million and up (nonprofits, charities, and associations), we provide outsourced internal accounting, bookkeeping and part-time CFO services.

Our clients get a senior level of expertise without having to hire a full-time CPA.

To inquire and find out if we’re a good fit for your requirements, click CONTACT US on the top navigation bar. Send us a few details and we’ll reach out to you.

Note: Unfortunately, we are not taking on new audit or review clients at this time. In addition, we do not provide short-term consulting or “one-off” standalone tax services.

When is an audit required for a charity or nonprofit corporation in Canada?

Charities:

If your registered charity is federally incorporated and has revenues over $250K you are REQUIRED by law to have an audit.
Charities are also required to annually file the T3010 Charity Information Return.

Not-for-profit corporations:

If your not-for-profit corporation is federally incorporated and has annual revenues over $250K you are REQUIRED by law to have an audit.
Not-for-profit organizations are also required to file a T2 Corporate Income Tax Return annually.
Not-for-profit organizations may also be required to file the T1044 Non-Profit Organization Information Return annually.

Not a Canadian nonprofit or Charity? If you’re a business owner looking for an audit, check out our business accounting page.

What are key factors in selecting an accounting firm for a nonprofit or charity?

1. Fit & personality

It’s very important to take “fit” into consideration when you pick an auditor or accountant because you will be working with them on a regular basis. In many cases, nonprofits and charities don’t have the budget or funds for an internal finance team. As a result, your new accountant will be a trusted advisor and key resource to your organization. You’ll be spending a good deal of time speaking with them and working with them. In fact, the Accounting Standards for Not-for-Profit Organizations in Canada place a strong emphasis on the importance of good communication. Your accountant will need to have frank discussions with board members and management. Find someone who will gel with your organization and who understands and respects your organization’s goals.

How can you determine fit? We strongly recommend a zoom call or phone call to speak one on one with any new provider you are considering. Don’t just send out your RFP by email and select based on price.

You might also want to take a deep dive into the exact services that the firm provides. In many respects, nonprofit accounting and reporting is more complicated than for-profit accounting. Find out if the accounting firm you are considering has industry expertise. Do they also have experience with the accounting software and apps you currently use or can they help you upgrade to a new and improved cloud accounting platform? These are all things to consider when selecting the best provider for your accounting needs.

2. Specialization or industry expertise

When selecting an accounting firm, it’s important that they have a solid understanding of your industry, its specific risks, processes, systems and operations. The deeper the understanding the better. If possible, you’ll be looking for a nonprofit industry specialist. A specialist is someone who can effectively explain and zero in on auditing and accounting issues that your organization may be facing. Is there a litmus test to determine industry specialization? In fact, there are a few techniques you can try worthy of a great detective. Try the following:

Check out their online profile (on their website and LinkedIn). What kind of experience do they have in the not-for-profit world?
Do they exclusively service nonprofit clients or is that only a segment of their “book” (accountant lingo for client base).
Do they serve on a nonprofit or charity board?
Do they speak on industry topics and issues at conferences? Hint: These might be areas you would love insight and knowledge on!

These are all easy ways to check their credentials.

3. Service and responsiveness

Here’s something you did expect to see in this list! We know that service level and timeliness is important to you. So getting a service guarantee is key. Ask them questions like:

Are you available to answer my questions throughout the year (or just at audit time)?
Will you bill me for phone calls and emails?
What kind of response time can we expect when we call or email?
Do you regularly survey your clients to find out if they are happy with the service you provide?

Of course, everyone says they provide excellent service. But how do you know they’ll live up to it? One way to uncover their commitment to service is to ask for some proof. At Stern Cohen, we have an independent third-party firm survey our clients annually. And we use a popular metric called “Net Promoter Score” to rate our level of service. We also make our results publicly available for anyone to scrutinize on the ClearlyRated website. We have received world class ratings for the past 10 years!