Nonprofit Organization

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We specialize in nonprofit accounting through years of professional commitment serving the nonprofit industry. We are well aware of the challenges that nonprofit organizations face today to manage a sound accounting and financial management system. We believe that the challenge that nonprofit organizations face are twofold:

  • Shortage of professional onsite accounting services

  • A breakdown in communication between the finance and program departments

BMDPC offers a customized accounting and financial services plan, designed to address specific nonprofit-industry accounting issues, and bridge the gap between the finance and accounting departments. Our services are offered at a cost lower than hiring full-time accounting staff.

ACCOUNTING /BOOKKEEPING

Our accounting services ranges from fully administering your accounting and finance department to performing a specific accounting function as you require. Our service includes:

  • Processing Accounts Payable

  • Processing Accounts Receivable

  • Bank Reconciliation

  • Reconciling the GL with the grant report

  • Tracking, recording and reporting Investment

  • Preparing Monthly financial statement

  • Tracking Restricted vs. Unrestricted Net assets

  • Tracking and recording unrelated business income

  • Valuing in-kind donation and services

  • Computing and allocating fringe and indirect cost

  • Reconcile intercompany accounts within projects as well as with HQ

  • Preparing Cash Flow Forecast/Financial Projection

  • Identifying, developing, and implementing internal control policies and procedures

    • Acting as Liaison to:

    • Program staff

    • Senior managers and Board of Directors

    • Banks

    • Donors/Members

    • External auditors

    • IRS and other federal agency


FINANCIAL AND GRANT REPORTING

At BMDPC, we are committed to bridge the gap between the finance and grant reporting function. Our service includes:

Financial Management system

  • Develop a strategic financial management system.

  • Maintain and continuously update internal control policies and procedures in the area with finance and accounting

Budget Management

  • Develop annual budget in cooperation with the program staff and executive director

  • Monitor a budget closely and provide a periodic budget vs. actual analysis

  • Communicate with program directors any major deviation from the budget in total or by thebudget line items

  • Develop a budget for non-program costs in cooperation with the administrative team


Grant and contract management

  • In collaboration with the program staff, prepare and tracks budget and budget projections for grant or contract proposal and awards

  • Maintain all grant agreements and contracts

  • Prepare an invoice for reimbursable grants and maintains relationships with grant officers

  • Monitor proper recording of the level of effort for each program

  • Identify and communicate key grant/award requirements and special restrictions to the program staff

  • Closely monitors expenses coding to ensure proper classification to funding sources

  • Compute indirect and fringe rate and allocated based on the rate stipulated for a specific funding sources

  • Manage grant spending in relation to grant awards and communicate the funding status to program staff

  • Produce grant financial reports in the form required by donors or contracts


PAYROLL AND BENEFITS ADMINISTRATION

By developing policies and procedures in the area of payroll and fringe benefits, especially those that comply with the applicable labor laws and benefits administration regulations, BMDPC can keep your company fully compliant at all times. 

Payroll services include but are not limited to:

  • Processing payroll

  • Preparing and filing payroll returns

  • Preparing and filing year-end payroll reports including W2 and 1099

  • Maintaining payroll records and responding to payroll-related inquiries

BMDPC’s Benefits Administration service includes the administration of:

  • Health, dental, vision, and flexible spending accounts

  • Short- and long-term disability

  • Life insurance plans

  • Employee assistance programs

  • Retirement plans (such as 401k, 403(b))

  • And more

COMPLIANCE

We are dedicated to incorporating the current tax law and federal regulation by attending frequent nonprofit accounting and auditing seminars. We ensure that you comply with all required nonprofit tax and information return in a timely manner in order to avoid penalty from missing deadlines or unknown filing requirements. Our service Include:

  • Preparing and filing Form 990 and Related Schedules

  • Coordinating and executing annual audit

  • Preparing schedule and internal control memo for A133 audit

  • Preparing and filing Form 5500

  • Monitoring compliance with federal grant reporting requirements

  • Preparing PVO Registration and other Federal Reporting Requirements

Other Services

  • Comptrollership/CFO

  • Obtaining/Retaining Tax Exempt Status

  • Strategic Planning

  • Risk Evaluation/Management

  • Nonprofit Formation/Startup – Form 1023, Form 1024