Elk Grove Village, IL – Porte Brown LLC (www.portebrown.com)
Recent changes in federal regulations have proven to be challenging for many Not-for-Profits. The ongoing trend towards operational and financial transparency that began with Sarbanes-Oxley continues with a revamped 11-page IRS Form 990. “These changes are the most significant we’ve seen in years,” says Genevra Knight, CPA, Manager at Porte Brown. “It’s almost impossible for Not-for-Profits to keep up with legal requirements and focus on their mission activities at the same time. The amount of information and level of detail required in the new IRS Form 990 makes it look more like an annual report and less like a fill-in-the-
This change, says Knight, actually plays to Porte Brown strengths. “Not-for-profit accounting and audits have been a key part of our practice since the earliest days of the company. In fact, as a firm, our Not-for-Profit practice is one of the largest and most successful groups here at Porte Brown.”
To meet the challenge of the new regulations and to better serve existing and prospective clients, Porte Brown is further strengthening its Not-for-Profit practice group by hiring additional consultants, diving into the details of new regulations and tax law changes, and ensuring that all Not-for-Profit personnel are current with certifications and training.
Knight adds, “Over the years, we’ve learned how to roll with the changes. By training and educating our accountants, we can keep our clients up-to-date and current regardless of changes in the regulatory environment.”
Porte Brown was recently recognized for the quality of their financial statement audit and review services by receiving an “Unmodified Report, Without a Letter of Comment”; the highest rating possible in a peer review that was conducted in accordance with professional standards developed by the AICPA. More information about the peer review and report can be found at:
http://www.portebrown.com/
