Non-Profits & Charities
Approachable, Accountable, and Affordable accounting for your charity, or non-profit. We’ll help you get ahead.
Not-For Profits & Charities
As a Not-for-profit organization you have different reporting requirements than most businesses. With the requirements always changing you need a firm that specializes in the non-profit sector and the unique set of accounting standards for not-for-profit organizations (ASNPO).
Non-profit accounting refers to the unique system of recording and reporting that is applied to the transactions engaged in by a non-profit organization.
A non-profit entity is one that has no ownership interests, has an operating purpose other than to earn a profit, and which receives significant contributions from third parties that do not expect to receive a return.
Non-profit accounting employs the following concepts that differ from the accounting by a for-profit entity and therefore the reporting looks a little different as well. For example, the balance sheet is replaced with a statement of financial position. Financials have fund balances and may include additional columns you wouldn’t see in a for-profit organization. For example, the statement of retained earnings becomes the statement of changes in net assets. Normally, you would see a prior year column and a current year column. However, for a non-profit, you may have current year columns split out to included items for Invested in Capital Assets, Restricted Funds and General Funds. This is to account for those income and expense items that are for certain programs or funds that can only be used for a specific purpose.
The Non-profit world is based on accountability aspect of finances. This includes keeping a budget, reporting to donors on use of funds, and filing required reporting with the CRA. The government requires a special tax return to be filed annually. There are Each return has its own unique reporting requirements.
Non-Profits with larger amounts of government funding may require audited financial statements or Reviewed financial Statements and those that don’t may only require a notice to reader. We are able to offer all these services and are experienced in the special reporting requirements of Non-profit organizations.
CURRENT DRIVES & DONATIONS
WE ARE GETTING READY FOR OUR FILL-A-BACKPACK CAMPAIGN! This drive runs mid July throug August each year. We accept new backpacks, lunchkits, thermoses, water bottles, school supplies, shoes, clothing and cash and then match the donations!
Come check us out at our new location: 479 Winnipeg Street or cheque out the foundation's website www.lhrcommunityfoundation.ca
Our official launch of this program in 2022 was extremely successful, beating our target of 50 backpacks and hitting 75! The backpacks were disbursed to local families and school to help families with the cost of going back to school.
This year we are looking to fill 100 backpacks!
We are also looking to expand the program to ensure families have access all year and not just at the beginning of the school year.
If you would like to donate or sponsor OR if you know a family that could use our help please contact us at: firstname.lastname@example.org
3RD ANNUAL TOY & PJ DRIVE
WITH YOUR HELP, WE PROVIDED 16 FAMILIES WITH FULL CHRISTMAS HAMPERS INCLUDING GIFTS FOR ALL FAMILY MEMBERS AND GIFT CERTIFICATES FOR FOOD.
IN ADDITION WE WERE ALSO ABLE TO PROVIDE INDIVIDUAL ITEMS TO OTHER INDIVIDUALS AND ORGANIZATIONS WITHIN OUR COMMUNITY.