Nonprofit Bookkeeping in New York

Not for everything. New York grants corporate franchise tax exemption on Form CT-247 and sales tax exemption on Form ST-119.2, each a separate application to the Department of Taxation and Finance. Once approved, the Department issues Form ST-119, your Exempt Organization Certificate, and you give vendors Form ST-119.1 to buy tax-free. Until then you pay sales tax on purchases, although a refund may be available later if you qualified at the time. If you sell goods, rent property or run a shop, you still register and collect sales tax.

Registration status with the Charities Bureau is public, and many funders check it during grant review. A late CHAR500 is the usual cause, and the usual cure is bringing the books current so the missing years can be filed on real numbers rather than estimates.

Yes. Registered organizations file every year. What changes with size is what goes with the filing: no CPA report at $250,000 or less, a CPA review above that, and an audit above $1,000,000. Very small organizations may qualify for an exemption from the financial report requirement; the CHAR500 instructions set the test.

We track the financial data behind state charitable solicitation registrations and annual state filings, and coordinate with your counsel or filing agent so multi-state fundraising stays compliant.

Yes, with some differences. 501(c)(3) employers are exempt from federal unemployment tax (FUTA) but still withhold income tax and pay Social Security and Medicare. New York unemployment insurance still applies, and 501(c)(3)s can generally elect to reimburse the state for benefits paid instead of paying contributions. Employers in the 12-county MTA district with more than $312,500 of payroll in a quarter also owe the MCTMT. See our payroll management service.

Under the New York Not-for-Profit Corporation Law, every nonprofit needs a conflict of interest policy. Organizations with 20 or more employees and more than $1 million in annual revenue also need a whistleblower policy, and an organization that files an audit needs board or audit committee oversight of it. We keep the financial side ready; your counsel confirms the policies.

We track grant funds by award, monitor budget against actual, record releases from donor restriction, and prepare the compliance reports funders require, so you stay in good standing with grantors and know how much of each award remains.

When your organization spends $1,000,000 or more in federal awards in a fiscal year beginning on or after October 1, 2024 (2 CFR 200.501). It counts money spent, not awarded, across all federal awards combined. Some agencies apply earlier terms to older awards, so confirm the position with your auditor. It is separate from New York's own audit threshold.

Monthly plans start at $595, agreed before work starts and based on transaction volume, the number of funds and grants, and whether you need CPA review, audit or Single Audit support. No hourly billing and no surprises at year end. See pricing.

Experience with nonprofit clients, working knowledge of FASB ASC 958 and the Form 990, familiarity with the CHAR500 and the Executive Law 172-b thresholds, and a monthly close you can plan a board meeting around. Ask to see a sample monthly pack before you sign.

Yes, and it is a common starting point. We begin with catch-up and cleanup, including rebuilding fund and net asset tracking, then move you into a structured monthly reporting cycle. Catch-up and back filings are scoped and priced separately from the ongoing fee. See our catch-up bookkeeping service.