In recent years, DDAF has worked to establish long-term relationships with several colleges and universities. We believe these institutions benefit from a relationship with an accounting firm that has top talent, extensive experience, and a deep commitment to client service, and strong ties to the Commonwealth.
Our firm has extensive experience providing audit, tax, and consulting services for government-related and not-for-profit organizations, including many years of college and university experience. DDAF is a recognized expert in the not-for-profit consulting and compliance field.
Ours is a risk-based approach. Of course, we’ll perform many traditional tests, such as confirming all of the cash and investments, vouching major fixed asset additions and performing procedures designed to identify any missing liabilities. But, for most not-for-profit entities, their reputation risk (or fraud risk) is by far their biggest business risk. Public, not-for-profit entities suffer mightily when even the smallest of frauds becomes a newspaper headline. As such, we’ll spend much of our time understanding, documenting, and testing the organization’s internal controls in an effort to minimize reputation risk.
Tax Compliance & Consulting Services
When colleges and universities enlist DDAF to provide tax services, they can be confident that they are engaging a firm with vast industry experience and know-how.
Our team’s experience is substantial and varied. We annually prepare approximately 90 IRS Form 990s, including complex returns for colleges, private foundations, hospital systems, and other large not-for-profit organizations. We are able to identify and implement strategies to protect exempt status, minimize unrelated business income tax, reduce exposure to the intermediate sanctions, help protect against negative publicity, and provide comfort that tax compliance responsibilities are being met. We’re interested in the not-for-profit sector, know its specialized issues, and can provide a wide range of valuable services designed to both optimize tax results and avoid unanticipated problems.
DDAF has extensive experience which would serve you well in documenting and testing your internal control environment. As part of DDAF’s audit procedures, DDAF has assessed the entity’s control environments, tested controls, and identified risks. These types of procedures will be critical in helping your institution document the control environment and major processes and design tests and document testing of the processes and underlying controls.
DDAF has extensive experience assisting clients in not-for-profit bond issuances. We have helped with pro-forma financials, projections, and interim-reviewed financials, and have worked directly with our clients’ investment bankers.
Do you know whether your academic divisions and programs are cost effective? Wouldn’t you like to know? We can help. DDAF has substantial experience helping clients assess the true costs of their organizations and their initiatives. We can help you develop the internal processes and analysis tools needed for simple but useful cost accounting.
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To read The Importance of Ethics in Higher Education, click here.