Newburg & Company, LLP offers grant accounting to Boston, MA and beyond. The process of grant accounting, also known as fund accounting, involves the review, compilation, assessment and bookkeeping of restricted or unrestricted funds to the receiving organization.
Non-profit organizations typically receive grants and many have been granted a special tax exemption by the federal, state and/or local government. Newburg can help you to adhere to the more strict grant accounting and bookkeeping practices that are needed, when you are awarded this tax exemption.
Professional Grant Accounting in Boston, MA
Government grants are a common method to obtain funding as a non-profit organization. To begin, the organization will need to submit a proposal to a government agency for specific funding. The organization should include a detailed budget on how the funds are going to be spent. Newburg can help you properly track and report your expenditures to ensure compliance with your grant agreement.
There are two types of income flow in grant accounting.
- General Purpose Funds – Also known as unrestricted, can be used for general expenses such as salaries, supplies, rent, etc.
- Special Funds – Also known as restricted funds. These are usually restricted to programs and services that the non-profit provides. Bookkeeping for special funds is very important throughout the entire process, including application.
Newburg & Company, LLP can help you and your organization if you need grant accounting in the Boston, MA area. To learn more about our accounting services, including internal control assessment, information systems assurance, bookkeeping and consulting, contact our dedicated team for a consultation.