Schall & Ashenfarb, CPA's has been serving the accounting community for over 30 years and prides itself on having the hands-on style of a small firm with the resources and quality of a larger, regional firm. Our primary niche of working with not-for-profit organizations allows us to hire and retain professionals that specialize in this unique industry. We also have a more traditional side of the practice that works with clients in commercial industries that include arts and entertainment such as Broadway and Off-Broadway Theater, touring theatrical productions, legal, medical and other professional service firms, professionals and self-employed individuals and more. We provide financial statement preparation, accounting and tax planning services for these clients.

Not-For-Profit Services

Schall & Ashenfarb CPA's is one of the premier accounting firms to work with organizations in the not-for-profit sector in the New York Tri-State area. Although relatively small in size, with 3 partners and a staff of approximately 20, the firm has resources to address most needs of small and medium sized not-for-profit organizations. Our current roster has more than 100 not-for-profit clients in such diverse fields that include health and welfare organizations, arts and cultural institutions, education organizations including charter schools, private foundations, international organizations and religious institutions.

Effective July 1, 2014 charitable organizations in New York that have annual gross revenues greater than $750,000 must undergo a financial statement audit to satisfy the regulations of the NYS Charities Bureau. S & A is unique in the way we perform our audits. All fieldwork is led by an experienced manager, who will be your main contact on a daily basis. Our clients do not have to be concerned about working with lower level staff, because the in-charge manager will always be on site. Partners are very involved from planning the audit to reviewing reports and attending the exit conference to ensure that management and those charged with governance understand the process and results obtained.

Our audits do a lot more than give the board of directors, potential donors and watchdog groups comfort that the financial statements are free of material error. We also provide constructive recommendations to the accounting department on ways they can be more efficient in their day to day work and how they can strengthen the internal control structure of their organization. In addition, we advise the board of directors on ways they can improve their board governance structure, especially in light of the recent changes to the form 990, and changes brought about by the Non-Profit Revitalization Act. (View our separate webinar by clicking the toolbar on the left).

In addition to audits, we provide the following services to not-for-profit organizations:

Taxes

  • Tax planning
  • Tax return preparation
  • Tax representations on IRS examinations
  • Analysis of unrelated business income
  • Review of exempt status

Management Advisory Services

  • Develop accounting procedures manuals
  • Review consolidated financial reports (CFR's)
  • Provide tailored workshops on a variety of financial and board governance matters
  • Develop internal financial reporting formats/treasurer's reports
  • Provide explanations and interpretations of internal financial statements and effects of current economic activity
  • Develop indirect cost rates to maximize government contracts

Computerization

  • Install, customize and teach staff in specialized general ledger systems
  • Provide year round technical support
  • Training on spreadsheet software