Assurance Services for Not-for-Profit (NPOs) and Registered Charities in Oakville and Across Ontario

Not-for-profit and registered charity organizations face unique challenges compared to for-profit companies. While meeting the needs of their respective communities, they must also adhere to strict industry requirements for transparency while satisfying Municipal, Provincial, and Federal legislation. That is why working with an expert accounting firm with years of industry experience ensures your organization meets the required regulations.

The trusted and knowledgeable professionals at Glenn Graydon Wright LLP are well-versed in the unique requirements of not-for-profit organizations and registered charities. We have provided expert accounting, assurance, and tax services to organizations in Oakville and Ontario for over 60 years. We strive to deliver thorough, reliable assurance services to our not-for-profit and registered charity clientele and provide proactive strategies by cultivating long-term relationships and supporting day-to-day needs so organizations can achieve their goals.

Maximizing Your Organization’s Potential

Glenn Graydon Wright LLP understands that not-for-profit organizations and registered charities are often stretched for time and resources. We provide much-needed services to help organizations refine internal processes, maximize the organization’s potential, and stretch valuable dollars.

Our Team works closely with clients, providing comprehensive solutions to meet each organization’s needs. We are committed to high professional standards and ensure each client receives personalized and attentive service.

Audit and Assurance Services in Oakville

No matter the nature of your not-for-profit or charitable organization, having a firm grasp of your finances and business practices while staying on top of industry practices and government legislation can take time and effort. This is especially true for not-for-profits, which must also meet transparency expectations while complying with regulations while at the same time staying within your budget.

At Glenn Graydon Wright LLP, our team of highly skilled audit and assurance professionals delivers comprehensive audit and review services, including a review of your books, financial statements, and internal accounting practices to ensure compliance with Accounting Standards for Not-for-Profit Organizations (ASNPO).

Our services include:

• Audits, Reviews and Compilation Engagements
• Financial Statement Preparation
• Identifying and Mitigating Potential Risks
• Review Internal Controls
• Streamlining Processes
• Improving Efficiencies
• Strategic Planning
• Fundraising Reporting and Compliance
• Charitable Reporting and Issuing of Receipts
• Bookkeeping services

ASNPO and Financial Reporting

Accounting Standards for Not-for-Profit Organizations (ASNPO) provide a financial reporting framework tailored to not-for-profit organizations. The standards address matters such as contributions, restricted resources, collections, and related entities. For organizations receiving donations, grants, government funding, or other contributions, applying the appropriate accounting treatment matters, especially when funds are subject to specific restrictions or conditions.

Following appropriate accounting policies helps ensure your organization’s financial statements accurately and clearly reflect its financial activities and resources. Meaningful disclosures can also help boards, members, donors, funders, and other stakeholders understand your organization’s revenue, financial position, commitments, and use of funds.

Ontario’s Not-for-Profit Corporations Act, 2010

Ontario’s Not-for-Profit Corporations Act, 2010 (ONCA) establishes the legal framework for many Ontario not-for-profit corporations, including charitable corporations. The legislation addresses matters such as incorporation, governance, membership, directors and officers, financial reporting, and dissolution. ONCA also distinguishes between public benefit corporations and other not-for-profit organizations and sets out requirements relating to audits and review engagements.

Financial reporting requirements under ONCA vary according to an organization’s status and annual revenue. For example, a public benefit corporation with annual revenue of $500,000 or more generally requires an audit, while organizations below certain revenue thresholds may use a review engagement or dispense with an audit and review engagement, subject to applicable requirements and member approval. Organizations should also ensure their articles, by-laws, and governance practices align with ONCA and any other legislation that applies to their activities. The ONCA transition period ended on October 18, 2024, and corporations that have not reviewed their governing documents should consider obtaining professional advice.

Halton Region Tax Filing Services

Filing annual tax returns for non-profit organizations and registered charities can be complicated, especially when ensuring you meet all compliance requirements. Our expert tax professionals have decades of experience delivering and preparing high-quality tax filings to ensure your organization is completing all reporting requirements.

Our services include:

• T3010 Charitable Information Returns
• T1044 NPO Information Returns
• T2 Corporate Tax Returns
• CRA Compliance
• GST/HST Returns
• Public Service Body GST/HST Rebate Forms

Contact Glenn Graydon Wright LLP CPAs in Oakville for Expert Assurance Services for Charities and Not-for-Profits

The accounting professionals at Glenn Graydon Wright LLP have delivered comprehensive audit, assurance, and tax services for not-for-profit and charitable organizations for more than 60 years. Our expert team will help you meet all required assurance reporting requirements while recommending potential improvements and cost-saving opportunities. Call us today at 905-845-6633 or connect with us online to set up an initial consultation.