At Peterson Sullivan, we take pride in our work with the nonprofit community.  We strive for the highest level of service by building strong personal relationships with our clients so that we can work as your trusted advisor… never your adversary.

We understand that as a leader in a nonprofit organization, your time is extremely valuable. We have designed our processes to work with you in an efficient and transparent matter.  We fully coordinate our financial statement services along with tax services to prevent us from asking the same question twice.  We tailor our services for each client to fit their needs as we know that each organization is unique and deserves specialized attention.

Peterson Sullivan works with over 350 nonprofits each year and our employees are actively involved with nonprofits across the Puget Sound through board service and volunteerism.  With our depth of knowledge and experience, we understand many of the challenges nonprofits face daily and can work closely with you to offer recommendations, industry best practices, and ultimately, find solutions.

We serve nonprofits of all types:

  • Associations
  • Churches/ Religious Organizations
  • Foundations
  • Low-income Housing
  • Museums
  • Quasi-government
  • Revolving Loan Funds
  • Research and Life Science
  • Schools
  • Social Service Agencies

Our nonprofit services deliver value beyond satisfying compliance requirements. They provide peace of mind to donors, supporters, the Board of Directors and the public that your organization is fiscally responsible, healthy and fulfilling its mission statement.

Peterson Sullivan provides multiple levels of financial statements services to fit your needs:

  • Audits provide the highest level of assurance that your financial statements are free from material misstatements.  Audits also include a detailed look at internal control processes that are essential to your organization’s financial reporting.  We tailor our audit procedures to fit your organization.   In doing so, we can focus our attention on the highest risk areas for your organization and spend less time on lower risk areas.  We also can tailor our procedures to specific concerns that management or the Board of Directors might have to provide additional peace of mind.
  • Reviews provide a lower level of assurance than an audit.  Review procedures primarily include inquiry and analytical procedures.  Reviews are perfect for smaller organizations and organizations that are not required to have an audit, but still want some degree of assurance that their financial statements are accurate.
  • Compilations do not provide assurance over the accuracy of the financial statements.  We prepare professional-looking financial statements based on your organization’s records.
  • Agreed Upon Procedures allow us to customize testing over a specific area or project.  We will work directly with your organization to determine what needs to be tested and the best way to perform the testing.  Agreed upon procedures are often used for testing of compliance with leases or grants from donors or state and local agencies.

Preparation & Filing of Form 990

At Peterson Sullivan, we fully coordinate the preparation of your Form 990 with our financial statement services.  We will make sure that the information presented in Form 990 accurately tells the story of the work your organization did during the year and that the information is consistent with the financial statements.

Single Audits

Your organization may need a single audit (formerly called an A-133 audit) if you spend more than $750,000 in federal funds in a year.  We have a dedicated group of experts on both the Uniform Guidance and Circular A-133 that also work within our nonprofit practice.  We can provide guidance on policies and procedures, compliance requirements, and the changes necessary under the Uniform Guidance.

Development & Review of Internal Controls

Nonprofits are often held to a higher standard.  You have a responsibility to use donor funds wisely and in accordance with donor specifications.  You also must protect the funds from misappropriation.  Peterson Sullivan works with nonprofits of all sizes and can provide expert advice on internal controls for organizations of any size.  We will work closely with your staff to find control processes that work for you and not against you.

401 (k) and 403 (b) Plan Audits

Retirement plans are an important benefit provided to your employees.  If you have over 100 eligible participants, the Department of Labor requires that you receive an audit.  We will help ensure that your plan is compliance with ERISA, and help resolve any issues that arise.

Unrelated Business Income Tax (UBIT)/Form 990-T

Certain business activities can provide important funding for your organization. However, the income may be taxable depending on the type of activity.  Determining when income is taxable for a nonprofit organization can be confusing.  Peterson Sullivan can consult with your organization to determine if income is taxable, and determine which costs can be allocated to the activities to minimize the tax burden as well as prepare the Form 990-T to report the taxes if determined that this is necessary.

Endowment Disclosures and Policies (including UMIFA & UPMIFA)

We have years of experience in working with endowments under both UMIFA (Uniform Management of Institutional Funds Act) and UPMIFA (Uniform Prudent Management of Institutional Funds Act).  Your endowment policies are important to ensure compliance with donor restrictions and the law.  They will also determine how much of an endowment’s income may be spent and how the investments are managed.  Endowment related financial statements disclosures may be some of the most complicated notes to your financial statements.  We will work closely with your organization to make sure the notes are easy to understand, complete, and accurate.

State & Local Sales Taxes

Peterson Sullivan employs some of the State of Washington’s best experts on state and local taxes.  Our experts are happy to help make sure your organization is paying state and local taxes when and where appropriate, but not over-paying taxes.  We can also provide support if your organization is ever audited by the Department of Revenue.