Non-profits answer to boards, members, funders and regulators, and each one wants clear, reliable reporting. HJ Wu & Company Inc. (CPA) has worked with several non-profits on audit and review engagements and will guide your treasurer and board through the reporting rules that apply to you.
- Financial statements for your board, members and funders, including review engagements and compilations
- Fund and grant accounting: restricted and unrestricted funds, and reports that match what each funder asks for
- Guidance on annual filings for societies, non-profit organizations and registered charities
- Bookkeeping, payroll and GST/PST help, in the software your organization already uses
Why non-profit reporting is different
A non-profit does not report to owners. It reports to people who gave money, time or trust, and the rules reflect that. Money given for a purpose has to be tracked separately from general funds, grants often come with their own reports and deadlines, and the board has to be able to explain the numbers at the annual general meeting. The firm helps you set this up so the work is steady all year, not rushed at year-end.
What the firm helps with
- Financial statements prepared under the accounting standards for not-for-profit organizations, with notes your board and funders can follow.
- Review engagements and compilations. Your bylaws, your funders or your lender may ask for an audit, a review or a compilation. The firm will help you work out which one you actually need, and the owner brings experience with non-profit audit and review engagements.
- Fund and grant reporting. Track restricted funds, program costs and shared costs, and prepare the reports funders require.
- Annual filings. Societies in BC file an annual report and present financial statements to members. Registered charities file the T3010 information return, and some non-profit organizations file the T1044. The firm will explain what applies to you and by when.
- Payroll and sales tax. Payroll setup and remittances, GST and PST filings, and rebates that may be available to charities and other public service bodies.
- Board and treasurer support. Budgets, cash flow forecasts, plain-English reports for meetings, and help for a new treasurer taking over the books.
Your software, not ours
The firm works in the system you already use, including QuickBooks, Xero, Adagio and other accounting software, and will adapt to the software your organization uses.
Good questions to bring to the first meeting
- Does our bylaw, a funder or a lender require an audit, a review or a compilation?
- Which of our funds are restricted, and are we tracking them properly?
- Which annual filings are due, and when?
- Are we collecting and paying GST and PST correctly, and claiming what we can?
Filing rules and thresholds change and depend on your type of organization. Please confirm them with the firm before relying on this page.
Prepared by HJ Wu & Company Inc. (CPA). General information only, not personal advice. How the guides are written and reviewed.
Talk to HJ Wu & Company Inc.
Phone: 604-636-1862
Email: inquiry@hjwucpa.com
512 - 938 Howe Street, Vancouver
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Frequently Asked Questions
Quick answers about HJ Wu & Company Inc. and how the firm can help. See all FAQs
The firm covers the full list: accounting and financial reporting, bookkeeping, payroll, review (assurance) and compilation engagements, Trust Accountant's Reports, corporate (T2) and personal (T1) tax returns, GST and PST, budgeting and forecasting, fractional CFO and Controller services, and advisory and consulting. So you can get your books and your taxes handled by the same people. Tell the firm what you need and they'll point you to the right service.
Yes. The firm helps growing businesses build a reliable payroll system with proper controls, and prepares the payroll tax returns on time to avoid penalties. If payroll has started to eat your week, reach out to the firm and hand it off.
A compilation means an accountant organizes your numbers into proper financial statements without giving any assurance on them. A review adds limited assurance, which gives lenders, investors or regulators more comfort. Which one you need usually depends on who is asking for the statements. The firm provides both, so contact the firm if you're not sure which fits.