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Not-for-Profit

Financial Statement Preparation

Porter Hétu International's independent member firms will assist not-for-profit groups in preparing necessary and accurate financial statement presentations either on a regular basis, or yearly in preparation for the Annual General Meeting. This includes preparation of the basic reports including a balance sheet, income statement and statement of cash changes in financial position.

Charitable Receipting

Many not-for-profit organizations rely significantly on financial and in-kind donations as a key source of revenue. As competition for donor dollars increases, organizations are becoming more creative in expanding their donor base and introducing innovative fundraising programs and initiatives. The rules for issuing charitable tax receipts can be complex, and can easily be applied incorrectly. For example, recipients may be receiving receipts when they are not entitled to, and donors may be missing out on tax advantages. Porter Hétu International's independent member firms can help guide you through CRA’s rules from both the donor’s and recipient’s perspective to ensure your organization is in complete compliance.

Board and Treasurer Responsibilities

Directors of non-profit organizations are usually volunteers who bring with them a broad range of skills. These volunteers have both a managerial and fiduciary duty to that organization in managing its affairs and developing and adhering to its bylaws. Porter Hétu International independent member firms can assist in setting up a not-for-profit, advising on its board selection, and facilitating discussion on governance and bylaws. Our members can also advise on the sometimes confusing laws that affect the roles of directors, including, but not limited to, contracts, criminal and civil liability, personal liability, and liability for income tax.

Financial and Personnel Policy Development

Designing the organizational chart and selecting critical operations/administration personnel is key to a successful financial operation. Our independent member firms will make recommendations on the organizational structure of your financial division, as well as suggest effective staffing levels and knowledge base. Assistance can also be provided in drafting job descriptions and hiring suitable staff.