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December 4, 2022

Helping a Nonprofit or No?

So I arrived home yesterday to a kindly worded letter from a local non-profit, specifically one that helps veterans and who takes special interest in ladies who were considered part of the Rosie the Riveter movement in WWII, which said they're looking for a CPA to prepare their 990 and they got my name from my state's accountancy website.  My guess is they were searching geographically since we're in the same zip code, which happens to be an area where there aren't a great many CPAs. 

So, here's the question.  I found online and reviewed their 990 filing from last year, and it's a really basic filing.  HOWEVER, I've never done any of this.  I spent my career in audit and then in industry in roles that do nothing with tax filings, and it's not like I have any software; I use Turbotax for myself at home but that's about it. That said, their filing looks pretty basic.  The only thing that stuck out to me was an approximately $2,300 Prior Period Adjustment on their Schedule O for their Net assets.  Net Assets are only $12k, so it's a fairly material change, and the only account that went down that much was Cash, savings, and investments, so who knows, maybe the the director absconded with a couple grand.  Who knows.

Anyway, what are the thoughts of the community for someone who's never done these to try and help out a seemingly good non-profit?  Does the prior period adjustment raise anyone else's eyebrows?  Or is that kind of thing fairly common with these types of groups?  Would it be best to just to offer them a kindly worded 'thanks but no thanks' and leave it at that?  

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