Running a nonprofit is a labor of love. You’re committed to making an impact, improving lives, and driving change. But behind every successful nonprofit is a strong financial foundation—something many organizations struggle to maintain. That’s where we come in. At Overhead Solutions Group, we provide nonprofit accounting services that empower organizations to stay focused on their mission while we handle the complexities of financial management.

Based in Norfolk, VA, we are the trusted choice for nonprofits seeking expert accounting services tailored to their unique needs. From grant management to tax compliance, we offer comprehensive support that ensures your nonprofit thrives financially. Let’s dive into why nonprofits in Norfolk rely on us to make their mission a reality.

The Unique Challenges of Nonprofit Accounting

Nonprofit accounting isn’t like accounting for businesses. It comes with its own set of challenges:

  1. Restricted Funds Management: Nonprofits often receive funds earmarked for specific purposes, making it essential to track and report on their usage accurately.
  2. Tax Compliance: Filing IRS Form 990 and maintaining tax-exempt status can be daunting without expert guidance.
  3. Grant Tracking: Many nonprofits depend on grants, requiring detailed reporting to satisfy grantors’ requirements.
  4. Donation Tracking: Transparency is vital. Nonprofits must show donors how their contributions are being utilized.
  5. Limited Resources: Many nonprofits lack the internal staff or expertise to manage complex financial needs.

These challenges can seem overwhelming, but with Overhead Solutions Group in Norfolk, VA, you don’t have to face them alone.

 

Our Comprehensive Nonprofit Accounting Services

At Overhead Solutions Group, we offer a wide range of accounting services tailored to nonprofits. Here’s what we bring to the table:

1. Accurate Financial Reporting

Nonprofits require clear, detailed financial statements to ensure transparency and meet regulatory standards. Our team provides:

  • Statement of Financial Position (Balance Sheet)
  • Statement of Activities (Income Statement)
  • Cash Flow Statements

2. Grant Management and Reporting

Grant compliance is critical for nonprofit funding. We track grant spending, ensure adherence to guidelines, and provide the necessary financial reports to maintain donor confidence.

3. Tax Compliance and Preparation

Staying compliant with the IRS is essential to maintaining your tax-exempt status. We assist with:

  • Preparing and filing IRS Form 990
  • Advising on unrelated business income tax (UBIT)
  • Ensuring compliance with federal, state, and local tax laws

4. Restricted and Unrestricted Funds Tracking

Our experts manage restricted and unrestricted funds separately, ensuring compliance with donor restrictions and proper allocation of resources.

5. Budget Preparation and Forecasting

We help nonprofits create realistic budgets and financial forecasts to support strategic planning and long-term sustainability.

Why Nonprofits in Norfolk, VA Choose Us

1. We Understand Nonprofit Nuances

Not all accountants are equipped to handle nonprofit financial needs. At Overhead Solutions Group, we specialize in nonprofit accounting, ensuring your financial management aligns with your mission.

2. Tailored Solutions for Every Organization

From small community-based nonprofits to larger organizations, we customize our services to fit your unique needs.

3. Local Expertise

Located in Norfolk, VA, we understand the local economic landscape, regulations, and challenges nonprofits face in our community.

4. Cutting-Edge Tools and Technology

We utilize industry-leading software to streamline your accounting processes, improve accuracy, and provide real-time insights into your financial health.

5. Exceptional Customer Support

We’re not just your accountants; we’re your partners. Our team is always available to answer questions, provide advice, and offer peace of mind.

Real-Life Impact: Success Stories

Case Study 1: Helping a Local Nonprofit Stay Grant Compliant

A Norfolk-based nonprofit struggled with managing multiple grants. Our team stepped in to organize their financial records, track grant-specific expenditures, and produce detailed reports for grantors. Result? Renewed funding and strengthened donor confidence.

Case Study 2: Tax Compliance Made Simple

A nonprofit approached us after receiving a warning about their IRS Form 990. We corrected past errors, filed their returns on time, and provided ongoing tax compliance support. They’ve had zero tax issues since.

The Overhead Solutions Group Advantage

When you choose Overhead Solutions Group for your nonprofit accounting needs, you’re not just hiring accountants—you’re gaining a trusted partner committed to your mission. Here’s what sets us apart:

1. Expertise You Can Rely On

Our team has extensive experience in nonprofit accounting, ensuring your finances are in capable hands.

2. Personalized Attention

We know every nonprofit is unique. That’s why we take the time to understand your organization’s goals, challenges, and financial needs.

3. Transparent Pricing

No hidden fees, no surprises. Our pricing is straightforward and designed to provide maximum value for your organization.

4. Results-Driven Approach

We measure our success by your nonprofit’s financial health and ability to achieve its mission.

How We Make a Difference

1. Simplifying Complexity

Nonprofit accounting can be overwhelming, but we simplify the process so you can focus on your mission.

2. Enhancing Transparency

We ensure your financial statements are clear, accurate, and easy to understand, building trust with donors and stakeholders.

3. Supporting Growth

Our financial insights help you identify opportunities for growth, secure funding, and expand your impact.

Top Questions About Nonprofit Accounting Services

1. What is IRS Form 990, and why is it important?

IRS Form 990 is a tax document that nonprofits must file annually. It provides transparency about your organization’s finances, ensuring accountability to donors and the IRS.

2. How can I track restricted funds effectively?

Our team uses specialized accounting systems to track restricted funds separately, ensuring compliance with donor requirements.

3. What if my nonprofit is audited?

We provide audit preparation services, ensuring your records are accurate and ready for review.

4. Can you help with fundraising financials?

Absolutely! We assist with budgeting, donor reporting, and financial planning for fundraising campaigns.

Quick Tips for Nonprofit Financial Success

  1. Separate Personal and Organizational Finances: Use dedicated accounts for your nonprofit to maintain transparency.
  2. Keep Detailed Records: Store receipts, invoices, and financial documents securely and organize them regularly.
  3. Invest in Professional Help: Hiring experts like Overhead Solutions Group can save time, reduce stress, and improve financial accuracy.
  4. Embrace Technology: Use accounting software to automate processes and improve efficiency.

Partner with Norfolk’s Nonprofit Accounting Experts

At Overhead Solutions Group, we’re more than just accountants—we’re advocates for your success. We understand the unique challenges nonprofits face and are here to provide the financial clarity and support you need to focus on your mission.

From accurate reporting to tax compliance, our team delivers comprehensive accounting services that empower nonprofits in Norfolk, VA, to thrive. Let us take the burden of financial management off your plate so you can dedicate more time to making a difference.

Take the Next Step for Your Nonprofit’s Success

Are you ready to elevate your nonprofit’s financial management? Partner with Overhead Solutions Group and experience the difference of working with Norfolk, VA’s top nonprofit accounting experts. Contact us today for a consultation and let us help your organization achieve its mission with confidence.