Claiming Your Parent as a Dependent
If you pay over half the cost of supporting a parent, he or she is considered your dependent for federal income tax purposes — which may qualify you to some significant tax breaks.
Arts & Cultural
Lumsden McCormick is committed to serving the arts and culture organizations that help enrich our Western New York region. Our nonprofit team has served hundreds of nonprofit organizations over the years, including arts and cultural organizations. You can count on us to focus on meeting compliance requirements, minimizing unrelated business income, mitigating risk, and maintaining all Uniform Guidance standards. You’ll find our nonprofit team of certified public accountants accessible and focused on your operations and financial goals.
Our services to arts and cultural nonprofits include:
- Audits, reviews, and compilations of financial statements
- Accounting systems, policies, and procedures
- Consolidated fiscal report (CFR) certifications
- Cost control and cost accounting
- Employee benefit plans
- Governance and best practices
- Internal audits
- Operations (efficiency) and internal control audits
- Single audits in accordance with Uniform Guidance and Yellow Book audits
- Forms 990 and CHAR500
- Form 1099 series filings
- Unrelated Business Income Taxes (UBIT)
- Alternative investments
- Bonding and other financing
- Employee and executive compensation
- Enterprise risk management
- For-profit subsidiary corporations
- Forensic accounting and investigations
- Initial formation and exemption applications
- Institutional investing and policies
- Rate reimbursement
- Strategic planning
- Software selection and support
For more information about our accounting and consulting services for nonprofit organizations, contact Donna Gonser or complete the form below.
