Maine is unique in many ways, but particularly in the not-for-profit industry. In 2014, non-profits accounted for 10.3% of overall private sector employment across the country, but in Maine that amount was significantly higher at 14.4%. In Maine, the non-profit industry accounts for approximately 85,000 jobs, generates more than $12 billion in revenues, and holds over $22 billion in assets. These numbers are significant to our economy, as the non-profit industry not only assists in Maine’s economic growth, but plays a vital role in it. One in six people in the State of Maine are employed by the more than 8,500 non-profit organizations that call Maine home. These organizations contribute to our communities while providing vital community services.
Being a non-profit organization comes with certain responsibilities. It is incumbent on the organization to maintain the quality standards necessary to maintain its status as a non-profit corporation in the State. Charitable contributors want to know their contributions are being used appropriately and that the organization is compliant with their requirements. The non-profit annual tax return, Form 990, requires substantial information and financial disclosures. Additionally, the non-profit industry has unique and specific requirements for audits, reviews, and compilations.
That’s why the two functions of BBSC, Tax and Planning Services and the Attest Services, have teamed together to bring non-profit agencies the full spectrum of accounting services. At BBSC, our people are our biggest asset. Bringing together the knowledge of our tax professionals for preparation of the non-profit tax return with the attest services provided by our attest team gives our non-profit clients the best overall service from individuals who specialize in each function.
At BBSC we bring our knowledge together to provide these great services to our non-profit clients:
- Form 990 Preparation
- Audits, Reviews, Compilations
- Potential UBIT consulting
- Bookkeeping services
BBSC continues to work diligently in the industry and have clients across the spectrum of the non-profit industry:
- Social Services
- Military non-profit organizations
- Community Activities
- Social Clubs, Golf Courses
- Condo Associations, Homeowners Associations
BBSC is committed to the non-profit industry in Maine. Many individuals from our team work diligently to forward the missions of local non-profits as board members and volunteers.