Land Trusts, Land Conservances, Agriculture & Agri-business
Accounting Firm for Land Trusts & Land Conservancies
Our NY accounting firm specializes in financial accounting and related tax reporting for non-profit land conservancies and land trusts. The unique nature of these organizations requires accounting and financial reporting expertise in such distinct areas as land acquisition, non-cash donations, private contributions, restricted contributions, contracts and grants. Investments held by these entities can be quite complex, and in some instances they are hard to value. We know how to handle these complexities.
PKHB CPAs invests resources in this special area of non-profit accounting through best practices trainings and industry conferences. We’ll help you determine the structure that best fits your mission and purpose while also meeting government regulations. Structuring these transactions is important to determine how activities and transactions will be reported in your books and records. Will your organization take ownership of the donated property? Will it purchase development rights or an easement while the third party retains ownership? What values should be recorded?
Complying with IRS Regulations
Many factors are paramount to managing and maintaining quality land trusts and land conservancies. We help you understand the rules and forecast future activity to ensure that you comply at every level. For example, in order to maintain accreditation, land conservancies are expected to follow best practices for non-profits. These best practices include corporate governance matters as they relate to such topics as related party transactions and conflicts of interest. Also, most land conservancies have to comply with UPMIFA requirements for their outside and board-restricted endowments. It is important that you know the rules for communicating with donors about their donations.
Complying with IRS rules for public support requires close attention. The quality of the organization’s IRS Form 990 is critical because the form is made available to donors, constituents, and regulators. We take pride in the quality, clarity and transparency of the 990s we prepare, and we understand the impact they have on your organization’s overall reputation, health and success.
CPA for Agriculture and Farms
PKHB works closely with agri-business entities, non-profits that support agricultural initiatives and the farming community, with a specific focus on non-profit farms, private for-profit farms, co-ops and educational farms throughout the Hudson Valley and Mohawk Valley regions.
We respond to the increasing need for specialized financial services to agricultural businesses, farm producers and the agri-business sector with sophisticated accounting, tax planning, audit, consulting and advisory services. Our firm helps farmers and agri-business owners structure their entities in a way that lets them operate efficiently while remaining sensitive to liability exposure and tax considerations.
Accounting Expertise in Agri-business
Agriculture plays a significant role in our region’s economic success. As a niche industry, it also comes with its own special considerations. For this reason, navigating the state and federal tax codes and using them to your advantage is trickier than most other industries. Plus, you’re too busy running your business to pay attention to new payroll tax credits, depreciation requirements or deductions for equipment-purchases. Our farms and agri-business experts understand the unique accounting needs associated with agricultural employment taxes, farm sales tax, farm succession planning, farm business valuation, financing and expansion.
PKHB knows the unique requirements of land conservancies.
PKHB works with dozens of farmers and organizations that support them.
PKHB has been tremendously helpful and knowledgeable regarding Dutchess Land Conservancy’s compliance with the NYS UPMIFA laws and related accounting guidance surrounding our endowment. We have engaged PKHB for several years now and are extremely pleased with the high quality service we consistently receive. Part of this is completing their work on deadline and always within budget. In addition, PKHB has consulted on routine financial management and accounting matters throughout the year as the need arises. PKHB is always very responsive and works with us in a professional, diligent and timely manner.
Hudson Highlands Land Trust has used the services of PKHB for our annual audit the past several years. Undoubtedly, our financial reporting has significantly improved during this time, and we could not be more pleased with the personal service we receive from the accounting professionals at PKHB.