Nonprofit

Non-profit organizations occupy a unique position in our communities – a position that induces focused regulatory attention and opens an effectual door to the public’s view of the inner workings of the exempt organization. A heightened level of scrutiny commands a heightened level of service. Whitley Penn’s nonprofit team is prepared and committed to guiding your organization through this intricacy. We have deep roots in Texas, and are trusted advisors to private foundations and nonprofit organizations of all kinds. Whether you are a charity, foundation, hospital, school, association or other 501(c) organization, we combine broad technical knowledge with a focused service commitment that nonprofit organizations, their executive directors and boards value and appreciate.

  • Private Foundations and Charitable Trusts
    • A legacy of giving
  • Non-profit Tax Compliance
    • A perspective of your organization from the outside
  • Non-profit Tax Consulting
    • Application for exemption
    • Unrelated business income tax
  • Higher Education and Independent Schools

A legacy of giving

Whether born from any combination of prudent tax planning, a desire to have a meaningful impact on the causes that matter to you, or to establish a family legacy of giving, even in perpetuity, private foundations and charitable trusts play an important role in society. This distinctive role of social responsibility, though extolled, is not without its pitfalls.

Whitley Penn advisors will guide you throughout the lifecycle of your organization, including regulatory compliance, to ensure your charitable goals are not overshadowed by mishaps to the unwary.

A perspective of your organization from the outside

The public availability of the Form 990 opens your organization to a scrutiny not shared by for-profit counterparts. While fulfilling regulatory compliance requirements, the 990 must also be viewed with an eye toward public perception. Though not without its challenges, we view your 990 as an opportunity.

Whitley Penn understands the delicate nature and complexities of the information your organization has to offer to the world. Our advisors will work collaboratively with you through the 990 presentation and annual changes in reporting requirements. What story are you telling?

Application for exemption

Your application for exemption defines your organization in more ways than one. Not only is the application your opportunity to garner the coveted recognition as tax-exempt, but the filing forms the basis for all future activity conducted by the organization under the purview of its exempt purpose.

Whitley Penn advisors work closely with new organizations to develop their applications with defining focus.

Unrelated business income tax

Nonprofit organizations, though generally exempt from income tax, sometimes generate revenue from commercial sources that are not related to their exempt function. This unrelated business income (UBI) may be taxable to the organization at regular tax rates. Though not necessarily detrimental to its exempt status, an organization needs to understand whether and how these types of activities fit into its overall operations.

Whitley Penn professionals can guide you through the complexities of unrelated business income, current IRS guidance, and industry standard practices.

Higher education and independent schools

In the world of education, academic quality is chief among priorities. Trailing closely behind are fiscal responsibility and operational effectiveness. Our audit and tax services help you address compliance with accounting standards, financial-reporting practices and tax regulations specific to educational institutions with an eye on operational improvement.

With expertise in alternative investments, charitable gift vehicles and endowments, and unrelated business income, Whitley Penn professionals have experience in the areas of your greatest risk, and work with you to improve your institution’s effectiveness in working through those risks.

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