Non-Profit Accountants in Abbotsford, British Columbia
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Government entities, agencies, and non-profit organizations operate under Public Sector Accounting Standards (PSAS) rather than IFRS or ASPE. A CPA experienced in this sector understands fund accounting, transfer payment compliance, budget vs. actual reporting, and the audit requirements that come with public funding.
BC non-profits are incorporated under the BC Societies Act (2015), one of the most modern non-profit legislation frameworks in Canada. BC charities must file the T3010 with CRA and may need to file a separate annual report with BC Registry Services. Many BC non-profits receive funding from BC Gaming (Community Gaming Grants), which has specific spending restrictions and reporting requirements.
Key considerations in British Columbia
- BC Societies Act requires annual general meeting and annual filing with BC Registry Services
- BC Gaming grants have strict restrictions on how funds can be used and reported
- ASNPO (Accounting Standards for Not-for-Profit Organizations) applies to BC NFPs
- BC non-profits with over $10M revenue or public interest may need a statutory audit
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