A compliance firm should be your first hire. Compliance firms assist with making sure that the committee is set up correctly so things will run smoothly.
When should I hire a compliance firm?
Shouldn't I hire a CPA?
Certified Public Accountants are a necessity for for-profit businesses. CPAs are great at assisting companies on tax filings as well as how best to spend money in the most tax efficient way. Political organizations only pay tax on non-contribution income and mainly file with the FEC, not the IRS.
Can a volunteer handle the compliance?
Political organizations now raise and spend millions of dollars with thousands of transactions. It’s not fair to a volunteer to expect the time commitment needed to handle the accounting of such a large organization. Plus the rules and regulations regarding political organizations takes time and research to understand.
Why NLP versus in-house?
Some organizations handle compliance and accounting in house. However, this work is crutial to a successful organization and many times it is handled by someone’s whose focus is not this. At Next Level Partners, we work on your compliance and accounting every day. It is all that we think about. We make sure that your books are accurate, bills are paid on time, and that everything is in compliance.
Why do we need an invoice for this?
The FEC requires that campaigns list all expenses over $200 on their compliance reports and can also request the documentation associated with those expenses during an audit. To make sure that our clients never have any problems with this requirement, Next Level Partners will keep a copy of all invoices or receipts that we receive for campaigns in our electronic records.
How long does it take to process contributions?
We are happy to receive our client’s physical contributions and process them for deposit in the client’s bank account; when we receive a contribution at our office before 4 PM, we will always deposit it at the bank that same afternoon. It generally takes another 24 hours to prepare the electronic record of those contributions for import into the client’s database, so these contributions will be in your database by the following afternoon.
Can I deposit this check?
Next Level Partners carefully examines every single contribution that we receive from our clients, checking for potentially problematic contributions before they are deposited into your bank account. In the event that you receive one of these contributions, we will quickly work with your staff to obtain the proper paperwork from your donors and confirm if the contribution is acceptable.
Are you located near the DCCC/Capitol Hill?
Yes! Our office is located just a few blocks from both the DCCC and the House Office Buildings, so we can easily pick up or drop off contributions and other materials from these locations. That’s just another way that we can save your campaign time and energy.