BMWL is positioned uniquely to serve the needs of private schools and their leaders.  Private schools have unique needs that warrant careful attention, in addition to the broader issues that apply more generally to the nonprofit sector.  Not only is our entire team singularly focused on serving the nonprofit sector, we have significant experience specifically in the arena of private education.   Many private school leaders have come to BMWL for audit and assurance services because of our strong reputation for helping them make sure the financial bases are covered.  They often come to us after working with another accounting firm, and they share with us that they were concerned that their previous firm was not bringing matters to their attention that needed to be addressed.  After asking around among leaders in the nonprofit community, they learned that BMWL is well known for just that – taking a comprehensive and highly professional approach to providing services that include communicating important matters to our clients on a proactive and consistent basis.

One of the key aspects of successfully managing the financial operations of a private school is managing accounts receivable.  Unlike many other types of charitable or religious organizations that depend on contributions as their primary source of revenue, private schools depend heavily, if not entirely, on revenues from tuition and fees.  Properly collecting and managing accounts receivable is a critical component for maintaining a school’s viability.  The BMWL team helps private schools evaluate their accounts receivable management practices for soundness and viability.

In the tax arena, we help private schools reduce their state and local tax obligations by helping them take advantage of exemptions of which they were not fully aware.  As a result of our services, some of our private school clients (and their families) have saved significant sums of money by taking better advantage of their exemptions.  Saving our clients money is one of our favorite things to do!

We also help private schools evaluate and reorganize their corporate structures for risk management purposes.  Together with legal counsel, we help schools reduce the risk of exposure of their significant assets to liabilities associated with their regular operating activities. We also address the federal and state tax implications of multiple-entity corporate structures.

Another key area in which we assist our private school clients is addressing their practices for establishing and documenting executive compensation and related party transactions.  It is critically important for private schools to handle executive compensation and related party transactions properly.  Improper handling of these important matters can result in negative publicity as well as possible (very significant) penalties for the individuals involved.  Our BMWL professionals can help your school successfully navigate the rules related to executive compensation and related party transactions – and reduce the risk to your school and its leaders.

BMWL has helped a number of private schools meet the requirements of accrediting bodies by providing auditing and related services.  BMWL also advises private schools in such areas as budgeting; internal controls; accounts receivable management; board governance; tax-exempt bond financing; qualified tuition reduction benefit plans; scholarship programs; federal, state, and local tax compliance; and much more.