Organization of New Camp
Organizing, setting up and consulting with new businesses, including reviewing entity-specific documentation as it relates to potential tax impacts and overall structure.
Purchase of Camp
Consulting on the purchases of camps, including new entity formation, company structure, analyzing the benefits of asset purchase vs. stock purchase, and assisting with asset allocations prior to closing – all while considering and maximizing the tax benefit to our clients.
Sale of Camp
Consulting on sales of camps, including the establishment of installment sales and assisting with asset allocation prior to sale in order to maximize capital gain treatment vs. ordinary income and defer gain recognition over a period of time.
Assist clients with obtaining bank financing, review term sheets, help negotiate rates, review financial covenants. The goal is to help the clients get lower interest rates and competitive financing.
Accounting & Tax
Assistance with monthly, quarterly or annual maintenance of accounting records (i.e. general ledger, trial balance, etc.). Review and compilation of the financials and preparation of tax returns.
Help clients analyze capital expenditures each year to determine what items can be expensed vs. capitalized. If items are to be capitalized, assist with allocating assets to maximize early-year depreciation deductions.
Help clients with payroll-related issues, such as reporting of international staff, setting up a payroll structure to minimize workers’ compensation costs, and understanding state unemployment rules to see if student counselors are exempt in the state that the camp operates.
Employee Retirement Plans
Organizing the setting up of employee retirement plans (i.e. Profit Sharing, Simple Plans, Defined Benefit Plans, etc.), advise on the best structure to maximize the benefit for owners and directors, help compile end of year assist with administration and preparation of tax returns in connection therewith.
Specializing in the accounting needs specific to not-for-profit camps, including rules regarding Unrelated Business Taxable Income (UBTI), board structure, tax filing requirements, as well as state financial reporting rules.
State Sales and Use Tax
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Assistance with state sales and use tax filings, as each state has specific requirements regarding taxability of certain pre and post-season camp activities, as well as meal and lodging services.