Key Takeaways
- • NCheng LLP, an independent CPA firm serving only nonprofits since 1989, opened a new headquarters on the 46th floor of 40 Wall Street, moving 14 floors up from its prior space in the same building.
- • The firm has served more than 400 nonprofit organizations and employs approximately 200 professionals in New York and Gurugram, India.
- • Managing Principal Faizan Younus positioned the firm against private equity consolidation, noting that half of the nation's 20 largest accounting firms have taken or agreed to take private equity investment.
- • The move comes as 8 in 10 New York City nonprofit and human services contracts are registered late, according to the City Comptroller, leaving organizations to cover payroll and rent while awaiting payment.
- • NCheng's three practices are Audit & Assurance, Financial Management Services, and Technology Transformation.
Summary
NCheng LLP, an independent certified public accounting firm that works exclusively with nonprofit organizations, has opened its new headquarters on the 46th floor of 40 Wall Street, according to a PR Newswire release. The firm moved in during the summer, 14 floors up from its previous space in the same landmark building. The office is designed to accommodate team growth and to serve nonprofits that rely on the firm for audits, accounting and financial systems.
The announcement comes amid pressure on the sector. According to the New York City Comptroller, 8 in 10 nonprofit and human services contracts in the city are registered late, leaving organizations to cover payroll and rent while they wait to be paid. The release also notes that half of the nation's 20 largest accounting firms have taken or agreed to take private equity investment, a shift that the firm argues changes how those firms are run and who they answer to.
Managing Principal Faizan Younus framed NCheng's position in contrast to that trend. "Nonprofits don't need another vendor," he said. "They need a finance partner who understands restricted grants, government contracts and audit deadlines, and who will still be here in ten years." He added that while many of the largest firms are selling to private equity, NCheng is "investing in our people, our technology and the sector we've served for more than three decades." Younus began his career at NCheng and became Managing Principal in 2025, succeeding founder Nerou Cheng. Nerou Cheng said the firm was founded because "nonprofits deserved accountants who truly understood them."
The headquarters reflects changes in client work since the pandemic, when many nonprofits moved to hybrid models or gave up office space. The space includes conference rooms that clients can use for board, finance committee and audit committee meetings, and hybrid-ready rooms equipped with Microsoft Teams Rooms and wireless presentation. NCheng's practices include Audit & Assurance; Financial Management Services, which functions as an outsourced accounting team; and Technology Transformation, which covers cloud accounting migration, month-end close automation and real-time reporting. The firm also helps organizations prepare city contract budgets and recover delayed government reimbursements.
The building, 40 Wall Street, was completed in 1930 and designated a New York City landmark in 1995.
The announcement comes amid pressure on the sector. According to the New York City Comptroller, 8 in 10 nonprofit and human services contracts in the city are registered late, leaving organizations to cover payroll and rent while they wait to be paid. The release also notes that half of the nation's 20 largest accounting firms have taken or agreed to take private equity investment, a shift that the firm argues changes how those firms are run and who they answer to.
Managing Principal Faizan Younus framed NCheng's position in contrast to that trend. "Nonprofits don't need another vendor," he said. "They need a finance partner who understands restricted grants, government contracts and audit deadlines, and who will still be here in ten years." He added that while many of the largest firms are selling to private equity, NCheng is "investing in our people, our technology and the sector we've served for more than three decades." Younus began his career at NCheng and became Managing Principal in 2025, succeeding founder Nerou Cheng. Nerou Cheng said the firm was founded because "nonprofits deserved accountants who truly understood them."
The headquarters reflects changes in client work since the pandemic, when many nonprofits moved to hybrid models or gave up office space. The space includes conference rooms that clients can use for board, finance committee and audit committee meetings, and hybrid-ready rooms equipped with Microsoft Teams Rooms and wireless presentation. NCheng's practices include Audit & Assurance; Financial Management Services, which functions as an outsourced accounting team; and Technology Transformation, which covers cloud accounting migration, month-end close automation and real-time reporting. The firm also helps organizations prepare city contract budgets and recover delayed government reimbursements.
The building, 40 Wall Street, was completed in 1930 and designated a New York City landmark in 1995.
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