We are available for annual audits, financial statement reviews, annual compilations, tax services, year-end closing support and other accounting/bookkeeping services. Each of our client engagements is specifically tailored:
- To serve as a tool that will add value to your organization and help you make well-informed decisions.
- To help you make the most effective and efficient use of your agency’s financial and human resources.
- To provide a valuable educational experience for your staff, management, and governing board.
Financial Statement Audits
An audit involves an examination of an organization’s annual financial statements by an independent Certified Public Accountant (CPA). As the highest level of service that a CPA can provide, an audit involves gaining an understanding of your organization’s activities, evaluating internal controls and examining documents that corroborate the amounts in the financial statements. It culminates with the independent auditor providing a written opinion on the reliability of an organization’s financial statements.
Funding sources and/or the government may require a nonprofit to undergo an audit because they acknowledge that financial statements are more reliable once that have been examined by an independent third-party expert. Whether your decision to undergo an audit is due to a legal mandate, funding source requirement, or simply based on guidelines for best practices, your audit engagement should provide you with valuable knowledge and a professional-looking audit report that you can feel comfortable sharing with your internal and external stakeholders.
Our experience includes performing numerous audits for small and medium-sized nonprofits over the past several years. In addition to our high quality audit work product, we make useful suggestions throughout each engagement, thereby helping clients enhance the effectiveness and/or efficiency of their activities.
Financial Statement Reviews
A financial statement review is a lower-cost alternative to a full audit. In a review, the independent accountant provides limited assurance on the reliability of the organization’s financial statements through analytical procedures and inquiries of the nonprofit’s personnel.
While not suitable for many organizations, a review can be a useful tool for some smaller nonprofits. It is important to check with your funding sources, as well as applicable legal requirements, to determine if this is a viable alternative for your organization.
Tax / Compliance
While most nonprofit organizations do not have to pay income taxes, tax-exempt organizations are required to file a lengthy annual “tax return” known as IRS Form 990. Whereas individuals and businesses use IRS forms to calculate income tax liabilities, nonprofit organizations use Form 990 to report their financial and nonfinancial activities to the IRS and to demonstrate that they meet the requirements for maintaining tax-exempt status. In addition, the IRS makes each nonprofit’s 990 publicly available on the Internet for public inspection. As such, it is critical to ensure that an organization’s 990 contains accurate and complete information. Our firm is well-versed in the reporting requirements of the IRS and in identifying potential compliance issues. In addition, we work with our clients to ensure that our clients’ annual returns are properly completed and filed on time.
Year-End Closing / Audit Preparation
If you have an auditor with whom you enjoy working, but need professional assistance to help close your books and prepare for your audit, we are here to help. With an extensive background in nonprofit accounting and auditing, we know the “ins and outs” of an audit engagement and will help you take steps to ensure that you are well-prepared.
Accounting / Bookkeeping Services
Many small and medium-sized nonprofit organizations do not have the budgetary resources to employ professional accountants on staff. Whether you need help with a one-time project or ongoing support, we can help you with a variety of accounting and bookkeeping services.