Not-for-Profit Auditing
The tough economic times we are facing have taken a toll on not-for-profit organizations. Private fundraising is increasingly difficult, and government funding comes with stricter guidelines and reporting stipulations, making your accounting processes more stressful and complicated. In Massachusetts, if your not-for-profit's revenue exceeds $500,000 in gross funds annually, you are generally required to submit a financial statements audit. It is important to note that other states may have different audit requirement thresholds. The laws regarding financial reporting are constantly changing, and it takes a team of qualified accountants and CPAs to appropriately manage your not-for-profit audit.
The updated Form 990, which was significantly altered in 2008 and has since been tweaked even further, aims to increase transparency and accountability, forcing tax-exempt organizations to provide a staggering amount of internal information to the government and the general public. Hiring a competent audit firm can ensure that in addition to taking the necessary steps to accurately and thoroughly report all required information, the information compiled presents a true picture of your organization.
The accounting professionals at Anstiss can conduct any not-for-profit audit, including your Single Audit (A-133 Audit) and Yellow Book audit. We train our staff of CPAs beyond what is required by the state, and understand the complex and constantly changing rules and regulations attached to not-for-profit audits. We regularly have more representation than our competition at the AICPA Not-for-Profit Industry Conference in Washington, D.C., led by leaders and rulemakers that effect all aspects of not-for-profit operations and governance.
Learn More about Our Not-for-Profit Auditing Services:
- Single Audit
- UFR Reporting
