Services for Non-Profit Organizations
Economic downturns, donor scrutiny and government regulations make it ever more important that non-profit organizations operate efficiently in a completely open and above board manner. Financial statements must be accurate and readily accessible.
An accounting firm providing services to a non-profit corporation must be sensitive to its unique needs and mindful of budgetary restraints. There are a number of levels of service that can be tailored to an organization’s needs to encourage financial stability and ensure compliance with regulatory agencies.
An accounting firm can provide:
- Audits and reviews of financial statements including recommendations for process improvement
- OMB Circular A-133 examination to scrutinize the expenditures from federal grants greater than $500,000, including HUD audits
- Agreed-upon-procedures which investigate specific issues as requested by the client
- Reporting to regulatory and tax agencies
- Assistance with benefit plans and filing requirements for employees
- Guidance for “best practices” of governing boards
- Internal controls and reviews relating to risk management
Management and audit committees of non-profits often need assistance with internal controls to minimize risk, identifying internal control deficiencies, and documentation of policies and procedure. Because the nature of non-profits varies as does the experience level of volunteers versus paid employees, each organization has specific needs that should be defined in a consultation.