Audits are expensive.  They are the highest level of assurance; therefore, require the most work.  The fee quoted will depend on several factors:

•    How many different sources of funding does the organization have?
1.    Multiple grants
2....

Contributions can be made to a nonprofit in either cash or property.  Non-cash contributions can be tangible or intangible.  Tangible property could be vehicle donations, household items, land and buildings, etc.  Intangible property could be stocks, bonds, copyrights,...

All nonprofit organizations that expend $750,000 and more are required to have a single audit under the OMB circular A-133 requirements.    One of the required statements included as part of a single audit is the Schedule of Expenditures of Federal Awards (SEFA)....

A subrecipient is an organization that receives federal awards from a pass-through entity rather than directly from the federal grantor to carry out a program.  An organization may receive grant funds directly from one or more federal agencies and at the same time rece...

 

Accounting for grant revenue is vital for the nonprofit organization.  Careful attention to detail must be provided throughout the life of the grant.  In addition to establishing procedures for recording, monitoring and reporting grants, the organization needs to...

All nonprofit organizations, even the smallest of nonprofits, benefit from having a well-defined year end closing process.  The first step is to determine the procedures to be performed at year-end.  Once the procedures have been identified they should be ordered chron...

 

Smaller nonprofit organizations often do not have the volume of transactions to require multiple level controls.  Too many controls can unnecessarily slow the accounting process.  A few very good controls that prevent or detect errors, misstatements, omissions or valu...

January 7, 2015

Volunteers are an integral part of many nonprofit organizations.  Some organizations depend on their very survival by incorporating volunteers.  Since volunteers are non-paid staff, does your organization consider including in the financial statements the value of thei...

November 5, 2014

Part of a nonprofit organization’s board of director’s and management’s fiscal responsibility is a review of the information return, form 990.    The review ensures the organizations details and results of operations are informative and accurate. 

 

Form 9...

October 1, 2014

The operating reserve is cash to be used in the organization.  It is part of an overall cash flow plan.  Reserves can be for a specific purpose; such as, fixed asset purchase or program expansion.  General operating reserves are for use in the day to day operations to...

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How much does a nonprofit audit cost?

January 31, 2019

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