Non-Profit Organizations Accounting Services
At Douglas R. Leatham, Certified Public Accountant our non-profit accounting focus is on maintaining your non-profit status and documentation so that you can concentrate on organization’s mission and goals.
You can rest assured that your non-profit’s books and tax documents will be handled with our utmost expertise and personal attention.
- Federal information returns and state filings
- Audit Services: Single Audits / Yellow Book Audits / Financial Statements Audits
- Reviews of financial statements
- Compilations of financial statements
- Federal information returns and state filings:
We can prepare federal Form 990 or 990EZ in a timely manner based on the financial information you provide us with. We can also prepare the Massachusetts state Form PCfor the Attorney General’s office and the Annual Report to the Secretary of State.
- Audit Services: Single Audits / Yellow Book Audits / Financial Statements Audit:
We have over 20years’ experience in performing various types of audits for non-profit organizations. While remaining independent, we work with management to not only provide quality audit services but to improve the internal controls and operational efficiencies of your organization.An audit provides the highest level of assurance, and requires us to perform extensive testing and calls for access to documentation in support of your financial and other information about your organization. However, we strive to minimize distraction to your day-to-day operations while performing our procedures.
- Single Audits (under Circular OMB-A133)are required if your organization receives and expends more than $500,000 in annual federal grants. We have extensive experience performing Single Audits for local non-profit organizations. For efficiency, we perform risk-based audit procedures in order to express an opinion on your financial statements and on grant compliance with applicable federal regulations.
- Yellow Book Audits are sometimes required by your grant agreements or contracts. They are smaller in scope than Single Audits but still require an audit of financial statements in accordance with Governmental Auditing Standards.
- Financial Statement audits are required in Massachusetts if your non-profit organization has annual revenues that exceed $500,000 regardless of the source. The procedures we perform are aimed at gaining assurance that your financial statements are prepared in accordance with Generally Acceptable Accounting Principles or another applicable basis of accounting.
- Reviews of financial statements are required in Massachusetts if your non-profit organization has annual revenues exceeding $200,000 but less than $500,000. The review procedures are significantly less in scope than audit procedures and the results of our review is based on our inquiries and analytical procedures. Accordingly the review report provides limited assurance that the financial statements are free of material misstatements.
- Compilations of financial statements:
Compilations of financial statements do not provide any assurance on the financial statements, but result in issuing financial statements that appear to be appropriate in form and free from obvious material misstatements.
When you have concerns about specific financial, or operational aspects of your business, you can engage us to perform limited or specific tests or procedures. We can help you evaluate the effectiveness of your internal control systems, you payroll practices, perform account reconciliations, or consider other issues that you might want addressed. We issue a report of our findings and may make recommendations for corrective actions you may wish to take.