Audit Service for Non-Profit Organizations
The Best Audit Service for Nonprofit Organizations
Ensure Your Nonprofit's Financial Integrity with Our Specialized Audit Team
In the world of non-profit groups, financial transparency and accountability are very important. At Dimov Tax, we know that auditing a non-profit can be tricky. We offer special audit services that help non-profits go through the detailed process of checking their finances. This ensures you adhere to regulations, maintain financial clarity, and build trust.
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Strengthen Donor Trust Through Financial Transparency
Nonprofit audits build confidence among donors and stakeholders. Our thorough auditing process verifies that your organization manages funds responsibly and effectively. This increased transparency can lead to improved donor retention and attract new supporters to your cause.
Safeguard Your Tax-Exempt Status with Compliance Audits
Our compliance audits help protect your nonprofit’s tax-exempt status. We meticulously review your financial practices to ensure they align with state and federal regulations. This proactive approach minimizes risks and helps maintain your organization’s good standing with regulatory bodies.
Improve Financial Management with Expert Insights
Our audit process goes beyond checking numbers. We provide valuable insights to enhance your financial controls and strategies. These recommendations can lead to more efficient operations, reduced risks, and improved financial health for your nonprofit.
Your Personal and Business Accounting Team
George Dimov
President
Stan Shraybman, MBA, EA
Senior Tax Manager
Bob Liu, CPA
Senior Accountant
Xintian Wang, CPA
Senior Tax Manager
Our Specialized Nonprofit Audit Solutions
Advisory Services
Beyond auditing, we offer advice on financial management, helping you optimize your financial practices and strategies.
Internal Controls Assessment
Our team evaluates your internal financial controls to identify any potential risks or areas for improvement.
Compliance Auditing
We check to make sure your organization is following all relevant laws and regulations, especially those related to tax-exempt status.
Financial Statement Audits
We conduct thorough reviews of your financial statements to ensure accuracy and compliance with accounting standards.
Get award-winning accounting services
Our nonprofit audit services help organizations like yours maintain financial integrity and compliance. Our experienced CPAs conduct thorough reviews, ensuring accurate reporting and identifying areas for improved financial management. Partner with Dimov Tax to strengthen your nonprofit’s financial foundation and focus on your mission.
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FAQs on Nonprofit Audit Services
What is involved in a nonprofit audit?
A nonprofit audit involves a comprehensive examination of an organization’s financial records, statements, and practices. Our CPAs review financial documents, including balance sheets, income statements, and cash flow statements. We assess internal controls, verify transactions, and ensure compliance with accounting standards and regulations. The process often includes on-site visits, interviews with staff, and detailed testing of financial data. Our team also evaluates the organization’s financial policies and procedures to identify potential risks or areas for improvement.
How much does the average nonprofit audit cost?
The cost of a nonprofit audit varies based on factors such as the organization’s size, complexity, and financial activity. Typically, smaller nonprofits with annual budgets under $1 million might expect to pay between $5,000 and $10,000. Mid-sized organizations with budgets up to $5 million could see costs ranging from $10,000 to $20,000. Larger nonprofits or those with complex financial structures may face higher fees.
It’s important to view an audit as an investment in your organization’s financial health and transparency. Please contact us directly for pricing details on your specific situation.
How far back can the IRS audit a nonprofit?
The IRS generally has a three-year statute of limitations for auditing nonprofits, starting from the date the tax return was filed or due, whichever is later. However, this period can extend to six years if the IRS suspects a substantial underreporting of income. In cases of fraud or failure to file a return, there is no time limit. It’s crucial for nonprofits to maintain accurate records beyond the standard three-year period to address any potential IRS inquiries.
Does the IRS audit small nonprofits?
Yes, the IRS does audit small nonprofits. While larger organizations may face more frequent scrutiny, small nonprofits are not exempt from IRS audits. The IRS uses a variety of factors to select organizations for audit, including random selection, related examinations, and potential compliance issues identified in tax filings. Small nonprofits should maintain proper financial records and comply with reporting requirements to minimize audit risks and be prepared if selected for review.
How often should a nonprofit do an audit?
The frequency of nonprofit audits depends on various factors, including state laws, funder requirements, and the organization’s size. Many states require annual audits for nonprofits with revenues exceeding certain thresholds, often ranging from $500,000 to $1 million. Some grant programs or major donors may also require annual audits. For smaller nonprofits not legally required to conduct annual audits, it’s generally recommended to have an audit every 2-3 years to ensure financial health and transparency. Regular financial reviews or compilations in non-audit years can help maintain good financial practices between full audits.