Our UHY LLP professionals take great pride in providing audit and attest services to a wide range of governments, associations and other not-for-profit organizations. We currently serve all industries within the not-for-profit spectrum, including:
Our team of professionals brings an unequaled combination of significant not-for-profit and governmental experience. You will appreciate our exceptional “hands on” services and commitment to quality for your organization.
The audit and attest services we provide include:
Consider the fact that potential donors often have only the organization’s audited financials and Form 990 to evaluate the organization’s financial strength and how efficiently it would use a potential donation. Evaluating a nonprofit organization’s financial statements is different than evaluating statements of for-profit entities because having large amounts of revenue over expenses is not the main goal of the nonprofit organization and many organizations are budgeted to have zero excess revenues over expenses.
The change of administration in Washington, as well as state and local initiatives, makes this a hard time for nonprofit boards and management to predict and determine the best strategies for sustainability -meeting the needs of its stakeholders and financial viability becomes ever more challenging.
There are several reasons for which a public charity can loss its tax-exempt status – and the most common is also the most easily avoidable. Each year thousands of nonprofits loss their tax-exempt status for failure to fulfill annual filing requirements. More specifically, they fail to file the Form 990, Return of Organization Exempt From Income Tax.
When auditors of not-for-profit organizations can provide the optimal level of assurance on an organization's financial statements, the report will say “the financial statements present fairly, in all material respects, the financial position of the organization and the changes in its net assets and cash flows.” The question naturally arises, then: what is meant by “material”? Auditing standards define materiality as something that could influence “the judgment of a reasonable person relying on the information.” Thus, materiality is not only quantitative but qualitative as well.
US not-for-profits encompass a wide variety of industries that include health care, higher education, credit unions and public authorities, to name a few. Andrea Murad speaks to the individuals who ensure they maintain their nonprofit status.