Some not-for-profits are required to hire an outside CPA to audit their books. Even if external audits aren’t mandated, however, your organization should consider them. Audits can provide assurance to stakeholders that you’re operating with integrity and within acceptable accounting guidelines.
Mandate or not
Generally, nonprofits that expend more than $750,000 in federal funding over the course of a fiscal year must submit to independent audits. States impose their own guidelines. Some require nonprofits that receive a certain level of state funding to submit independent audits to the state agency that provided the funding.Read More