Viewing posts categorised under: Audit
Nonprofits need audits — even when they aren’t required


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.

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Build a better nonprofit audit committee


Audit committees may seem like just one more layer of bureaucracy, but they’re rapidly becoming a not-for-profit best practice. Yet to ensure an effective audit committee, both your organization and its audit committee members must fully comprehend their roles and responsibilities.

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