Helping Non-Profits Stay Compliant in Manasquan, NJ
Once a year, not-for-profit entities may be required to submit an independent audit of their financial statements to the federal and state governments. William McGovern is a CPA who has extensive experience in helping both businesses and non-profits by performing audits under government standards. William A. McGovern, CPA provides non-profit auditing services in Manasquan Sea Girt, Brielle, and across Central New Jersey.
Why Are These Necessary?
Non-profit organizations are tax-exempt entities at the federal level, and some at the state level as well. So long as they can show to the IRS—and, in some cases, NJ—that financial assets are being used to further their mission, they do not have to pay business income taxes. Being able to prove the proper use of finances, however, requires accurate financial statements providing cash flow details and proof of adherence to managerial best practices.
The yearly audit which not-for-profit entities file documents that they are properly conducting their exempt activity. This proof is created by having an independent CPA issue a formal opinion about the fair presentation of the organization’s financial statements. If this audit does not demonstrate adequate assurance that financial records are accurate or all money is being properly allocated, then the non-profit in question could lose its tax-exempt status. It is critical to have a CPA experienced in non-profit auditing perform the audit, so the organization’s status is not lost due to the managerial errors.
How We Can Help You
William A. McGovern, CPA has significant experience in providing attest services for not-for-profit entities. We carefully examine your organization’s financial statements, management approaches, and fraud prevention systems before formulating our attestation. We perform audit procedures to make sure the fairest opinion of your organization’s financial situation is created.
However, we do not only think about the current audit. William A. McGovern, CPA also helps you plan ahead for next year’s audit by pointing out areas of improvement within your organization. If the fraud prevention systems in place are not effective, we can help recommend different approaches to fraud prevention or better ways to enforce the current system. We can also help determine an approach to bookkeeping that helps you keep track of your revenue more effectively. Our firm tries to find ways to help you best meet the best practices that the IRS and State of NJ look for in non-profit organizations.
Contact Us for Your Auditing Needs
William A. McGovern, CPA provides non-profit auditing to Manasquan, Sea Girt, Brielle, and the surrounding communities. For more information, or to schedule a consultation, contact our firm today.