Skilled Assistance with Nonprofit Audits in Middle Tennessee

Although your nonprofit organization is exempt from paying taxes, it's often subject to nonprofit audits. The auditing process for nonprofits is like an audit for a company but features distinct regulatory differences. Whether you're required by the state or your organization is applying for a grant, a nonprofit audit provides the highest level of assurance for verifying financial and organizational information.

At Blankenship CPA Group, PLLC, we proudly provide extensive nonprofit auditing services. Our team treats each audit with professionalism and an emphasis on efficiency. We look forward to meeting you and giving you the information needed to continue your organization's mission. Contact us today for your free initial consultation and get efficient auditing assistance from seasoned professionals!

Call: (615) 992-9222 Book a Consultation

Why Is a Nonprofit Audit Necessary?

Tax season provides the government with a unique opportunity to examine the finances of a company. Nonprofit organizations, however, don't have the same tax filing requirements as traditional corporations. As such, nonprofit audits are a way to ensure financial and operational transparency. When you meet with our team for the first time, we'll sit down with you to establish the nature of your nonprofit audit. From there, we'll provide you with a loose outline of how we would approach it, depending on whether it's required of you or you're requesting it of your own volition.

Whatever the nature of your audit may be, you can rest assured that our experienced and skilled team of CPAs will work to make the entire experience as stress-free as possible. Some of the most common reasons to conduct a nonprofit audit include:

Organizational bylaws: When your nonprofit organization first started, its founding members may have written bylaws that call for regular audits. Although there's no set standard for how often an audit should be conducted, most organizations set up annual requirements.

Applying for a grant: It's normal for some grant funders to require nonprofits to be subject to audits to ensure that their funding is being appropriately allocated and managed. It's crucial that you have an experienced CPA perform the audit that can track down obvious and not-so-obvious grant expenses.

State requirements: Various states across the country require that nonprofit organizations be subject to audits. Typically, nonprofit organizations that spend or earn more than a set amount are required to complete an audit.

Our Efficient Nonprofit Audit Process

We'll begin the auditing process by clearly outlining your requirements. Our firm will provide you with an audit engagement letter, a written agreement outlining the overall scope of our work, your responsibilities, and how long the audit will take. An engagement letter helps avoid misunderstandings and ensures the audit is thoroughly documented.

Once documentation is in order, we'll examine your internal controls and perform a walk-through of transaction cycles. From there, our team will review your financial information and conduct various fraud inquiries. We may also ask to interview various members of your organization throughout the process. Finally, our CPA team will provide a detailed audit report outlining our findings.

Nonprofit Audits FAQs

At Blankenship CPA Group, PLLC, we never want you to feel like you're not getting the full picture of our nonprofit audit services. That's why our communicative and responsive team is here to answer any questions that you may have. Whether you'd like to know if an audit is necessary or what standards we adhere to, we'll give you the information you need. Some of the most frequently asked questions about nonprofit audits include:

Will you help me implement changes?

Once you've reviewed your audit report, our firm can help you make any necessary changes and improvements to your organization. Updating policies, tightening internal controls, and instituting new processes are all areas our team can assist you in.

How can I help speed up the audit process?

You can take various steps before your audit to help our team retrieve information quicker. We recommend that your organization review the following:

Account balances
Accounts receivable & payable
Undeposited funds
Nonprofit vendors
Uncleared bank transactions

Does Tennessee require nonprofit audits?

Nonprofit organizations that receive funding from Tennessee state departments are subject to auditing and reporting requirements. However, the requirements may depend on factors like the amount of funding you've received and whether you have established a vendor relationship.

Skilled Audits for Nonprofit Organizations

At Blankenship CPA Group, PLLC, we're passionate about helping nonprofit organizations get the financial clarity they need through audits. Our firm leverages time-tested processes to provide you with accurate and efficient audits, no matter the size of your organization. Regardless of the nature of your nonprofit audit, we have the experience and capability to handle it.

From meeting bylaw requirements to retaining government funding, our Nashville nonprofit audits can prove beneficial in more ways than one. Call us today for your free consultation and take the first step toward improving your organization's operations!