Non-Profit Entity Audits
Even though Texas state law does not require non-profit entities to undergo audits on a scheduled basis, it does stipulate that charitable organizations with annual contributions exceeding $10,000 have current and accurate financial records in accordance with Generally Accepted Accounting Principles (GAAP). Many of our non-profit clients complete audits to confirm financial stewardship to their directors and constituents.
So what’s the best way to know if your records are aligned with GAAP standards?
Simple. Have an experienced accounting firm audit your financial statements.
Spend Less Time Worrying And More Time Helping
GBH works with non-profit entities to assess whether or not financial records are accurate and comply with GAAP criteria. Our knowledgeable CPAs will prepare and approve a financial report that shows whether you are deficient in any areas, which areas need improvement, and what aspects of your financial reporting could be improved.
You can then use this report as your annual submission of audited financial statements when you renew your charitable registration.
Not only does an audit allow you to fulfill your non-profit entity fiduciary duties, but you’ll also receive ideas that can help you standardize your processes and improve efficiency—which can reduce overall operating costs. These savings could then be repurposed to help more people or better serve your community!