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Audits under Government Standards

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A financial statement audit is often required - and prudent -  for not-for-profits to ensure tranparency and compliance in finanical management and reporting.  If your charitable not-for-profit t receives money from the federal government in excess of $750,000 of federal dollars in a single fiscal year, the organization may be required to have an independent financial audit referred to as a "Single Audit  " under Uniform Guidance (UG) rules.

Often, state and local laws may also require an independent financial audit for charitable not-for-profits that receive funds from state and local governments.   

Central Maryland CPA can help you with your compliance and reporting needs.

 

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