Millan & Company will work with you to ensure your nonprofit meets its fiduciary responsibility. With our understanding of the unique issues that tax-exempt organizations face, along with an understanding of your mission and purpose, we will design an audit, review, or compilation that fits your needs.
Millan & Company performs most of its financial audits using AICPA generally accepted auditing standards (GAAS). We also perform audits that meet governmental (“Yellow Book”) standards.
Reasons for a Nonprofit Audit
- Charitable nonprofits that expend more than $750,000 in either federal or state funds in a single fiscal year are required to have an independent financial audit referred to as a Single Audit.
- Some state and local government contracts to provide grants to your organization or to provide services in the community may require you to have an independent financial audit.
- Many state laws require that charitable nonprofits submit a copy of their independently audited financial statements when the nonprofit registers with the state for charitable solicitation/fundraising purposes.
- Private foundations may request that a nonprofit submit a copy of the nonprofit’s most recently independently audited financial statements in conjunction with submitting a grant proposal.
- Some banks may require an independent financial audit as a condition of receiving a loan or line of credit.
Contact us to find out whether your organization may require a nonprofit audit.