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Non Profit & Government Non Profit & Government Tax and Financial Planning

Governmental and Non-Profit Audits by SME CPAs

At SME CPAs, we are committed to achieving the highest quality audit possible. We understand the complexity of performing governmental and non-profit audits and that’s why we have a dedicated team of auditors that possess the specialized knowledge and experience to help ensure compliance with the appropriate standards and changes in regulations that may impact your organization’s audit.

We plan and execute our audits in a way that maximizes audit efficiency and quality and provides you the highest quality services.

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As a member of the American Institute of CPAs Governmental Audit Quality Center, we are committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include designating a partner responsible for the quality of our governmental and non-profit audit practice, establishing quality control programs, performing annual internal inspection procedures, and making our peer review report findings publicly available.

At SME CPAs, our goal is to continue to enhance our quality initiatives within our governmental and non-profit audit practice to deliver the highest quality audit services possible.

Governmental and Non-Profit Audit Services

We deliver governmental and non-profit audit services for federal, state, and local governments; public and private foundations; public and private school systems; country clubs, quasi-governmental agencies, health, and human welfare organizations, among others. Our services include:

Financial Audits

Single / A-133
Government Auditing Standard

Compliance Audits

Under the HUD Consolidated Audit Guide

Internal Audits

Operational Audits

Other Consulting Services Related to Governmental and Non-Profit Audits

  • Non-Profit Accounting Services
  • Financial Projections and Forecasting Studies
  • Form 990/990PF/990T planning and compliance
  • Grant accounting and management
  • Operational and capital budgeting

Components of Your Non-Profit Tax and Accounting Strategy

When it comes to Non-profit taxes and accounting, there are a few key components that you’ll want to make sure are part of your strategy.

Building and Managing a Non-Profit Budget

You’ll also need to create a budget and forecast for the future. This will help you make informed decisions about where to allocate your resources and how to best support your organizations mission.

Bookkeeping and Accounting

Another important aspect of Non-profit accounting is bookkeeping and accounting. This includes keeping track of all donations, expenses, and income. It’s important to maintain accurate and up-to-date records throughout the year so that you can prepare financial statements and tax filings with ease.

Non-Profit Tax Planning and Compliance

Another important part of Non-profit accounting is tax planning and compliance. Non-profits are subject to different tax rules than for-profit organizations, so it’s important to work with a CPA who is familiar with these rules.

You’ll need to file annual tax returns, as well as any required state and local filings. And, if you receive grants or other funding from the government, you may also be subject to audits.

Audit Preparation and Guidance

Non-profit organizations are required to undergo an audit every few years. This is a comprehensive review of your organization’s financial statements and records. It’s important to be prepared for an audit and to have all of your documentation in order.

Audits can be performed by the IRS, state agencies, or private organizations. If you are selected for an audit, it’s important to work with a qualified CPA who can help you navigate the process.

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Finding the Right CPA for Your Non-Profit

When it comes to Non-profit accounting, it’s important to find a CPA who is familiar with the unique rules and regulations that apply to your organization. 

Experience Matters

You’ll want to consider CPAs who have experience working in the Non-profit sector. This will ensure that they are familiar with the unique challenges that Non-profits face and the specific regulatory requirements that Non-Profits must comply with, annually. 

An Understanding of Tax Laws for Non-Profits

The right CPA for your Non-profit will also have a unique understanding of Non-profit tax rules and regulations and best practices for filing your Form990 with the IRS each year. This form provides information about the Non-profit’s finances and is used to determine whether the Non-profit is in good standing.

A Dedication to Non-Profit Organizations

When you’re looking for a CPA, you’ll want to find someone who is dedicated to Non-profit organizations and they should also be familiar with the resources available to Non-profits, such as grant funding and government programs.

Tips for Planning for the Future of your Non-Profit

Once you have the key components of your Non-profit accounting strategy in place, you can start planning for the future. Here are a few tips to get you started:

Develop a Long-Term Plan

It’s important to develop a long-term plan for your Non-profit. This should include your goals and objectives, as well as a timeline for achieving them.

Create a Budget and Forecast

As part of your long-term plan, you’ll need to create a budget and forecast for the future. This will help you track your progress and make informed decisions about where to allocate your resources.

Develop Fundraising Plans

If you’re relying on donations to support your Non-profit, you’ll need to develop a fundraising plan. This should include a strategy for soliciting donations, as well as a stewardship plan for ensuring that donors are kept informed about how their donations are being used.

Managing Donations and Major Gifts

If you receive donations or major gifts, you’ll need to have a plan in place for tracking and managing them and properly allocating the funds across your organization.

Fiduciary Responsibility

As employees and Board Trustees of a Non-profit, you have a fiduciary responsibility to the Non-profit and its donors, which means that you must use donations wisely and in accordance with the donor’s wishes.

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Need Non-Profit Tax Guidance? SME CPA is here to help

At the end of the day, finding the right CPA for your Non-profit is essential to the success of your organization. With the right planning and guidance, you can reduce the stressors of managing Non-profit accounting and tax filings. 

For over 70 years, SME CPA has partnered with businesses and Non-Profit organizations across the Aiken-Augusta region to help them build accounting strategies focused on their needs today and planning for growth opportunities in the years ahead.

Contact Us

Have a question or want to discuss your specific need? Contact Us or submit your inquiry using the form below.