Non Profit Tax Returns, Accounting and Tax Services
Our CPA Firm team has had the opportunity to be on both side of the nonprofit realm. As board member’s our staff has seen the inter-working of many organizations. As accountants’ we have audited, reviewed and prepared tax returns for entities throughout Michigan. We also understand budget constraints and will quote a fixed fee for all services.
Non Profit Tax Returns
Tax returns for exempt organization are very complex. The Form 990 or Form 990EZ should be filed annually regardless whether the IRS regulations require it. It is an important function and will keep your organization in compliance. It is important to know what the laws are in the state of Michigan to determine if any reporting in addition to the tax return is necessary. Organization who engagement in fundraising activities in Michigan must also report to the State Attorney General. Depending on the annual revenue of the organization, a financial statement audit may be required. Schultz, CPA can help with your tax preparation needs, and your financial statement needs.
Non Profit Financial Statement Audits and Reviews
Many non profit organization with revenues in excess of certain thresholds are often required by law to have their financial statements either audited or reviewed annually. These rules vary by State. Often organization and their boards will still opt for a audit or review even through state law may not require one. It give them a level of comfort to know that a third eye is looking at the numbers. Most often organizations decide to have a financial statement audit is it is required in order to apply for certain grants. Generally, after 5 years of existence foundation will start to consider granting funds to that entity. It sees that the organization has established themselves. Now along with this large grant package, the foundation also requests a copy of your latest financial statement audit. Often without this audit, funding will not even be considered.
Schultz & Associates, CPA has worked with the following entity types:
- Community Centers
- Membership Organizations
- Service Clubs
- Firefighter Unions
- Charter Schools