Churches

Churches encompass a range of organizational structures and activities affiliated with religious congregations and denominations. These entities include not only the church building where worship and community events occur but also associated administrative bodies, outreach programs, educational institutions, and charitable organizations. They may operate under the guidance of a religious leadership team and often focus on both spiritual and social missions, such as providing pastoral care, community support, and charitable services. Church entities work to advance their faith’s teachings and foster community engagement and support.

Thomas and Company CPA PA can provide audit services for a church through a comprehensive approach designed to address the unique aspects of church operations and financial management. Here’s an outline of how the firm might conduct these services:

1. Initial Consultation: The firm would start with a consultation to understand the church’s organizational structure, financial processes, and specific needs. This includes reviewing the church’s mission, governance, and financial reporting requirements.
2. Audit Planning: Thomas and Company CPA PA would develop an audit plan tailored to the church’s operations. This involves identifying key areas of risk, materiality, and compliance with applicable accounting standards and regulatory requirements specific to religious organizations.
3. Internal Controls Review: The audit team would assess the effectiveness of the church’s internal controls. This includes evaluating procedures for handling donations, managing expenses, and safeguarding assets to ensure accuracy and integrity in financial reporting.
4. Fieldwork: During the audit, the firm would examine financial records, test transactions, and review supporting documentation. They would check the accuracy of financial statements and ensure proper accounting of contributions, expenditures, and other financial activities.
5. Reporting: After completing the audit, Thomas and Company CPA PA would prepare an audit report. This report would include their opinion on the fairness and accuracy of the church’s financial statements, as well as any findings or recommendations for improvements.
6. Compliance and Guidance: The firm would provide advice on compliance with relevant accounting standards, tax regulations, and internal control practices. They may also offer recommendations to enhance financial management and reporting practices.
7. Ongoing Support: Beyond the audit, Thomas and Company CPA PA might offer additional services, such as financial planning, compliance updates, or training for church staff on best practices in financial management.

Through these steps, Thomas and Company CPA PA ensures that the church’s financial statements are accurate and transparent, aiding in effective stewardship and compliance with regulatory requirements.

Thomas and Company CPA PA provides specialized tax services for church to ensure they adhere to relevant tax regulations while maximizing their financial efficiency. These services include preparing and filing required tax forms, such as the annual Form 990 if applicable, and advising on maintaining tax-exempt status. The firm also offers guidance on handling contributions, managing payroll taxes, and ensuring compliance with state and local tax requirements. Additionally, Thomas and Company CPA PA can assist with financial reporting and provide strategic advice to help churches navigate complex tax issues while focusing on their religious and community objectives.