Colleges and Universities

Colleges and universities are educational institutions that provide higher education and professional training. They encompass a range of organizations, including community colleges, four-year colleges, and universities, each offering undergraduate and/or graduate degree programs. These entities are responsible for delivering academic instruction, conducting research, and fostering student development. They operate with a focus on educational excellence, research advancement, and community engagement, supported by funding from tuition, government grants, endowments, and private donations. Governed by a board of trustees or regents and led by administrative and academic leadership, these institutions play a critical role in shaping the academic and professional futures of their students.

Thomas and Company CPA PA can provide audit services for colleges and universities through a specialized approach that addresses the unique financial and regulatory needs of higher education institutions. Here’s a streamlined overview of how the firm might conduct these services:

1. Initial Consultation: The firm would start by meeting with the institution’s financial officers to understand its structure, funding sources, and reporting requirements. This includes reviewing key documents like financial statements, budgets, and compliance policies.
2. Audit Planning: Thomas and Company CPA PA would develop an audit plan tailored to the specific needs of the college or university. This involves identifying areas of risk, determining materiality thresholds, and understanding compliance with regulations such as those from the Governmental Accounting Standards Board (GASB) or the Financial Accounting Standards Board (FASB), as applicable.
3. Internal Controls Review: The firm would assess the institution’s internal controls over financial reporting and compliance. This includes evaluating systems for managing tuition revenue, grants, and endowments, as well as ensuring adherence to federal and state regulations.
4. Fieldwork: During the audit, the team would examine financial records, test transactions, and review supporting documentation. They would focus on areas such as student tuition, financial aid, research funding, and endowment management to ensure accuracy and compliance.
5. Compliance Testing: Thomas and Company CPA PA would verify compliance with relevant laws and regulations, including those related to federal student aid programs and financial reporting requirements.
6. Reporting: Upon completion of the audit, the firm would prepare a detailed audit report. This report includes their opinion on the fairness of the institution’s financial statements, highlights any significant issues or findings, and provides recommendations for improvement.
7. Advisory Services: The firm might also offer advisory services, such as assistance with financial management practices, compliance updates, and strategic planning.

By following this approach, Thomas and Company CPA PA helps colleges and universities ensure accurate financial reporting, effective management of resources, and compliance with regulatory standards, thereby supporting their mission of educational excellence.

Thomas and Company CPA PA provides tailored tax services for colleges and universities to help them navigate the complexities of tax regulations and maintain financial compliance. Their services include preparing and filing required tax returns, such as Form 990 for tax-exempt status, and advising on tax-exempt bonds and grant management. The firm also offers guidance on handling student tuition and financial aid, managing endowment funds, and ensuring compliance with federal and state tax regulations. By leveraging their expertise, Thomas and Company CPA PA assists educational institutions in optimizing their financial strategies while focusing on their academic and community missions.