Non-profit Organizations

Nonprofit organizations are entities established to pursue objectives that benefit the public or a specific community, rather than generating profits for owners or shareholders. These organizations reinvest any surplus revenues into their missions and activities, which often include providing services, supporting social causes, or advancing community welfare. Governed by a board of directors and adhering to specific regulations, nonprofits typically rely on donations, grants, and volunteer support to fund their operations and achieve their goals

Thomas and Company CPA PA can provide audit services for a nonprofit organization through a structured approach tailored to the unique needs of the nonprofit sector. Here’s a brief overview of how the firm might carry out these services:

1. Pre-Audit Planning: The firm would begin by meeting with the nonprofit’s management to understand its financial processes, key controls, and specific reporting requirements. This includes reviewing the nonprofit’s financial statements, policies, and compliance with applicable laws and regulations.
2. Risk Assessment: Thomas and Company CPA PA would assess areas of risk and materiality in the nonprofit’s financial statements. This involves identifying potential issues that could impact the accuracy and reliability of the financial reporting.
3. Fieldwork: The audit team would conduct fieldwork, which includes examining financial records, testing transactions, and evaluating internal controls. They would verify the accuracy of financial statements, assess adherence to accounting principles, and ensure compliance with relevant regulations and donor restrictions.
4. Reporting: After completing the audit procedures, the firm would prepare an audit report. This report includes an opinion on the fairness and accuracy of the nonprofit’s financial statements and may also highlight any issues or recommendations for improvement.
5. Compliance and Recommendations: The firm would provide guidance on compliance with nonprofit accounting standards and regulations. They may also offer recommendations for improving financial management practices and internal controls.
6. Ongoing Support: Thomas and Company CPA PA may offer additional support to the nonprofit, such as help with financial planning, regulatory updates, or addressing any issues identified during the audit.

By providing these comprehensive audit services, Thomas and Company CPA PA helps ensure that the nonprofit organization maintains transparency, accountability, and effective financial management.

Thomas and Company CPA PA offers specialized tax services for nonprofit organizations to ensure compliance with complex tax regulations and optimize their financial management. These services include preparing and filing Form 990, the annual information return required by the IRS, and advising on tax-exempt status and charitable contributions. The firm also provides guidance on tax-deductible contributions, helps with state and local tax compliance, and assists with financial reporting and disclosures specific to nonprofits. By leveraging their expertise, Thomas and Company CPA PA helps nonprofits navigate tax requirements effectively while focusing on their charitable missions.