Nonprofit Audit, Accounting, Tax and Consulting Services
Nonprofits operate under intense donor scrutiny and oversight from regulatory and tax authorities. With increased need, financial resources pressure and more competition for grants and funding, your organization must comply with best practices in accounting and financial management to protect its tax-exempt status while maintaining focus on your mission. Warady & Davis LLP’s Chicago not-for-profit team is proud to serve many leading organizations which have a profound impact on those they serve.
W&D provides a wide variety of services to our not-for-profit and governmental clientele including audit, tax, accounting and consulting. W&D has in-depth experience auditing under Government Auditing Standards and the Single Audit Act. We understand your needs as a not-for-profit organization to be in compliance with applicable laws and regulations, reporting deadlines, and to be fiscally prudent.
Types of Not-for-Profit Organizations Served:
- Membership organizations
- Charitable organizations
- Educational institutions
- Social Service
- Faith-based religious organizations
- Industry and professional associations
Our team of Chicago nonprofit CPAs provides organizations with the following services:
- New accounting pronouncements and IRS developments
- Single audit
- Donor restrictions
- Budget review & analysis
- Not-for-Profit and association specific management advisory services
- Establishment of funds
- Preparation of IRS Forms 1023 and 1024 for tax exemption
- Employee benefit plan audits
- Accounting assistance
- Special procedures/due diligence
- Grant funding requirements – Federal, state, pass-through & private
- IRS Section 501(c)(3) status
- Internal accounting controls
- Internal audit
- Not-for-Profit consulting
- Preparation of IRS Form 990, 990T and applicable state returns
- IRS Form 5500
Chicago Nonprofit Industry Leadership
Warady & Davis has a dedicated, multi-disciplinary not-for-profit team. This team is comprised of audit, accounting, tax, and consulting professionals with not-for-profit, governmental and foundation experience. Specialized training, including Yellow Book certification, and a consistent team provide valuable insight as we conduct audits and provide business counsel to our not-for-profit clients. They also attend professional conferences to further enhance their depth of knowledge and expertise.
Members of W&D’s Not-for-Profit team are involved in related industry organizations including the Association Forum, the Donor Forum, and the Illinois CPA Society’s Not-for-Profit Committee and Audit Sub-Committee, currently chaired by Susan Greggo, CPA, Partner and Director of Warady & Davis’ Not-for-Profit Services.
Warady & Davis helps nonprofit organizations meet governmental audit and accounting compliance requirements
W&D has wide-ranging experience in governmental and not-for-profit accounting and auditing including experience auditing under Government Auditing Standards and the Single Audit Act.
W&D’s Not-for-Profit Team has knowledge of federally and state sponsored programs, which is an important factor in our ability to service not-for-profit organizations. We understand compliance with the Single Audit Act and have assisted clients in complying with these complex requirements.
We currently provide audit services to many organizations who receive federal funding and others who receive state and local government agency funds. All of our senior audit engagement team members are Yellow Book certified.
W&D is a member of the AICPA’s Governmental Audit Quality Center which is primarily focused on ensuring quality standards for governmental audits including single audits, financial statement audits of both governments and not-for-profit organizations, and audits performed under the HUD Consolidated Audit Guide.