Our UHY LLP professionals take great pride in providing audit and attest services to a wide range of governments, associations and other not-for-profit organizations. We currently serve all industries within the not-for-profit spectrum, including:
Our team of professionals brings an unequaled combination of significant not-for-profit and governmental experience. You will appreciate our exceptional “hands on” services and commitment to quality for your organization.
The audit and attest services we provide include:
There are several reasons for which a public charity can loss its tax-exempt status – and the most common is also the most easily avoidable. Each year thousands of nonprofits loss their tax-exempt status for failure to fulfill annual filing requirements. More specifically, they fail to file the Form 990, Return of Organization Exempt From Income Tax.
When auditors of not-for-profit organizations can provide the optimal level of assurance on an organization's financial statements, the report will say “the financial statements present fairly, in all material respects, the financial position of the organization and the changes in its net assets and cash flows.” The question naturally arises, then: what is meant by “material”? Auditing standards define materiality as something that could influence “the judgment of a reasonable person relying on the information.” Thus, materiality is not only quantitative but qualitative as well.
US not-for-profits encompass a wide variety of industries that include health care, higher education, credit unions and public authorities, to name a few. Andrea Murad speaks to the individuals who ensure they maintain their nonprofit status.
On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was decreased from $400 to $275 (Rev. Proc. 2016-32).
New §501(c)(4) exempt organizations and their advisors need to be mindful of a requirement added to the Code under the PATH Act, enacted December 18, 2015. Under newly-enacted IRC §506 such organizations must electronically submit Form 8976 - Notice of Intent to Operate Under Section 501(c)(4) - within 60 days of formation. This form does not exist on paper and thus will not be found by searching at the IRS website. An individual desiring to electronically submit this form needs to establish an account at the IRS website and pay a user fee of $50 through www.pay.gov. Late filing can be penalized. (Rev. Proc. 2016-41).