Not-For-Profit Audits

As a regional CPA firm with over fifty members serving not-for-profit clients throughout California, VLS offers the extensive accounting, tax and consulting services normally found only in large accounting firms. However, we are small enough to foster solid professional relationships with our clients.  We know that one of the most important aspects of not-for-profit organizations is a good relationship.

Most not-for-profit funding sources require annual audits of social service organizations, associations, public and private foundations, and churches. VLS provides financial statement, government "yellow book" and “A-133 single audits” for all types of not-for-profit organizations.

Who Needs This Service?

In general, California not-for-profits with gross revenues of $2 million or more must prepare annual financial statements audited by an independent certified public accountant (CPA). In addition, various funding sources require that organizations utilize an independent audit to ensure fiscal reporting accuracy and compliance with laws and regulations.

Benefits to Our Clients

As a not-for-profit organization, your ability to pursue your mission depends on finding the right balance of financial funding and organizational resources. At the same time, in today’s economic climate, you must be able to view your organization as a business - and it must operate like a business in order to survive. Our professionals are able to help management provide accurate information and receive sound guidance on the best practices for not-for-profit organizations. In fact, our experience in the not-for-profit industry has given us an understanding of the special issues faced by not-for-profit organizations - an understanding which lets us assist in numerous areas.

Financial Reporting — We understand that timely financial reporting can be a vital factor in seeking funding for your organization. Funding agencies receive numerous grant applications each year and your financial statements can help tell your story. We are experienced in A-133 audits and the other governmental reporting requirements when public funding is involved.

Evaluating Internal Controls — While elaborate internal controls are sometimes impractical due to the size of an organization, certain critical procedures should always be followed. We recommend these important controls that help safeguard assets and strengthen the financial integrity of your organization.

Serving the Board — A not-for-profit’s board, management, staff and outside service providers all work together to achieve the goals of the organization. We consider it a privilege to serve the board to objectively present financial information, interpret the financial results, and help evaluate fiscal and compliance performance.