Let Akram Handle the IRS Reporting, You Focus on Philanthropy

Not for profits will often require audits in their bylaws, even when they are not required by a grantor to have an audit. Not-for-profits are under greater scrutiny and require transparency and accountability more than ever. 

Akram’s Certified Public Accounting firm offers audits of nonprofits including single audits or A-133 audits as required by the Office of Management and Budget. We provide timely, efficient, and cost effective annual audits and submit to the clearinghouse.

Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations. 

The IRS requires the following items:

1. Income Statement - includes very specific revenue and expense categories like donations, salaries, postage, rent, etc.
2. Balance Sheet - with specific categories like cash, accounts receivable, accounts payable, etc.
3. Functional Expense Statement - with all the expenses allocated to either program services, fundraising, or operations
4. Individual Program Expense Statement - reports all of the expenses for each program or service like seminar programs or educational mailings
5. Revenue Support Schedules - detail the organization's sources of income in specific categories like charitable donations, membership fees, and investment income

The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. It's imperative that you build your accounting system around these revenue and expense classifications.

Akram will help your organization by doing the following:

• Review and compile your financial statements

• Design, install, and maintain your internal control and accounting system

• Weekly, bi-weekly, or monthly payroll preparation

• Payroll tax preparation and deposits

• Provide training for your accounting personnel

• Complete and file your non-profit status application

• Provide training for your board on non-profit financial statement usage and effective budgeting practices

• Prepare and file the 990 and 990T tax forms

• Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies

• Churches, Mosques, Synagogues & Temples - We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers

Learn More

• Starting a New Not-for-Profit
• Audits, Reviews & Compilations