Nonprofit organizations must follow several guidelines established by the Securities Exchange Commission (SEC) when it comes to producing accurate financial statements. The most effective way to ensure the accuracy of nonprofit financial statements involves receiving confirmation from a firm that provides broker dealer audit services. A firm that provides broker dealer services not only ensures your nonprofit organization complies with SEC regulations, but your organization also receives advice on how to remain financially healthy.
The results of a financial audit uncover data that determines whether your nonprofit organization has to address one or more financial problems that might derail your worthy mission. At Ernst Wintter & Associates (EWA), our Certified Public Accountants (CPAs) help nonprofit organizations such as yours comply with SEC regulations. Our team of CPAs also goes the extra mile by pointing out potential financial issues that need to be addressed immediately.
Let’s take a look at the top three common steps followed by EWA when providing highly-rated broker dealer audit services.
Review Financial Statements
Perhaps the most important of the broker dealer audit services provided by EWA involves ensuring our clients submit accurate financial statements before each deadline. State and federal regulators examine your financial statements to ensure accuracy, and they do their jobs with meticulous attention paid to detail. If your nonprofit organization fails to submit accurate financial statements on time to the appropriate government agencies, you risk losing your highly-coveted tax-exempt status.
Pay Your Bills
It should be considered an automatic part of maintaining clean books, but you might be surprised to learn that a large number of nonprofit organizations fail to meet their debt obligations. From paying weekly grocery bills to sending monthly loan payments, paying your bills represents a critically important part of running a financially healthy nonprofit organization. The team of CPAs at EWA discovers every unpaid bill to ensure your nonprofit never falls into a deep financial hole.
If necessary, we help nonprofit organizations struggling with debt obligations create an accounts payable system.
Another important step of broker dealer audit services involves verifying sources of income, which typically concern donations made on a one-time or regular basis. It is one thing to receive a promise of a donation, and it is quite another thing to receive the cash that helps your nonprofit organization achieve its mission. In addition, you have to open your books to prospective donors to determine whether your nonprofit takes in enough money to make it financially viable. A thorough audit conducted by the team of CPAs at EWA should convince prospective donors to support your nonprofit organization.
Do Your Part to Remain Financially Healthy
Working with EWA is just one part of the equation to keep your nonprofit organization financially healthy. Your nonprofit also plays a role in maintaining clean books by completing consistently scheduled internal checks and audits. Completing internal checks and audits helps your nonprofit identify potential financial issues, as well as take care of issues before EWA provides its broker dealer audit services.