Chicago Nonprofit & Governmental Audit & Tax Services
Not-for-profit organizations, ranging from professional and trade associations 501(c) 6, to charitable organizations 501(c) 3, arts and educational organizations and foundations operate under intense donor scrutiny and oversight from regulatory and tax authorities. 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 Nonprofit CPA Team
W&D is proud to serve many local and national organizations which have a profound impact on those they serve.
W&D’s nonprofit CPA experts provide a wide variety of services to not-for-profit clientele including audit, tax, accounting and consulting. 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.
W&D also has in-depth experience auditing under Government Auditing Standards and the Single Audit Act.
- Professional Trade & Membership organizations – 501(c) 6
- Charitable organizations – 501(c) 3
- Health organizations
- Arts & educational institutions
- Social welfare or advocacy organizations
- Religious organizations
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 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.