Earney & Company, L.L.P.
710 Military Cutoff Rd., Ste 250
Wilmington, NC 28405
Phone: (910) 256-9995
Fax: (910) 256-2829
Directions: Going north, turn left off Military Cutoff Road at Howe Creek Landing, we are the back building. Take elevator or stairs to second floor – you’re there!
The IRS and the FASB (Financial Accounting Standards Board) require non-profit corporations to present an analysis of their expenses – by function. That is, how is your organization using its resources? How much of your expenses are spent on “Management” versus “Program?” How much of your resources are used for “Fundraising” rather than “Program?” This type of analysis is required and useful for donors and lenders, but it is also a valuable tool for management.
Financial statements provide a picture, a snapshot, of the state of your organization at one point in time – generally your fiscal year end – and how well you managed your funds over that fiscal year.
From a business perspective, an audit can be seen as disruptive to the day-to-day operations. The delay in operations caused by an audit can be compounded if you’re not ready for your auditor.