A nonprofit financial statement review is an assurance service where a CPA performs analytical procedures and inquiries to provide moderate assurance that your financial statements are free of material misstatement. Unlike an audit, which provides a high level of assurance through extensive testing and verification, a review is less intensive and less costly. A compilation, on the other hand, involves assembling financial data without providing any assurance. Therefore, a nonprofit financial statement review offers a middle ground between an audit and a compilation.

Whether your nonprofit needs a financial statement review depends on several factors, such as donor requirements, grant stipulations, or regulatory obligations. Some states or funding agencies may require a nonprofit financial review if your organization exceeds certain revenue thresholds. Telos CPAs can help assess your specific situation to determine if a review, audit, or compilation is necessary for compliance and to meet stakeholder expectations.

At Telos CPAs, we offer a free consultation to understand your nonprofit’s financial reporting needs. We’ll evaluate factors like your organization’s size, funding sources, and regulatory environment. Based on this assessment, we’ll recommend whether a nonprofit financial statement review, an audit, or a compilation is the most appropriate service to ensure compliance and meet your stakeholders’ requirements.

Our review process begins with understanding your organization’s operations and financial practices. We then perform analytical procedures and make inquiries of management to assess the plausibility of your financial statements. This results in nonprofit reviewed financial statements that provide moderate assurance to donors, grantors, and regulatory agencies about your organization’s financial health.

The cost of a nonprofit financial review varies based on factors like the size and complexity of your organization and the condition of your financial records. Since each nonprofit is unique, we offer customized pricing tailored to your specific needs. Contact Telos CPAs for a personalized quote that reflects the scope of your project.

The duration of a financial statement review depends on the complexity of your finances and the availability of necessary documentation. Typically, the process can take anywhere from a few weeks to a couple of months. We strive to complete reviews efficiently while maintaining high-quality standards, keeping you informed throughout each step.

Having your financial statements reviewed by Telos CPAs enhances credibility and transparency, which can strengthen trust with donors and stakeholders. It demonstrates your commitment to proper financial management and compliance with accounting standards. Our expertise in nonprofit financial statement reviews helps your organization present accurate financial information, potentially improving funding opportunities and supporting your mission.