Let Akram Handle the IRS Reporting so You Can Focus on Philanthropy
Nonprofits 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’st 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:
- Income Statement - includes very specific revenue and expense categories like donations, salaries, postage, rent, etc.
- Balance Sheet - with specific categories like cash, accounts receivable, accounts payable, etc.
- Functional Expense Statement - with all the expenses allocated to either program services, fundraising, or operations
- Individual Program Expense Statement - reports all of the expenses for each program or service like seminar programs or educational mailings
- 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
Akram will help your organization by doing the following:
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Akram is a winner in the Hedgeweek Americas Awards for consecutive 3 years 2021, 2022, and 2023
"We have been voted “Best Accounting Firm for Start-up & Emerging Funds”.
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We understand that clients in the Alternative Investments arena are extremely prudent. At Akram, we provide high-end, tailored fund accounting services with careful planning and an unmatched responsiveness that only a boutique accounting firm like ours can deliver. Contact us today to learn more about our specialized assurance, advisory, and tax services for hedge funds, commodity trading advisors, private equity and venture capital funds, digital asset funds, insurance dedicated funds, real estate funds, day traders, investors, family offices, and high net worth individuals.