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Reviews & Compilations

Offering fiscal assurance, accuracy and accountability for your organization.

As a nonprofit organization you likely depend on donors, members or those with an interest in your mission to help you succeed. By having financial statements prepared you’re able to provide fiscal assurance, accuracy and accountability concerning the financial strength of your organization to those individuals who are vested in it.

In addition, financial statements enable management to make business decisions, enable creditors to evaluate loan applications, and provide individuals with information to make investment decisions.

Reviews

A review is the application of methodical procedures and examination to provide a limited level of assurance. A review can be required for many of the same reasons an audit is required - grantor requirements, self-governing by-laws, and state charity registration rules.

In the State of Wisconsin, if a charitable organization receives contributions in excess of $200,000 but less than $400,000 during its fiscal year, the organization is required to submit an annual report including financial statements reviewed by an independent certified public accountant.

A review can be a cost-effective measure for your organization to consider. It provides limited assurance that there are no material modifications that are required to be made to the financial statements for the statements to conform to a particular basis of accounting.

Compilations

A compilation is the presentation of financial data in the form of detailed financial statements depending on specific criteria.

In the State of Wisconsin, if a charitable organization receives contributions in excess of $5,000 but less than $200,000 during its fiscal year, the organization is required to submit an annual financial report that includes:

  • Balance sheet
  • Statement of support
  • Revenue and changes in fund balance
  • Statement of functional expenses including separate presentation of management and general expenses
  • Program services and fundraising

Organizations receiving $5,000 or less in contributions during its fiscal year are not required to submit financial statements but shall file an affidavit with the state.

Organizations operating solely within one community and receiving less than $50,000 in contributions during its fiscal year may apply for an exemption from the reporting requirement.

Our professionals can guide you in preparing reviewed or compiled financial statements to meet your stakeholder’s requirements. Our services don’t end with the results. We provide you with the information and insights to improve your accounting controls and modify operations to impact your organization’s financial success.

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