Nonprofits in Chicago and throughout the state of Illinois must file form 990 each year. It’s possible to do this yourself; however, many smaller businesses prefer to have the professional accounting service that provides their audit to complete the form for them. To find out more about how your nonprofit could benefit from the services of Odoni Partners, CPA, and professional 990 auditors, contact us today.
990 Auditors
What is Form 990 for Nonprofits?
Form 990 is the Return of Organization Exempt from Income Tax. The IRS mandates that all nonprofits must complete this form, which provides information about:
- An organization’s financial performance and targets
- Its goals and means to achieve these goals
- Programs it is running as part of its service
- The general state of finances within the organization
The form differs from a tax return in that it only provides information — the IRS does not govern nonprofits. Still, the form asks if a company’s financial information has been compiled and audited. It’s considered good practice for a nonprofit to audit its financial information, which is why many organizations are increasingly requesting that the auditing service completes form 990 on their behalf.
Get in touch with Odoni Partners today for a free consultation on 990 audit services for your non-profit.
Do Nonprofits Need 990 Auditors?
Nonprofits can send off this information themselves, but many prefer to work with bespoke 990 auditors for several reasons:
- Save time. These organizations often run on tight schedules with little time to fill in financial information. The auditor has already seen all the information as it performed the audit and can compile it quickly and effectively.
- Reduce the cost of having a full tax department. Many nonprofits would struggle to find the resources to have an in-house accounting team at their disposal. Having a close relationship with an external auditing service means that the organization only needs to spend money when it is necessary. Besides this, auditing is good practice for nonprofits anyway, so it works as an affordable additional service to have the CPA firm complete form 990.
- Keep updated with accounting developments. Form 990 isn’t necessarily static, and nor are accounting processes. They can change year by year, and a good CPA firm will recognize this and be aware that you don’t always fill in the same information, in the same way, each year. Thinking “we’ve always done it like this before and never had problems” is a very easy way to run into problems, and nonprofits generally lack time to stay up-to-date with accounting developments.
- Make sure it’s done right. When in doubt, always ask a professional. It’s the same with form 990 as it is with DIY projects at home — there’s only so much room for “this should work.” Our experienced CPA firm in Wheaton, IL, will ensure that the process is completed fully and with all the proper details included.
Nonprofits in Chicago and Wheaton, IL, stand to benefit a lot from using the services of high-quality 990 auditors. Contact us today to learn more about the services we can offer your organization.
990 Auditors in Chicago Suburbs
Nonprofit organizations in Wheaton, IL, and the Chicago area do valuable work for local communities, and we understand that your time is limited and resources are often stretched. That’s why we offer an affordable, thorough auditing service that includes completing form 990 to the highest possible standard.
Our audits are comprehensive and can help your organization better manage its finances and identify areas vulnerable to irregularities or misreported information. Accountability is important for nonprofits and working with a professional CPA firm is a great way to achieve this.
We’re committed to helping nonprofits achieve their maximum potential and maintain financial stability by providing accounting services specifically tailored to the needs of nonprofit organizations. This can save you the need for an internal accounting department and free up your time and budget to continue doing your great work.
Call us today to learn more about how our services are designed with nonprofits in mind and how we can help your organization achieve its full potential with top-quality accounting services.
Contact Odoni Partners for 990 Audits in Chicago
Nonprofits in Chicago and Wheaton, IL, can always benefit from working with reputable 990 auditors. It’s never worth leaving anything to chance and can save you time and resources you could better invest elsewhere.
Get in touch with Odoni Partners today to learn more about how our 990 auditing service and other accounting services can benefit your organization.
