Thomason Financial Resources, a Nashville and Middle Tennessee CPA firm, caters to the nonprofit sector of all sizes. We understand that with zero tolerance for accounting surprises today, you need to be able to make confident decisions with reliable financial information. While you focus on running your organization’s business, we will ensure that your financial records and operating processes are accurate and running effectively and efficiently.

We specialize in the four key services below. We will discuss your overall needs first and then custom design a package that is right for you.

Audits, Reviews and Compilations

An audit provides the highest level of assurance on an organization’s financial statements. In an audit, the CPA examines financial statements by conferring with outside parties, completing physical inspections and observations, and testing selected transactions by examining support documents. An effective audit should also add value by providing practical suggestions to strengthen internal controls, improve operational efficiency, and enhance systems and procedures.

A review provides limited assurance that no material changes are needed to an organization’s financial statements. A review is useful to management and others who want a “does it make sense” analysis?

A compilation provides no assurances. Basically, the CPA takes the numbers provided by the client and puts them in financial statement format. Because there is no analysis, the CPA is not allowed to render an opinion.

Internal Controls Review

Internal control is a process affected by an organization’s board of directors, management and other personnel, designed to provide reasonable assurance regarding achievement of three primary objectives as follows:

  • Effectiveness and efficiency of operations
  • Reliability of financial reporting
  • Compliance with applicable laws and regulations

We will review your organization’s internal control environment by observing, documenting and charting your financial and operational processes. For any identified weakness we find in your internal control environment, we will recommend solutions and assist as necessary in the implementation of those solutions.

Annual Tax Compliance

Nonprofit organizations, other than private foundations, must file an annual information return, Form 990 – Return of Organization Exempt From Income Tax, or Form 990-EZ – Short Form Return of Organization Exempt From Income Tax. These forms must be filed with the Internal Revenue Service by the 15th day of the 5th month after the organization’s fiscal year end. We will prepare your form accurately and timely file with the IRS.

Internal Audit

We work closely with external auditors and audit committees to ensure that our procedures meet the needs of the organization. These procedures typically include reviewing your organization’s financial statements and internal controls surrounding financial operations. We also provide assistance in remediating any prior audit issues and prepare work papers, reconciliation of certain accounts, and other necessary schedules of financial data as needed.