Nonprofit Accounting Basics

What is an Audit?

Note: Articles published before January 1, 2017 may be out of date. We are in the process of updating this content.

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Periodically, nonprofit organizations will have to submit financial statements to show how they are doing financially. Contributors, board of directors, and lenders may require an organization to submit audited financial statements. Also, many states require audited financial statements when contributions over a specified amount are received.