KVR.CPA

KVR.CPA is a certified women-owned audit and accounting firm in Needham, Massachusetts with a New York office, licensed in both states. Nine professionals serve not-for-profits, government, employee benefit plans and small CPA firms with auditing, assurance, advisory, compliance and peer review.

Frequently Asked Questions

When does a not-for-profit need an audit?

Typically when revenue passes state thresholds (often $500K to $1M), when it receives federal funds above $750,000 (over $1M for fiscal years starting October 2024), when grantors or donors require it, or when the board asks for one.

What policies support good not-for-profit governance?

Essentials include a conflict of interest policy and a financial controls policy covering budgeting and monitoring spending.

How do we stay compliant with grant requirements?

Keep a compliance calendar of reporting deadlines, track each grant's expenses and outcomes separately, and document all activities and spending.

How is a review different from an audit?

Audits give a high level of assurance with extensive testing and verification. Reviews give only limited assurance.

How can we prepare for a Single Audit?

Identify federal awards and major programs, organize grant agreements and reports, document internal controls for federal programs and prepare the Schedule of Expenditures of Federal Awards.