Auditd Financial Statements for Non Profit Og.

[Taxizen]

Is there anybody who handles the bookkeeping and financial statements for montessori kindergarden? I have one which is non-profit organization. Illinois State Attorney General Charitable Trust Bureau requests annual audited finanacial statement.

I wonder if the kindergarden which is profit organization still needs to file audited financial statements to somewhere.

Any advice would be greatly appreciated.

[Evan S. Golar]

Your post is ambiguous. You have a non-profit entity, yet in the second paragraph talk about a profit entity. Which is it?

I practice in New York, and do some non-profit organizations. In New York, depending upon the threshold of gross receipts and assets determines the type of financial statements that need to be filed-under $ 100G - no financials necessary, $100-150G-compilation, over $ 150G - audited financials.

[Taxizen]

Your post is ambiguous. You have a non-profit entity, yet in the second paragraph talk about a profit entity. Which is it?

I practice in New York, and do some non-profit organizations. In New York, depending upon the threshold of gross receipts and assets determines the type of financial statements that need to be filed-under $ 100G - no financials necessary, $100-150G-compilation, over $ 150G - audited financials.

Thanks for your response.

The kindergarden is considering giving up the non-profit og and open the new one with the profit purpose.

Does it still need to file the audited financial statements to somewhere for example, board of school something like that? <style_emoticons/default/smile.gif>

[Evan S. Golar]

In order to answer this question properly, you need to contact the proper authority that grants the school its license to operate - state education department, the church that its affiliated with, attorney general.

A response from this board without knowing more facts is virtually impossible.