Three Ways Audit Services Benefit Your Nonprofit

In many of the most fundamental ways, a nonprofit is run in an entirely different fashion than a for-profit organization, from its hierarchical structure to asset management. However, a lot of the same rules still apply. In many states, the law requires audits, while in others, it’s not necessary to conduct an one, but it’s not a bad idea to consider it anyway if you plan to apply for government funding or if you wish to maintain a good reputation with the public. Here are a few reasons your not-for-profit might consider obtaining audit services.
1. To Abide By State Law

Laws vary by state not only in regards to whether or not nonprofit organizations are required to be checked out, but also under which conditions. In most states, not-for-profits are required to submit reports in order to raise funds. Some other reasons why certain states require them include meeting or exceeding a threshold for charitable donations, the total amount of fiscal year revenue, charity registration renewal, and other indicators. The type of service required varies also. In some states, depending on the circumstances, a full audit is required. Other states or different circumstances require only a review or a compilation.

2. To Maintain Your Good Reputation

When nonprofit organizations are in the news, it’s often not because of charitable deeds or honorable accomplishments. It’s because they are being accused of or being investigated for fraud. Seeking audit services is a good way to help prevent a situation like this from occurring. The public, especially those who contribute or have contributed to charitable organizations, appreciate financial transparency. People want access to information, and when they’re denied that access, they might feel that you have something to hide. Keeping financial records available to the public can help you avoid this issue.

3. To Apply for Funding

If you’re hoping to apply for a grant or other funding, there’s a good chance you’ll need to conduct an audit. Many agencies, especially the state or federal government, want proof that your nonprofit runs a tight ship before providing funding of any kind. Some private organizations do, too. If you’re up for a substantial grant or plan to apply for funding now or in the future, it’s a smart idea to begin conducting them yearly. Showing that you take care and pride in conducting your financial business by the book is always advantageous.

Because not-for-profits have a completely different financial culture than for-profit businesses, it seems strange that it would be necessary for a nonprofit to conduct a yearly audit. However, despite the fact that it is mandatory by law under certain circumstances in many states, it’s often simply a matter of good business practice to choose some kind of regular audit services, be it for a full audit, a review, or a compilation. Proving your organization to be fiscally responsible and reliable is an easy way to open the door to funding opportunities and to maintain a positive image with the public and, especially, with your contributors.

Things You Didn’t Know Your Health Insurance Would Pay For

Most of us expect our health insurance to pay for procedures like annual physicals and children’s checkups. If you’re not very familiar with your policy, you could be missing out and paying out of pocket for prescriptions and procedures that are often covered. Of course, what is covered will vary from policy to policy and state to state, but it is always worth it to call the customer service number on the back of your card to research a bit further. Read on for information on some procedures and services that are often completely free.
Medical Equipment

If you break your leg or your hip, you expect your health insurance to cover your hospital visit and any necessary surgeries. However, it can also help take care of you once you leave the hospital. If you look under the durable medical equipment section of your coverage, you’ll likely notice that crutches and wheelchairs are covered, as well as the majority of prosthetic limbs. Under this section, nursing moms can even purchase a breast pump for more than 90 percent off, saving hundreds of dollars.

Pregnancy Prevention Surgery

If you’re ready for a birth control option that is more permanent than oral, injectable, or physical birth control, you may consider a surgical alternative – tubal ligation for women and a vasectomy for men. Most people assume that they will have to pay for the procedure themselves, but in many cases, your health insurance will foot the bill. This is because pregnancy prevention surgery will ultimately save your insurer money in the long run.

Non-Western Medicine

If your normal physician is just not offering you the cure you need, you might consider alternative treatments like acupuncture, massage therapy, herbal supplements, or chiropractic services. Many of these services and procedures can be covered by your insurance. You can also use your health savings account to pay for acupuncture as long as your doctor prescribes it.

Gym Memberships

Slowly but surely, many major insurance companies are working to make exercise more attractive to their customers by offering discounted gym memberships. This is because clients that exercise regularly are less likely to suffer from medical ailments like diabetes and heart disease. Investing in gym memberships will ultimately pay off for your insurance company over time.

Sleep Studies

Are you struggling to fall asleep? Most doctors will provide sleep aids, but your insurance may provide the resources you need to get to the root of the problem. You may be able to participate in a sleep study that can reveal whether something like sleep apnea or restless leg syndrome is keeping you up at night, and both of these issues can be treated with medication.

24/7 Nurse Lines

Many health insurance companies provide their members with a toll-free number where they can speak with registered nurses 24 hours a day. This is great if you are facing a minor medical problem late at night or simply have a question about medication that you need answered before morning.

Always make sure to check your policy before you pay for a procedure or prescription. Nothing feels better than saving money on your health!