What is a virtual CPA?

A virtual CPA provides the same services as a traditional CPA firm — tax preparation, bookkeeping, audits, financial planning — but delivers them remotely using secure cloud technology. You get expert-level service without visiting a physical office.

How much do virtual CPA services cost?

Pricing depends on the complexity of your financial situation and the services you need. We provide transparent fee estimates during your initial consultation. Virtual CPA firms typically have lower overhead than traditional firms, which translates to more competitive rates.

Do I need an audit for my nonprofit?

Many states require nonprofits to have an independent audit once they exceed certain revenue thresholds, often $500,000-$750,000. Grant-making organizations and government agencies frequently require audited financial statements. We can help determine your specific audit requirements.

What is the difference between an S-Corp and an LLC for tax purposes?

An LLC provides liability protection and pass-through taxation by default. An S-Corp election can provide additional tax savings by allowing owners to split income between salary (subject to payroll taxes) and distributions (not subject to payroll taxes). The right choice depends on your income level, business structure, and state tax laws.

What does a virtual CFO do?

A virtual CFO (fractional CFO) provides high-level financial strategy and oversight on a part-time basis — budgeting, forecasting, cash flow management, financial analysis, KPI reporting, and strategic financial planning. You get C-suite financial leadership without the full-time cost.

Can you help if I'm behind on bookkeeping or taxes?

Yes. We offer catch-up bookkeeping services to bring your books current and can help resolve back tax issues including IRS notices, unfiled returns, and payment plans.

What accounting software do you work with?

We work with QuickBooks Online, Xero, FreshBooks, Wave, and other major cloud accounting platforms. We can also help you select and set up the best software for your business.

How do I prepare for tax season?

Organize financial records throughout the year, keep receipts for business expenses, track mileage and home office usage, make quarterly estimated tax payments, and schedule a year-end tax planning session before December 31.

What is DCAA compliant accounting?

DCAA (Defense Contract Audit Agency) compliant accounting is a system that meets federal government requirements for contractors. It includes proper timekeeping, job cost accounting, indirect cost allocation, and specific internal controls required for government contract work.

Do I need a CPA or a bookkeeper?

Bookkeepers handle day-to-day recording of financial transactions. CPAs handle higher-level work — tax planning and preparation, audits, financial analysis, and strategic advice. Many businesses need both. Our firm provides both services so you have one team managing everything.

What's the difference between an audit, review, and compilation?

An audit provides the highest level of assurance through independent verification of financial statements. A review provides limited assurance through analytical procedures and inquiries. A compilation presents financial information in statement format without assurance. The right choice depends on your stakeholders' requirements.

Do you serve businesses outside the DMV area?

Yes. While our primary service area is Washington DC, Maryland, and Virginia, we serve clients nationwide through our 100% virtual model. Our cloud-based systems allow us to work with businesses anywhere in the United States.

When do DC charter schools need to submit audited financial statements?

DC charter schools must submit their audited financial statements to the DC Public Charter School Board (PCSB) within 150 calendar days of the end of their fiscal year. For schools with a June 30 fiscal year end, the deadline is November 27 or 28. PCSB uses the audit to assess the school's financial health as part of its annual performance framework.

What is the DC PCSB audit requirement?

PCSB requires each DC public charter school to submit annually: (1) audited financial statements prepared by an independent CPA; (2) the auditor's report on internal controls and compliance; (3) a management letter (if issued); and (4) any corrective action plan if audit findings were noted. Audits must be conducted under GAAS. Schools with $1,000,000+ in federal funds also require a Single Audit.

Does my charter school need a Single Audit?

A Single Audit is required when your charter school expends $1,000,000 or more in federal awards in a fiscal year. Federal awards include Title I, Title II, IDEA, school lunch and breakfast programs (CACFP), E-Rate, and other federal program funding. Most DC charter schools with significant enrollment qualify for Single Audit. The audit tests compliance with each major federal program's requirements.

What are common charter school audit findings?

Common findings include: (1) inadequate segregation of duties (often unavoidable in small schools); (2) procurement policy violations (purchases made without required competitive bidding); (3) missing or inadequate board meeting minutes; (4) grant expenditure misclassification (charging unallowable costs to federal grants); (5) late contribution/payroll tax deposits; and (6) incomplete or missing grant-related documentation.

What financial statements are required for a charter school audit?

The required financial statements are: (1) statement of financial position (balance sheet) as of year-end; (2) statement of activities (income statement); (3) statement of cash flows; (4) statement of functional expenses (if applicable); and (5) notes to financial statements. For Single Audit, add the Schedule of Expenditures of Federal Awards (SEFA). Comparative prior-year figures are often required.

Can charter schools use a virtual CPA for their required audit?

Yes. PCSB and state authorizers accept audits from any licensed CPA firm — there is no requirement for an on-site local firm. Virtual CPA firms with charter school experience provide the same quality audit remotely. We work with your school's accounting team to gather documents electronically, perform audit procedures remotely, and deliver the required audit report and financial statements.

What happens if our charter school misses the audit deadline?

PCSB treats missed audit submission deadlines as a compliance violation that affects your school's Performance Management Framework (PMF) score. Repeated violations can affect charter renewal. PCSB may also impose corrective action requirements. Contact us immediately if your deadline is approaching — we can assess whether a timeline is achievable and what expedited options exist.

How much does a charter school audit cost?

Charter school audit fees in the DC metro area typically range from $8,000–$20,000 depending on school size, number of campuses, federal funding complexity, and whether a Single Audit is required. Single Audits add additional scope and cost. Contact us for a fixed-fee quote based on your school's enrollment, budget, and federal award expenditures.

Charter School Audit Specialists — DC, MD & VA

Charter School Audit Services — DC PCSB, Maryland & Virginia Audit Requirements

Charter schools in Washington DC must submit audited financial statements to the DC Public Charter School Board (PCSB) within 150 days of fiscal year end — November 28 for June 30 year-ends. Charter schools in Maryland and Virginia are accountable to their local authorizer and state education departments. Schools receiving $1,000,000 or more in federal funds (raised from $750,000 effective for fiscal years beginning on or after October 1, 2024) (Title I, Title II, IDEA) also require a Single Audit under OMB Uniform Guidance (2 CFR Part 200). Your Virtual CPA provides full audit services for charter schools across the DMV — from small single-campus schools to multi-campus management organizations.

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Do charter schools need annual audited financial statements?

Yes. DC charter schools must submit audited financial statements to the DC Public Charter School Board (PCSB) within 150 days of fiscal year end — by November 27 for schools with a June 30 year-end. Maryland and Virginia charter schools submit to their authorizing LEA. Charter schools receiving $1,000,000+ in federal Title I, Title II, or IDEA funds also require a Single Audit under 2 CFR Part 200.

Single Audit: A Single Audit is a compliance audit required under OMB Uniform Guidance (2 CFR Part 200) for organizations expending $1,000,000 or more in federal awards in a fiscal year. It includes a financial statement audit plus independent testing of compliance with each major federal program's requirements.

PCSB: The DC Public Charter School Board (PCSB) is the independent chartering authority for public charter schools in Washington DC. PCSB sets academic, operational, and financial reporting requirements, including the 150-day deadline for annual audit submission.

Charter School Audit Services

From PCSB compliance audits to Single Audits for federal Title I funds, we handle every aspect of charter school financial reporting.

DC PCSB Financial Audit

Complete GAAS audit of your charter school's financial statements meeting DC Public Charter School Board requirements. We understand PCSB's specific audit submission requirements and deliver our report and financial statements in the required format with sufficient time before the November 28 deadline for June 30 fiscal year schools.

Single Audit (Title I & Federal Funds)

Charter schools expending $1,000,000 or more in federal awards in a fiscal year must have a Single Audit under OMB Uniform Guidance (2 CFR Part 200). We perform the SEFA (Schedule of Expenditures of Federal Awards), major program determination, compliance testing for Title I, Title II, IDEA, and other federal programs, and issue the required data collection form for submission to the Federal Audit Clearinghouse.

Maryland Charter School Audit

Maryland charter schools are chartered by local boards of education (Baltimore City, Montgomery County, Prince George's County, etc.) and must comply with each authorizer's financial reporting requirements. We prepare audited financial statements that satisfy local LEA reporting requirements and Maryland State Department of Education (MSDE) submission deadlines.

Virginia Charter School Audit

Virginia charter schools operate under charters granted by local school boards and are accountable to VDOE. We provide audited financial statements meeting VDOE and local school board reporting requirements, including required supplemental schedules and supporting documentation required for charter renewal applications.

Internal Controls Assessment

Charter schools face heightened scrutiny of internal controls from authorizers, boards, and parents. As part of our audit, we evaluate your school's internal control environment — segregation of duties, procurement controls, payroll controls, and grant management — and provide a written management letter identifying deficiencies and recommended improvements.

First-Time Charter Audit

Newly opened charter schools often need an audit for the first time and don't know where to start. We guide your leadership team through the entire process: what records to maintain, how to organize your accounting, what documents we'll need, and how to establish financial policies that will satisfy auditors and authorizers for years to come.

Serving Charter Schools Across DC, Maryland & Virginia

The DC metro area is home to one of the most active charter school sectors in the nation — particularly in Washington DC, where nearly half of all public school students attend charter schools.

Washington DC (All Wards)

DC PCSB-authorized schools from Ward 1 through Ward 8 — single campus and multi-campus CMOs

Prince George's County, MD

Maryland charter schools in PG County serving diverse student populations

Baltimore City, MD

Baltimore City authorized charter schools with BCPSS and independent authorization

Montgomery County, MD

Montgomery County charter schools including MCPS-authorized and state-approved schools

Alexandria & Fairfax, VA

Virginia charter schools operating under local school board charters

Richmond & Hampton Roads, VA

Statewide Virginia charter schools including virtual charter programs

Washington DC has over 120 public charter schools serving 48,000+ students — nearly half of all DC public school students. Every DC charter school must submit audited financials to PCSB annually. Your Virtual CPA is experienced in DC charter school financial reporting requirements, PCSB submission procedures, and the specific compliance requirements applicable to DC charter schools.

Related Services

Nonprofit Audit (Single Audit)

Federal compliance audits under OMB Uniform Guidance.

Government Contractor Audit

DCAA compliance for federal contractors.

Church & Religious Org Audit

Audits for religious organizations and ministries.

Attestation Services

AUPs, reviews, and SSAE 18 engagements.

Bookkeeping Services

Ongoing bookkeeping for charter schools.

Book a Consultation

Talk to a charter school audit specialist.

Charter School Audit FAQs

Common questions from charter school leaders about PCSB audit requirements, Single Audits, and the audit process.

PCSB Deadline Coming Up?

Don't risk your charter over an audit deadline. Your Virtual CPA delivers complete, PCSB-compliant audited financial statements with time to spare — and guides your team through the process from start to finish.

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Serving charter schools in Washington DC (all wards), Maryland, and Virginia.