Private & independent schools
Greywood CPA audits and reviews financial statements for private, independent and faith-based K–12 schools. An audit gives your board, accreditor, donors and lenders an independent opinion that your statements are fairly presented. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working with schools nationwide, at a fixed fee.
Schools usually need an audit because an accrediting association expects one, a bank or bond financing requires it, major donors or foundations ask for it, or the school spends $1,000,000 or more in federal awards, which requires a Single Audit. Smaller schools are sometimes able to provide a review instead.
Last reviewed: November 2026
| Who is asking | What they usually want |
|---|---|
| Accrediting association | Audited or reviewed statements, per its standards and your school's size |
| Bank, bond or campus loan | Audited statements plus annual covenant compliance |
| Major donors and foundations | Audited statements before large or multi-year gifts |
| Federal awards of $1,000,000+ | A Single Audit |
| Your board | An independent check on the business office |
Check your accreditor's financial standards and your loan agreements. They name the report and the deadline.
We test enrollment contracts, tuition billed, and the aid and discounts the school funds, which reduce tuition revenue. Refund and withdrawal policies affect how much revenue is earned by year-end.
Annual fund, capital campaign and restricted gifts, including pledges, which are recorded when promised rather than when paid.
Investment values, returns and the spending draw against your endowment policy.
Faculty contracts paid over 12 months but earned over a 10-month school year create accruals at year-end.
Campus loans and bonds, and whether you met the financial covenants.
Most private schools are nonprofits, so their statements follow nonprofit reporting rules:
See school financial reporting for how tuition, gifts and endowments are handled.
Most schools close their year on June 30. To have audited statements ready for a fall board meeting, plan fieldwork for August or September, once the books are closed and summer payroll accruals are booked. Tell us your board or accreditation date and we'll plan backward from it.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
Not by default. Schools usually need one because an accrediting association, a lender, major donors or federal funding requires it. Your accreditor's standards and your loan agreements state the requirement.
Sometimes. Some accreditors and lenders accept a review for smaller schools. A review gives limited assurance and costs less; an audit gives an opinion. Check what the person relying on your statements accepts.
Plan fieldwork for August or September, after the year is closed and summer payroll accruals are recorded, so statements are ready for a fall board meeting.
Aid and discounts the school funds itself reduce tuition revenue. Scholarships paid from donor-restricted funds are shown as a release of those restrictions.
We quote one fixed fee in writing before any work starts, based on your enrollment, budget, endowment, number of campuses and the report you need.
Tell us the date. A senior CPA will confirm what you need and send a fixed-fee proposal within 1–3 business days.