Reliable Compilations for Small and Start-Up Enterprises
Clear, well-organized financial statements presented in accordance with GAAP, giving startups, nonprofits, and small businesses the documentation they need for internal decision-making, smaller loans, and day-to-day credibility without the added cost of assurance services.
Connecticut Specific Requirements
Even though Connecticut law does not require compiled statements for nonprofits under $500,000 in revenue, many organizations still prepare them for boards, lenders, or growth planning. Compilations offer a cost-effective way for small enterprises to stay organized and professional while meeting documentation expectations.
Nonprofits with revenue under $500k: Compilations are great for boards & planning.
Companies with SBA Loans & revenue under $7.5M: A compilation is required.
Construction Companies: Surety companies may accept compilations for smaller projects.
Homeowners Associations: Compilations provide clarity & transparency for owners & boards.
Start-Ups & Owner-Managed businesses: compilations provide credibility and a framework for growth.
Compilations Vs. Bookkeeping & Why It Matters:
Compilations provide CPA level organized financial statements for decision-making when assurance is unnecessary.
Accepted for SBA 8(a) participants with receipts under $7.5 million and some small surety bond requirements.
A practical starting point for new businesses planning to move into reviewed or audited statements later.
FSI will work with your Bookkeeper to provide your Compilation level financial statements.
Frequently Asked Questions
What does a compilation involve?
In a compilation, FSI organizes your financial information into the proper statement formats but does not verify or test the underlying data. Because no assurance is provided, compiled statements are marked with a disclaimer that they may not be suitable for all purposes.
When should I choose a compilation rather than a review?
If you only need financial statements for internal management, tax preparation, small loans or to meet low‑risk requirements, a compilation may be sufficient and more cost‑effective. If lenders or investors need some level of assurance, or if you are subject to a regulatory threshold, a review or audit may be required.
Do I need to be independent to perform a compilation?
CPA independence is not required for compilations, but FSI will disclose any lack of independence in our report. We are happy to discuss whether independence might matter for your stakeholders.
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