INDUSTRY SPECIALTIES

Education Financial Services

We specialize in providing financial services for Indiana-area charter schools and the educators who guide them.

Our Expertise

We help Indiana charter schools navigate the complex world of audits and taxes.

Efficient, transparent, friendly audits by a firm that specializes in this unique, complex industry
Access to industry decision makers through our cultivated network
Access to knowledgeable partners, managers, and other team members who live and work in Indiana, where each of our charter school audit clients is located
Sharing of best practices from our 40+ annual audits

Services We Offer

Audits

Our audit services provide educational institutions with thorough and compliant financial reporting, ensuring transparency and accountability in line with regulatory requirements.

Tax Services

We offer specialized tax services tailored to educational organizations, helping schools and institutions navigate complex tax laws, optimize deductions, and maintain compliance.

Assessments

Our financial assessments deliver valuable insights into your institution’s financial health, identifying opportunities for efficiency and growth while supporting long-term strategic planning.

Who you'll be working with

Get to know the team that will be your strategic support system

Navigating the complexities of financial compliance for your school

With strict compliance guidelines, managing revenue recognition for federal grants, and numerous nuanced financial concerns on your plate, you need a partner who’s chartered (pun intended) these waters before.

Knowing your numbers translates to a sustained impact in the community

We’ve worked with educators and school boards alike, and no charter school is initially excited at the prospect of conducting another audit or assessment. However, it doesn’t take long to get excited about what our financial services make possible. Confidence and assurance in your numbers is a proven path to a sustained impact on the students and families you serve.

Over the past Twenty-plus years, we’ve helped charter schools:

Here’s what sets us apart: just because we know every GAAP principle in the book doesn’t mean we’ll bore you with them. Instead, we get right down to business, providing you with the actionable insights your leadership team needs to move forward with confidence and change your community.

TESTIMONIALS

"As an early-stage company, it’s important that I spend my time on the areas where I contribute the most value to growing my business. Donovan made it easy to stay focused on the business while advising me on practical tax strategy. I count on the Donovan team as an important partner to identify opportunities and avoid the “gotchas” of starting a new venture.”

"Hope Healthcare Services has worked with Donovan CPAs for many years—in tax filings and the production of financial statements. Their expertise and work quality is great, but the relationship goes beyond that of vendor-client. Donovan has been a trusted partner with Hope Healthcare through these years, often going the extra mile on our behalf. I can happily recommend them.”

"Donovan has consistently provided us outstanding audit, tax and consulting services. They are a highly valued, trusted partner in supporting the growth of our business. Their expertise is diverse. They possess a highly experienced and competent staff that is always responsive to our needs."

"Wolfe Diversified switched from a large regional CPA firm to Donovan in 2014 for consulting and our company audit and tax work. We lowered our cost and received very high quality work and great service. We have been very happy with our decision to move to Donovan and believe it has benefited our business."

"As the Hendricks County 4-H Fairgrounds and Conference Center has grown into a diverse business with more than 250 events throughout the year, we have relied on Donovan Certified Public Accountants expertise for the past 10 years. Donovan truly understands our business and we feel great knowing their financial experts are an extension of our staff."

"Donovan understands the challenges that small businesses face every day. For close to 30 years, their financial guidance has made a huge impact on our short and long-term success at Spear Corporation. Donovan continues to help us achieve our goals to grow our company and maximize our profits. They have been a true partner in everything we have accomplished at Spear Corporation."

FAQs that give the 4-1-1 for charter schools

When is the first audit due?

Your first audit is due on December 31 following the school’s first year of operation. For a school opened in the fall of 2024, your first audit is due December 31, 2025.

What forms are required for nonprofit schools in Indiana to file annually?

Every nonprofit organization in Indiana, including charter and innovation schools, must file an annual Form 990 with the Federal government and an NP-20. This requirement begins even before your school’s first year of operations.

What happens if a school fails to file its tax returns?

Schools that fail to file their tax returns risk losing their 501(c)(3) nonprofit designation. In some cases, schools may realize this issue only after engaging a CPA firm, but by then, it might be too late. We’re here to help: Schedule an appointment!

Is there anything else schools need to file besides Form 990 and NP-20?

Yes, schools must also file for a property tax exemption for each parcel of land they own. It’s important to consult a Donovan team member about the best timing for this filing.

What are the common internal control findings from the State Board of Accounts that schools should be aware of?

Schools should ensure they are compliant with the following internal control procedures:

Proper receipt and deposit procedures, including timely deposit in the bank.
Proper voucher and payment approval procedures.
Accurate Form 9 reporting, including reconciliation from cash basis (for Form 9) to accrual basis (for financial reporting).
Correct timing of revenue recognition, particularly for federal cost-reimbursement grants.
Adequate documentation of enrollment and attendance to support semi-annual Average Daily Membership (ADM) reporting.

How can I ensure my school remains compliant with these regulations?

Review your school’s internal control processes regularly, and reach out to us at Donovan CPAs for professional advice on maintaining compliance. Schedule an appointment!

Education Financial Services

Our Expertise