Not-For-Profit
Our significant not-for-profit client base is much more to us than simply a list of clients; they are an extension of Allan Smith & Company, CPAs PC interest in, and commitment to, our community. Our clients include associations, social service providers, museums, schools, foundations, advocacy groups, membership organizations, quasi-governmental agencies and more. We have a special — and specially trained — team that works with these unique clients on audits, tax compliance and advisory services. Our skilled and sensitive team is trained in current “Yellow Book” and the Uniform Guidance compliance auditing and reporting and well as the preparation and submission of the Commonwealth of Massachusetts Uniform Financial Report (UFR). Further, as a member of the AICPA Governmental Audit Quality Center, we are committed to adhering to the highest quality auditing standards by voluntarily agreeing to the Center’s membership requirements, which include additional training, monitoring and oversight of all staff members involved with audits of not-for-profit organizations in accordance with Government Auditing Standards and the Uniform Guidance. We also provide the very unique preparation and submission of federal indirect cost rate applications for not-for-profits with significant federal and state contracting.
In today’s operating environment, not-for-profits are facing significant challenges that include an expectation of greater transparency, stronger internal controls over operations, heightened corporate governance and adherence to increasingly complex accounting and reporting standards. Though many of these issues were originally generated for oversight of for-profit businesses, they have led to intensified scrutiny of not-for-profit organizations. Many of these issues have resulted in the formalization of numerous policies and practices that have evolved and are generally accepted as “best practices” for not-for-profits. Our clients can count on being kept up-to-date on these critical, evolving issues, while enjoying the benefits of a professional, timely and efficient audit and tax compliance process that is sensitive to their operational challenges, along with management advisory services throughout the year to support them in their mission.
