Nonprofit
We help local nonprofits, throughout Minnesota, grow and thrive in their communities.
Minnesota Nonprofit Accounting experts.
We understand the complexities surrounding the organization, the motivation of leadership and the viewpoint of the people served. Smith Schafer will help you become a more responsible steward of funds and a more efficient provider of services.
Our Experience.
Our Nonprofit Service Group is committed to serving over 300 Minnesota nonprofits. We strive to provide high-quality services in a timely, cost-effective manner. Our nonprofit clients appreciate this approach, which is evidenced by the low level of lost clients which the firm has experienced.
Specialized Nonprofit Industry Services:
Accounting Services
Audit & Attest
Reviews & Compilations
Qualified Benefit Plan Audits
Agreed Upon Procedures
Quarterly Corporate Reports
Fraud & Internal Controls Review
Transactional Due Diligence
Bookkeeping & Payroll
Quickbook ProAdvisor Services
Technology Consulting
Business Process Reviews & Consulting
Entities We Serve:
Associations
Business Leagues
Charitable Organizations
Civic Organizations
Faith-Based Organizations
Member Organizations
Private Foundations
Private Schools
Social Clubs
Youth Organizations
Actively involved in the industry we serve, we are proud members of:
AICPA Audit Quality Center Member
Smith Schafer is a member of the American Institute of Certified Public Accountants Audit Quality Center. As a member, we have access to comprehensive resources that assist us in further enhancing the quality of our nonprofit audits. The membership provides us timely information on a variety of technical and regulatory subjects that we apply to audits to help ensure compliance with the appropriate standards and changes in regulations.
Why Nonprofit Clients Choose Us
We are here to help. Let’s start the conversation.
Contact us today to schedule a consultation with one of our industry experts.
Nonprofit Industry Resources
COVID-19 Relief for Accounting Standards
On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05, bringing relief for both for-profit and nonprofit entities. The standard allows entities who have not yet issued their financial statements to DELAY the implementation of ASU 2014-09, Revenue Recognition from Contracts with Customers (ASC 606).
FASB Delays Revenue Recognition and Leasing Standards
Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic.
GASB Calls for Accounting Standards Postponement
On April 14, the Governmental Accounting Standards Board (GASB) released a statement proposing the postponement of the effective dates of certain accounting and financial reporting requirements set to go into effect soon.
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