OUR

PURPOSE

Supporting Your Mission

As a nonprofit, you’re working hard to stay mission-focused while navigating oversight requirements, donor expectations, and financial responsibilities. At Smith Marion, we understand the unique challenges nonprofits face—and we’re here to help you meet them with confidence. We offer targeted support where it matters most. With decades of experience working alongside nonprofits, our team brings insight, reliability, and practical solutions to help you move forward with confidence—so you can stay focused on making a difference.

NPO

SPECIFIC SUPPORT

Audit & Review.

Independent audits and reviews provide more than just financial assurance—they build trust. At Smith Marion, we conduct thorough, objective examinations of your financial statements to help strengthen transparency and credibility with donors, grantors, and other key stakeholders.

Accounting.

While nonprofit accounting shares many core principles with for-profit accounting, it requires a specialized approach that considers your mission, funding sources, and tax-exempt status. At Smith Marion, we tailor our services to support the unique financial needs and reporting requirements of mission-driven organizations.

Form 990.

Form 990 is a key tool for demonstrating your nonprofit’s transparency and accountability. It provides donors, grantmakers, and other stakeholders with insight into how your organization allocates resources and carries out its mission. At Smith Marion, we ensure your 990 is accurate, timely, and clearly reflects the impact of your work.

Consulting.

At Smith Marion, our consulting services are designed to strengthen your organization from the inside out. We partner with nonprofits to support strategic planning, succession planning, board retreats, and leadership training. Our expertise in process improvement and talent consulting helps you build stronger teams, improve operations, and position your organization for long-term success.

Education.

Effective training equips your team to lead with confidence and stay connected to your organization’s mission. At Smith Marion, we offer education and training that strengthens leadership at every level—empowering staff and volunteers to better support your goals and represent your organization with clarity and purpose.

Budgets.

A well-crafted budget is more than just numbers—it’s a roadmap for your mission. At Smith Marion, we work with non-profits to build realistic, flexible budgets that reflect your funding sources, program goals, and strategic priorities. Our team ensures your budget supports informed decision-making and provides the transparency your board, funders, and stakeholders expect.

Outsource CFO.

Non-profit organizations face complex financial decisions that require more than basic bookkeeping—they need strategic insight aligned with their mission. At Smith Marion, our Outsourced CFO services provide high-level financial leadership without the full-time cost. We help mission-driven organizations navigate budgeting, cash flow, grants, and long-term planning with confidence and clarity.

A Trusted Partner to Nonprofits

For decades, we’ve had the privilege of working alongside nonprofits dedicated to serving their communities. We’ve seen the impact of their work firsthand and continue to be inspired by their commitment and passion. At Smith Marion, we value the long-standing relationships we’ve built with mission-driven organizations and are honored to support their efforts. We look forward to continuing that partnership—providing the guidance and expertise they need to achieve their goals and make a lasting difference.

Nonprofit FAQ’s

Selecting the right auditor is a critical decision for any nonprofit organization. Organizations should evaluate nonprofit audit experience, knowledge of nonprofit accounting standards, understanding of grant compliance, service approach, communication style, fee structure, and ability to meet deadlines. Nonprofits should request proposals, interview firms, and confirm the firm is a licensed CPA firm with current peer review reports available for review.

A nonprofit organization may consider switching auditors to obtain a fresh perspective, address service quality or timeliness concerns, improve communication, or obtain specialized nonprofit or grant compliance expertise. Regular evaluation of your nonprofit audit relationship ensures it continues to meet organizational needs.

A nonprofit audit may be required by state law, grant agreements, loan covenants, donor requirements, or regulatory agencies. Many nonprofits also voluntarily obtain audits to demonstrate transparency, financial stewardship, and accountability. If no external requirement exists, a nonprofit financial review may be sufficient.

A audit provides reasonable assurance and includes testing, confirmations, walkthroughs, and evaluation of internal controls. A review provides limited assurance and consists primarily of inquiry and analytical procedures.

The nonprofit audit process typically includes a planning phase and a fieldwork phase. The full process generally takes several weeks, depending on the nonprofit’s financial complexity, preparedness, and internal controls.

Nonprofit audit documentation typically includes bank reconciliations, general ledger detail, grant agreements, payroll records, board minutes, investment statements, invoices, receipts, financial policies, and internal control documentation.

Yes, auditors are required to communicate significant deficiencies, material weaknesses, material misstatements, and areas needing improvement to nonprofit management and governance.

No, auditors use sampling and risk-based procedures to focus on areas with the highest risk of error, fraud, or noncompliance.

Yes, auditors may prepare nonprofit financial statements as a non-attest service. Nonprofit management must review, understand, and accept responsibility for the financial statements.

Nonprofit management is responsible for maintaining accurate financial records, implementing internal controls, providing documentation, overseeing financial reporting, and signing the management representation letter.

The nonprofit board or finance committee oversees the audit process, communicates with the auditors, reviews findings, and approves the final nonprofit financial statements.

Nonprofit audit fees depend on organizational size, complexity, internal controls, reporting requirements, and compliance obligations.

Auditors are required to report suspected or confirmed fraud to nonprofit management and governance. Additional investigation and corrective action may be required.

A Single Audit is required when a nonprofit expends $750,000 in federal funds for fiscal years prior to September 30, 2025, and $1,000,000 for fiscal years ending on or after September 30, 2025. A Single Audit includes additional compliance testing under Uniform Guidance.

Audited nonprofit financial statements form the foundation for Form 990 preparation and impact multiple disclosures and governance reporting sections.

Nonprofit organizations may provide additional documentation or explanation when they disagree with an audit finding. Federal programs may require a formal corrective action plan.

Issuance depends on timely fieldwork completion, resolution of questions, and nonprofit management review and approval.

Yes, a nonprofit audit identifies opportunities to strengthen internal controls, financial processes, and risk management practices.

Auditors are required to reassess risk annually, even when nonprofit operations appear unchanged.

The management letter provides recommendations for improving internal controls, governance practices, and operational processes within the nonprofit organization.

Nonprofits should maintain timely reconciliations, organize documentation, update financial policies, address prior recommendations, and strengthen internal controls throughout the year.

Yes, auditors may provide technical guidance, accounting education, compliance support, and best-practice recommendations throughout the year while maintaining independence requirements.

Nonprofit auditors may provide education, technical guidance, best-practice recommendations, and compliance insight. They may explain standards, discuss accounting options, review draft schedules, and advise on internal controls.

Auditors cannot make management decisions, approve journal entries, prepare source documents, operate financial systems, or assume responsibility for internal controls.

Yes, auditors can explain requirements and review conclusions, but nonprofit management must make decisions, select assumptions, design processes, and execute implementation.

Auditors may propose adjustments and explain proper accounting treatment, but nonprofit management is responsible for preparing and recording entries.

Yes, auditors must communicate all non-attest services and the safeguards applied to maintain independence to those charged with governance.

Routine questions are typically part of ongoing service. Larger advisory projects may require additional fees, which are communicated in advance.

No, independence is maintained when auditors avoid management decisions, ensure nonprofit management retains responsibility, and apply appropriate safeguards.

Nonprofits should contact their engagement partner or manager. Complex matters may require scheduled meetings and supporting documentation.

Yes, early communication helps ensure proper nonprofit accounting treatment and reduces year-end corrections and compliance risks.

Significant accounting decisions and judgments should be communicated to nonprofit governance. Routine clarifications generally do not require board involvement.

Contact Us

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