Not-for-Profit

Barfield, Murphy, Shank & Smith is recognized as having one of the premier not-for-profit practices throughout the community and the state.

Having worked extensively with not-for-profits since the formation of our firm, we understand the financial and organizational issues you face including the increasingly complex financial reporting requirements and Form 990 compliance changes.  Over the years, BMSS has provided practical insight and solutions to help churches, schools, educational entities, foundations, associations, and other organizations fulfill their missions.

Not-for-profit organizations need to maintain accurate accounting operations to uphold transparency to donors, to apply for and receive needed funding, to maintain an accurate operating budget and to correctly project cash flow and BMSS is here to help with these and other issues.

What types of solutions does BMSS provide to not-for-profit organizations?

  • Bookkeeping services
  • Developing practical solutions to internal control issues
  • Financial statement audits (including A-122 and A-133)
  • Financial statement reviews and compilations
  • Identify ways to improve operations
  • Local, city and state tax issues including sales & use tax and business licenses
  • Preparing Form 990 and other related tax returns
  • Special projects such as applications to obtain tax exempt status
  • Unrelated Business Income Tax (UBIT)

BMSS is qualified to perform not-for-profit audits and our employees continue to receive necessary continuing education to stay abreast of changes in this area. We are extremely familiar with operating and capital funds, unconditional promises to give, restricted and designated funds, endowed funds, grants and other funding sources and internal controls.

Our tax specialists are well versed in the intricacies of not-for-profit taxation. With the new Form 990 and the compliance issues it raises, BMSS tax professionals are ready to assist you in the significant volume of compliance challenges resulting from the recent overhaul of compliance requirements. The BMSS tax team is here for consultation all during the year - not just in tax season.

Through our BDO Seidman Alliance, we can utilize the Institute for Nonprofit Excellence in Washington, DC.

BMSS stays on top of changes affecting your industry. Our professionals actively participate in trade associations and continuing education opportunities:

  • AICPA Governmental Audit Quality Center
  • Alabama Association of Nonprofits
  • Church Business Administrators
  • BDO Seidman Alliance Non-Profit Industry Group
  • BDO Institute for Non-Profit Excellence
  • Government Finance Officers Association

BMSS Not-for-Profit Practice Group