We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you. Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.
- Income Statementwith very specific revenue and expense categories like donations, salaries, postage, rent...
- Balance Sheetwith specific categories like cash, accounts receivable, accounts payable...
- Functional Expense Statementwith all the expenses allocated to either program services, fundraising, or operations.
- Individual Program Expense Statementthat reports all of the expenses for each program or service like seminar programs or educational mailings.
- Revenue Support Schedulesthat detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income.
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it's imperative that you build your accounting system around these revenue and expense classifications.
Here's what we do for you...
- Review and compile your financial statements
- Design, install, and maintain your Accounting System
- Weekly, bi-weekly, or monthly payroll preparation
- Payroll Tax Preparation and Deposits
- Provide training for your accounting personnel
- Complete and file your non-profit status application
- Provide training for your board on non-profit financial statement usage and effective budgeting practices
- Prepare and file the 990 and 990T tax forms
- Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
What's Needed for starting a not-for-profit organization:
If you're starting a new not-for-profit organization we can help you prepare your organization's 501 (c)(3) application for tax-exempt status.
- Articles of Incorporationcontaining the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 ("Organizational Test").
- Employer Identification Number
- By-laws of the Organization
- Minutes of Board Meetings
- Names, Addresses, and Resumes of Board Members
- Names& Addresses of all Active Members
- Inventory of Assetslike cash, furniture, equipment, property, pledges...
- Inventory of Liabilitieslike mortgages, accounts payable, loans...
- Rent/Lease Agreements and Contracts
- Revenue and Expense Statementsfor the last four years or as far back as possible if your organization has been in existence for less than four years.
- Written Reason for Formationand History of the organization.
- Organization Mission Statementor Statement of Faith or Beliefs for Churches and other Religious Organizations.
- Organization Activities, Operations and ProgramsDocumentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets...
- hFinancial Support Documentationincluding all sources of revenue like contributions, tithes, offerings, fundraisers...
- Fund Raising ProgramDescriptions
- IRS Processing/Filing Fee
We are happy to prepare any of these items if you need help.