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 Statement with very specific revenue and expense categories like donations, salaries, postage, rent…
- Balance Sheet with specific categories like cash, accounts receivable, accounts payable…
- Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
- Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
- Revenue Support Schedules that 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 can 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.
- Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.
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.
Here’s what’s needed…
- Articles of Incorporation containing 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 sub-paragraph 4 (“Organizational Test”).
- Employer Identification Number
- By-laws of the Organization
- Minutes of Board Meetings
- Names, Addresses, and Resumes of Board Members
- Names and addresses of all Active Members
- Inventory of Assets like cash, furniture, equipment, property, pledges…
- Inventory of Liabilities like mortgages, accounts payable, loans…
- Rent/Lease Agreements and Contracts
- Revenue and Expense Statements for 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 Formation and History off the organization.
- Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations
- Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets…
- Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers…
- Fund Raising Program Descriptions
- IRS Processing/Filling Fee
We are happy to prepare any of these items if you need help.
Let us help you setup and/or maintain your non-profit tax-exempt status by requesting a free consultation below.