In order to setup and maintain your tax exempt status, your organization must meet very specific expense and income classifications. The IRS determines your eligibility with the following:
Yearly Income Statements – categorizing specific expense and revenue details such as donations, salaries, postage, rent, etc.
A Yearly Balance Sheet – including cash, accounts receivable and accounts payable.
Individual Program Expense Statements – detailing every expense for each program, service or seminar, including things like educational mailings.
Revenue Support Schedules – detailing charitable donations, membership fees, and investment interest.
Tax Preparation- preparing your form 990 or 990EZ plus your state non-profit return.
As you can see, the way you set up your bookkeeping and accounting system is crucial to successful maintenance of non-profit status. Luckily, I can help you create the necessary bookkeeping systems and can even take care of filing the forms for you yearly.
My non-profit services include…
- Assisting with filing of your non-profit status application, initial start-up documentation, incorporation, FEIN, and payroll setup with federal and state agencies. For new non-profits, contact us for a list of items needed to apply for 501 (c)(3) status.
- Reviewing and compilation of your financial statements.
- Design, training and maintenance for your accounting system.
- Payroll management and preparation.
- Yearly filing of the necessary IRS tax forms.
- Board training services regarding non-profit budgeting and management practices.
- For Churches, we prepare the pastoral housing allowance and other required benefit documentations.
- Preparing Form 990 or 990EZ plus state required Non-Profit return.
Contact me for a free consultation on your planned or existing non-profit organization.