We can support your non-profit organization with start-up and maintain your tax-exempt status by managing all IRS reports for you.
The IRS requires most tax-exempt organizations to annually submit the Federal Form 990 and attachments, which includes the following items.
1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent…
2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable…
3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
4. Individual Program Expense Statement that accounts of all of the costs of each program, service type seminars or educational mailings.
5. Revenue Support Schedules that itemize the organization’s income sources in specific groups such as charitable donations, membership fees or investment revenue.
The IRS uses these detailed revenue and expense reports to determine if your organization may maintain its tax-exempt status. Therefore, it’s imperative to structure your accounting system around these revenue and expense guidelines.
We will keep you in compliance with the following…
- Organize and examine your financial statements
- Develop, install, and manage your Accounting System
- All payroll preparation
- Payroll tax information and tax deposits
- Train your accounting team
- Train your board on non-profit financial statement management and efficient budgeting methods
- Complete application and file for non-profit status
- Complete and file 990 and 990T tax forms
- Apply all start-up documentation, payroll setup with state and federal agencies and apply for including a federal identification number.
Churches: We calculate the pastoral housing allowance and other required benefit verification to meet the complicated duality status of ministers.
If you’re creating a new not-for-profit organization we assist in all preparation of your organization’s 501 (c)(3) application for tax-exempt status.
Here’s what’s needed…
- Articles of Incorporation such as 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 noted 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 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 up to four years that your organization has been in operation
- Written Reason for Formation and History of the organization.
- Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Groups.
- 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 such as fundraisers, donations, tithes or offerings.
- Fund Raising Program Descriptions
- IRS Processing/Filing Fee
We are experienced and are available to prepare and help your group with any of these items.