We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you. This is our Specialty.
The IRS requires most tax-exempt organizations to file an annual Form 990, 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 management.
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, and 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 preparation and tax deposits
Provide training for your accounting personnel
Complete the application to obtain your non-profit status
Provide training for your board on non-profit financial statement usage and effective budgeting practices
Prepare and file Form 990 and 990T, if required
Assist you in the initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
Churches: We assist you in calculating the pastoral housing allowance and maintaining the other required benefit documentation to meet the complex dual status of ministers. See IRS Publication 517 for more details on these guidelines.
If you're starting a new not-for-profit organization, we can help you prepare your organization's 501 (c)(3) application for tax-exemption.
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 subparagraph 4 ("Organizational Test").
Employer Identification Number
By-laws of the Organization
Minutes of Board Meetings
Names, Addresses of Board Members
Inventory and valuation 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 of 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/Filing Fee is either $450 or $800 depending on your expected gross revenues as of September 2011
seem like an overwhelming task to most, but 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.
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