Non-Profit Business

Managing a non- profit, while rewarding, can create a bit of confusion come tax season. Here at Kim Clenney & Company we have extensive experience in assisting with the preparation and assembly of all of the necessary documents and can help with all phases of non-profit accounting.

Being a non-profit organization, the IRS has very specific reporting requirements that have to be met each year in order to continue to qualify for tax-exemption status. This includes submitting Form 990 and its relations, which includes a number of specific items such as:

  • An Income Statement providing category breakdowns on donations, salaries paid, rent, postage and more. Revenues and expenses also need to be broken down in detail.
  • A Balance Sheet that accounts for cash, accounts payable and accounts receivable and more.
  • A Functional Expense Statement that provides information on all expenses related to fundraising, program services provided and general operations.
  • An Individual Program Expense Statement spelling out each program or service’s expenses, including any mailings that are sent out or educational programs that have been held.
  • Detailed Revenue Support Schedules providing information on the sources from which the organization gets its income, including a breakdown of specific category revenues for membership fees, donations, investment revenue and the like.