Managing a non- profit, while rewarding, can create a bit of confusion come tax season. Here at Kim Clenney CPA 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.