We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you.
Each year the IRS requires most tax-exempt organizations except churches to submit the Form 990 and its relations. A Form 990T must be completed for churches and all other nonprofits if you received investment income in the prior year. The 990 and 990T requires the following items:
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Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
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Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
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Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
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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, 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.
If D & L Builds your Accounting System, here's what we will do for you.........
- Design and Install Your Accounting System.
- Provide Training for Your Finance Team
- Provide Training for Your Board on Nonprofit Financial Statement Usage and Effective budgeting Practices.
- Prepare and file the 990 and 990T Tax Form(s).
- Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.
Our Sister Company can then.............
- Maintain Your Accounting System
- Provide Weekly, Bi-Weekly, or Monthly Payroll Preparation
- Payroll Tax Preparation
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Review and Compile Your Financial Statements and Generate Weekly, Monthly, Quarterly and Yearly Reports for Your Board Meetings, Director Reviews, Finance Commitee Reviews and Budget and Performance Meetings with Membership.
