As a non-profit organization, the IRS has specific reporting requirements that must be met each and every year in order to continue to qualify for tax-exempt status.
This includes submitting Form 990 and its relations, including several 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 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 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.
In addition to preparing these important support documents, we can also provide you with business services specifically designed for the needs of tax-exempt organizations.
Our services in Diamond Bar CA include:
- The preparation and review of financial statements for the organization
- Creation, installation, and maintenance are of an Accounting System specific to your needs.
- Payroll preparation on a weekly, biweekly, or monthly schedule.
- Preparation of Payroll Taxes, as well as setting up deposits.
- Bookkeeping training on the accounting system for your staff.
- Preparation and filing of all non-profit status paperwork and applications.
- Special training for your advisory board regarding how to properly use non-profit financial statements and budgeting for non-profit expenses.
- Preparation and submission of all tax forms, including the 990 and 990T forms.
- Preparation of all incorporation documentation and all other paperwork required for non-profit startups, including federal employee identification number and payroll set up.
- We provide benefit documentation and the preparation of pastoral housing allowances for churches in keeping with the dual status of ministers.
For those individuals who are creating new non-profit organizations, we can help with you all of the documentation required as part of the 501 (c)(3) application, including the Articles of Incorporation containing the Exempt Purpose as described in the IRS code and defined in Treasure 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”).
Also, we can help you with all other requirements, including:
- Obtaining an Employer Identification Number
- Creating bylaws for the organization
- Minutes of board meetings
- Names, addresses, and resumes of Board Members
- Active member names and addresses
- A complete inventory of assets
- A complete inventory of liabilities
- Assembling all Rent/Lease agreements
- Revenue and Expense Statements for the prior four years, or if the organization hasn’t existed for four years for as long as it has been in existence.
- A written reason for the Formation and History of the organization
- Mission Statement or Statement of Faith or Belief
- Activities, operations, and program documentation, including a statement of purpose, fundraisers, pamphlets, etc.
- Financial Support Documentation, including an accounting of revenue including tithes, contributions, fundraisers, etc.
- Preparation of IRS Processing/Filing Fee
Bharti Sudan CPA Inc has extensive experience in assisting with the preparation and assembly of all of the necessary documents and can help with all nonprofit accounting phases. We serve Northern and Southern California.
Call us at (909) 861-5642 or contact us to learn more.