While each type of business comes with its own set of financial requirements and tax laws, nonprofits are certainly more unique and complex in their requirements.
Making sure that your finances are up to date and completely accurate is absolutely critical as a nonprofit because you must maintain your organization’s tax-exempt status.
We have deep experience in accounting and bookkeeping, specifically for nonprofits, and make sure to stay educated and current with all changes to tax and accounting laws for the nonprofit sector.
As nonprofit financial experts, we can work with you to manage the day-to-day work required to keep your organization running. Our automated bookkeeping and accounting services can help to reduce human error and improve efficiency. We can:
- Review or compile all of your financial statements.
- Design, install, and maintain your Accounting System.
- Prepare weekly, bi-weekly, or monthly payroll.
- Oversee payroll tax return preparation and deposits.
- Provide training for your accounting personnel.
- Complete and file your nonprofit status application.
- Provide training for your board on nonprofit financial statement usage and effective budgeting practices.
- Prepare and file all versions of IRS Form 990.
- Register for all necessary employer accounts to comply with federal and state payroll requirements.
Many donors want to know how their donations are being used. This is reported in your organization’s financial statements. Here are the reports you will need to provide:
- Your Statement of Activity with very specific revenue and expense categories like contributions, salaries, occupancy, postage, rent, and more;
- Your Statement of Financial Position with specific categories like cash, accounts receivable, accounts payable, and more;
- A Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations;
- An 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.
We’re happy to serve as a one-stop shop for all of your accounting and financial needs, taking some of the load of IRS paperwork and management off of your plate so you’re free to focus on the important mission that your nonprofit was founded around.
Whatever the status of your nonprofit today, whether you’re brand new or have been running successfully for years, we’re happy to help prepare any and all required IRS documentation to help keep your nonprofit afloat, and to maintain your organization’s tax-exempt status.