Doing good in the world can be complicated, cumbersome and can enable or handicap your ability to raise funds and stay solvent. Obtaining tax-exempt status and 501(c)3 designation can make your organization more attractive to individual donors as well as to corporate sponsors and grants. Fund raising is the greatest challenge that most social welfare and society good initiatives face.
Non-Profits are also unfortunately often managed poorly financially. Making good decisions with money enables more good to be done in the world and can mean the difference between a short lived effort and a lasting presence in the world.
Becoming a 501(c)3
Forming a 501(c)3 requires these detailed items before application is accepted by the IRS. We can work with your group all along the way to develop the documents and plans required.
- Articles of Incorporation with IRS non-profit specific language
- Organization By-laws
- Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
- Minutes of Board Meetings
- Revenue and Expense Statements for the last four years organization life if less
- Listed Assets – cash, bank accounts, material goods, equipment, subscriptions, grants, and pledges
- Listed Liabilities – leases, accounts payable, loans, mortgages, 3rd party service agreements, contracts
- Rent/Lease Agreements and Contracts
- Written Reason for Formation and History of the organization.
- Contact Info and Resumes of Board Members
- Names and addresses of all Active Members
- Fund Raising Program Plans & Descriptions
- Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers.
- Activities, Operations and Programs Documentation: statement of purpose, programs, marketing literature, fundraising
- Employer Identification Number
- IRS Filing Fees
Annual Requirements for Non-Profits
Each year non-profits must file a form 990 or 990T. Other documents and statements are required including a Balance Sheet, Income Statement, Individual Program and Functional Expense sheets, and supporting revenue schedules detailing the sources of income. We can prepare or assist with all of these items. es of income in specific categories like charitable donations, membership fees, investment income.
How We Can Serve Your Community
Our experience with tax law, non-profit organizations and business efficiency can allow you to focus on the good you want to do in the world.
Our services can include
- Preparation and filing of Federal and state tax forms – IRS 990 and 990T tax forms
- Payroll Tax Processing
- Bookkeeping and Accounting services
- Guide your group through start-up and incorporation.
- Prepare and process your application for 501(c)3 status
- Obtain an FEIN
- Establish local state and federal payroll documents
- Operations guidance and training for your staff in accounting, bookkeeping and budgeting
- Audit records and compile financial statements for regulators, donors, and the general public