Rink & Robinson, PLLC 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 to submit the Form 990, which includes the following items.
- Income Statement with very specific revenue & expense categories…
- Ex: Donations, Salaries, Postage & Rent
- Balance Sheet with specific categories…
- Ex: Cash, Accounts Receivable & Accounts Payable
- Functional Expense Statement with all the expenses allocated to either…
- Program Services, Fundraising or Operations
- Individual Program Expense Statement that reports all of the expenses for each program or service…
- Ex: Seminar Programs or Educational Mailings
- Revenue Support Schedules that detail the organization’s sources of income in specific categories..
- 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. Therefore, it’s imperative that you build your accounting system around these revenue and expense classifications.
Here’s what Rink & Robinson, PLLC can do for you.
- Review, audit or compile your financial statements
- Design, install, and maintain your Accounting System
- Weekly, bi-weekly, or monthly payroll preparation
- Payroll tax preparation and deposits
- Provide training for your accounting personnel
- Complete and file your non-profit status application
- Provide training for your board on non-profit financial statement usage and effective budgeting practices
- Prepare and file the 990 and 990T tax forms
- Prepare your initial start-up documentation, including federal employee identification number (FEIN), and payroll setup with federal and state agencies.
- Churches: We prepare the pastoral housing allowance and other required benefits documentation to meet the complex dual status of ministers.
If you’re starting a new not-for-profit organization we can help you prepare your organization’s 501 (c) application for tax-exempt status, here’s what’s needed to Begin:
Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c) and defined in section 501(c) and the Dissolution Statement described in section 501(c).
However, if you organization qualifies as a 501 (c)(3) we will also need the following information:
- By-laws of the Organization
- Minutes of Board Meetings
- Names, Addresses, and Resumes of Board Members
- Names and Addresses of all Active Members
- Inventory of Assets like cash, furniture, equipment, property, pledges
- Inventory of Liabilities like mortgages, accounts payable, loans
- Rent/Lease Agreements and Contracts
- Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years.
- Written Reason for Formation and History of the organization.
- Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
- Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets…
- Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers…
- Fund Raising Program Descriptions
- IRS Processing/Filing Fee
The professionals at Rink & Robinson, PLLC certified public accountants and consultants can prepare or assist with the preparation of these items.
