Non-Profit Organization Services
We can help you set up and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you. Nonprofits will often require audits in their bylaws, even when they are not required by a grantor to have an audit. Not-for-profits are under greater scrutiny and require transparency and accountability more than ever.
Our Certified Public Accounting firm offers audits of nonprofits including single audits or A-133 audits as required by the Office of Management and Budget. We provide timely, efficient, and cost effective annual audits and submit to the clearinghouse.
Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations.
This includes the following items:
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Income Statement - includes very specific revenue and expense categories like donations, salaries, postage, rent, etc.
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Balance Sheet - with specific categories like cash, accounts receivable, accounts payable, etc.
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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 - reports all of the expenses for each program or service like seminar programs or educational mailings
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Revenue Support Schedules - detail the organization's sources of income in specific categories like charitable donations, membership fees, and investment income
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. It's imperative that you build your accounting system around these revenue and expense classifications.
Here's what we will do for you:
- Review and compile your financial statements
- Design, install, and maintain your internal control and 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 incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies
- Churches, Mosques, Synagogues & Temples - We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers
Starting a New Not-for-Profit
If you're starting a new not-for-profit organization we can help you prepare your organization's 501 (c)(3) application for tax-exempt status.
Here's what's needed:
- Articles of Incorporation - containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury 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")
- Employer Identification Number
- 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, Mosques, Temples, Synagogues, 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
Contact Us Today. We're Here to Help.
For more information, call us, or use the form on this page to schedule a consultation. Akram | Assurance, Advisory & Tax Firm is here to guide your nonprofit towards success.
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Akram is a winner of “Best Audit Firm" by Private Equity Wire US Emerging Managers Awards 2024.
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