Accounting Services for Nonprofit Organizations in Charleston
We can help you set up and maintain your nonprofit 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 and its relations, which includes the following items:
- Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent, etc.
- Balance Sheet with specific categories like cash, accounts receivable, accounts payable, etc.
- 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, such as 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
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status, so it's imperative that you build your accounting system around these revenue and expense classifications.
Here's what we do for you:
- Review and compile your financial statements
- Design, install and maintain your accounting system
- Weekly, biweekly or monthly payroll preparation
- Payroll tax 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 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.
For churches, we prepare the pastoral housing allowance and other required benefit 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)(3) application for tax-exempt status.
- 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
- Bylaws 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, etc.
- Inventory of liabilities like mortgages, accounts payable, loans, etc.
- 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 and operations, food programs, fundraisers, flyers/brochures/pamphlets, etc.
- Financial support documentation, including all sources of revenue such as contributions, tithes, offerings, fundraisers, etc.
- Fundraising program descriptions
- IRS processing/filing fee
We are happy to prepare any of these items if you need help.