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Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...
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Balance Sheet with specific categories like cash, accounts receivable, accounts payable...
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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 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, 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...
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Review and compile your financial statements
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Design, install, and maintain your Accounting System
- Provide training for your accounting personnel
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Provide training for your board on non-profit financial statement usage and effective budgeting practices
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Prepare and file the 990 and 990T tax forms
Religous Organizations: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers.
Agreed Upon Procedures
Instead of incurring the expense of an audit, non-profit organizations may engage us to perform what is known as agreed-upon procedures. An agreed-upon procedures engagement is one in which we sit down with you to determine the specific parts of your accounting books and records on which we should focus the procedures. Then, after we examine these previously agreed-upon procedures for you, we will issue you a report of our findings. In this type of engagement, we do not perform an examination or a review, as discussed in our financial statement services section, and we do not provide an opinion on our findings. We take a close look at certain specific elements of your accounting books and records, which we decide on together, and issue a report of findings.
We work with you to determine if an agreed-upon procedures report will meet your needs rather than you having to incur the time-consuming and expensive process of an audit.
