Neyman’s nonprofit bookkeeping understands that the IRS uses 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 bookkeeping 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 bookkeeping system
- Provide weekly, bi-weekly or monthly payroll preparation
- Payroll tax preparation and deposits
- Provide training for your bookkeeping personnel
- Provide your board with training on nonprofit financial statement usage and effective budgeting practices
- Prepare and file the 990 and 990T tax forms
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 such as donations, salaries, postage, rent, etc.
- Balance sheet with specific categories such as 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 like seminar programs or educational mailings
- Revenue support schedules that detail the organization’s sources of income in specific categories such charitable donations, membership fees, investment income, etc.