What Can 4Corner Do For Your Non-Profit?
As a non-profit, you should be spending your time focused on the good your organization can do in your community and beyond! Don’t get weighed down with complicated tax forms and procedures. If your non-profit organization needs help in the setup and maintenance of your tax-exempt status, let 4Corner handle all IRS reporting for you and more!
Let 4Corner Handle The Details
The IRS requires most non-profit and tax-exempt organizations to submit a Form 990 along with many other items annually. 4Corner can assist you with all aspects of the process, including:
A Balance Sheet
A balance sheet that categorizes your non-profit’s accounts payable, accounts receivable, cash, and more.
An Income Statement
An income statement that includes revenue streams and expenses such as salaries, donations, rent, postage and more.
A functional expense statement that lists all expenses and whether they were allocated to operations, fundraising, or program services
A revenue support schedule that organizes your non-profit’s income sources into different categories such as investment income, membership fees, and charitable donations
Program Expense Statement
An individual program expense statement to report expenses related to individual programs such as educational mailings or seminar programs.
It is crucial to build your accounting systems around these specific expense and revenue classifications used by the IRS because it is what they use to determine whether or not an organization can retain its tax-exempt status.
Don’t Stress About Your Tax-Exempt Status
There are several ways 4Corner can help you establish and maintain your tax-exempt status, including:
- Compiling and reviewing your organization’s financial statements
- Assisting in the design, installation, and maintenance of your Accounting System
- Preparing your payroll on a monthly, bi-weekly, or weekly schedule
- Preparing and depositing payroll taxes
- Providing training for all accounting personnel in your organization
- Completing and filing your application for non-profit status
- Providing training on healthy budgeting practices and non-profit financial statement usage for your board members
- Preparing and filing your 990 Form and 990T Form
- Preparing any start-up documents for incorporation, payroll setup with federal and state agencies, and federal employee identification numbers.
- Preparing the pastoral housing allowance for churches along with other required documentation to assist in meeting the dual status for ministers.
Applying for a 501 (C)3?
Starting a new not-for-profit organization means you will need to apply for 501 (c)(3) status. 4Corner can help you with the tax-exempt status application process! Below are some of the items you will need:
- An EIN (Employer Identification Number)
- 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”)
- Organizational by-laws
- Board meetings minutes
- Board member names, resumes, and addresses
- Active member names and addresses
- An inventory of assets such as property, equipment, furniture, cash, pledges, and more
- An inventory of liabilities such as loans, accounts payable, and mortgages.
- Contracts for rent, leases or other agreements
- Past expense and revenue statements from either the last for years or since your organizations start if it has been less than four years in existence
- A written history of the organization and the reason for its formation
- Documentation of organizational activities, programs, and operations, including a statement of purpose & operations, fundraisers, food programs, and more.
- A mission statement or a Statement of Faith or Beliefs for churches and other religious organizations
- Descriptions of fundraising programs
- Documentation of financial support, including all revenue sources such as fundraisers, contributions, tithes, and offerings.
- IRS filing and processing fee
Contact 4Corner Today for Your Non-Profit Needs
Request a free consultation today and let 4Corner help you set up and/or maintain the tax-exempt status for your non-profit!