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NonProfits: Must Do List By Year End!

Checklist 2It’s crunch time! The holidays are here and you are scrambling trying to decorate, plan parties, and hide gifts. Oh wait! You still have to close out the calendar year for your NonProfit! Let us make it easier with a end of the year to-do list!

  1. Federal Reporting – IRS Form 990 is the NonProfit version of Form 1040. It is an annual report required to filed by all 501(c)3 organizations. The form is due 5 ½ months after the end of your fiscal year. For example, if your fiscal year end is September 30, your form would be due February 15. 
  2. Grant Reporting – It is the end of quarter four (two if you are on a fiscal year end of 6/30) and grant contracts require certain reports to be filed to see the financial status of the grant. Ensure each grant is separated financially per state requirements.
  3. State Reporting – There are state specific filing requirements through the Secretary of State such as Charitable Solicitation renewal as well as the Annual Report. You can check your deadlines here.
  4. Donor Appreciation – This is the season of fundraising and you are wrapping up your year-end campaign, don’t forget to send a thank you to those you took the time to support your cause! I know each of you have done this because you read our previous blog “Does My Donation Matter?” If not, read it here.
  5. Board Updates – Use the holiday season to capitalize on all the great ideas your board will have about next year’s agenda. Also take time to review board members, agency policies, review and approve financial items like budgets and financial statements, and create a strategy how to further achieve your mission!

When starting a NonProfit, many directors immediately rent office space and print business cards to launch the mission and “jump right in!”  The excitement of doing good in this world and making a difference fuels the passion of the organization.

We understand the heart of the mission is helping others, but simple mistakes in accounting can lead to costly penalties or loss of state/federal grant funding.

We often see NonProfits struggle when they try to tackle the fiscal aspects on their own to save money.
Don’t jeopardize your hard work! Hughey’s Debits and Credits specializes in NonProfit accounting so you won’t have to. Need help getting on track? Contact us here or call us at 901.451.4240

-Ronda and Cortez Hughey

 
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