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Financial Management of Nonprofits College of Public and Community Service University of Massachusetts Boston ©2010 1
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IRS reporting form for nonprofits Some states also require it Some states accept voluntary submission Nonprofits with less than $5,000 income are exempt from federal and some state submission Churches and governmental orgs are also exempt, unless 501(d) 2
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<$5,000 income—exempt, except for filing notice $5,000 - $50,000 income—Form 990N or 990 $50,000 - $200,000 income and assets <$500,000—Form 990EZ $200,000 income or more or assets > $500,000—Form 990 3
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501(a), description 501(c), public charities and foundations 501(d), service and fraternal organizations 527(a) foundations and political orgs doing charitable work 4
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Instructions and forms at http://www.irs.gov/app/picklist/list/formsI nstructions.html?value=990&criteria=formN umber&submitSearch=Find IRS courses at StayExempt.irs.gov IRS video series at http://www.irs.ustreas.gov/charities/article /0,,id=210358,00.html http://www.irs.ustreas.gov/charities/article /0,,id=210358,00.html 5
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Statement of Revenue (cash flow) Statement of Functional Expenses Balance Sheet Compensation info on senior officers Audit statement 6
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Independent Governing Board Officers and their authority Policies and Procedures Family or business relationships Changes in organization 7
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Mission of org Services, objectives, and accomplishments Activities promoting exempt purpose Donations Programs Grants and Contracts 8
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Offices outside U.S. Activities or services outside U.S. Donations to or from foreign organizations Business relations with foreign organizations 9
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Postcard/web filing for small 501c(3)s Gross receipts less than $25,000 Required for maintaining exemption Affirmation of receipts < $25,000 10
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Conflicts of interest Whistleblowing Document retention and destruction Investing and joint ventures 11
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Gift acceptance Conservation easements Expense reimbursement Executive compensation Parent-subordinate org consistency 12
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