GLB Financial Group

Non-Profit Services

Nonprofit entities, such as those typically classified as 501(c) organizations, have special needs when it comes to filing taxes. These organizations often operate with volunteer help who may or may not have the technical expertise to identify the special reporting, disclosure and pitfalls which could result in the vulnerability of the tax exempt status. If you are a Board Member or have responsibility for accounting or reporting financial transactions for a not-for-profit, church, or other exempt organization, or similar group, you may want to consider whether your current method of accounting and reporting of financial matters could use a tune-up.

We can provide assistance for you to evaluate your current systems, help implement improvements, train your staff or prepare formalized, compiled financial statements for reporting activity to interested parties. These can result in improved accuracy, reliability and credibility of your financial information. It can also help responsible parties fulfill their duty for due diligence with regard to safeguarding the organization's assets.

We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you.

Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.

  1. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent...

  2. Balance Sheet with specific categories like cash, accounts receivable, accounts payable...

  3. Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.

  4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.

  5. 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...

If you're starting a new not-for-profit organization we can help you prepare your organization's 501 (c)(3) application for tax-exempt status.

Here's what's needed...

We are happy to prepare any of these items if you need help.