Exempt organizations are required to file an annual return (Form 990) which provides information on the organization's exempt and non-exempt activities, finances, governance, compliance, and compensation. Form 990 is often accompanied by additional schedules depending on the activities and type of the organization. Much of this information is made available to the general public after Form 990 is processed by the IRS. Failure to file this form each year results in tax-exempt status being revoked.
Alex Pappas has prepared numerous exempt organization returns over the years for small and medium-sized nonprofits. We constantly educate ourselves on changes in nonprofit tax regulations and reporting requirements. We keep track of your Form 990 due date and request an extension if necessary. Our goal is to do everything in our power to be sure your return is prepared with great care and filed in a timely manner.
Let us know if you would like to receive a quote for the preparation of your organization's Form 990.
For a nonprofit organization, financial statements prepared by a CPA have a few primary functions:
They provide reliable information to the Board of Directors (or Trustees) and others who manage the organization. The reports are often used for budgetary, planning, and analytical purposes.
They provide current and prospective donors with peace of mind that the organization's finances are being looked-at and reported by a professional.
They are often prepared as a requirement of an organization's loan or mortgage documentation. Financial statements come in a variety of formats and levels of detail. We would be glad to meet with you to make a recommendation and provide a quote for our services.