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Non-Profit Organizations

Your Last Minute Year-End Checklist

By January 25, 2018No Comments

As the year is winding down, it becomes increasingly important to assemble the organization’s books and documents required to prepare the tax returns, particularly while the information is still fresh. With so many disclosures and schedules, it can be difficult to keep track of information or even know what to look for. After doing plenty of exempt organization tax returns, Lindsay & Brownell has organized a list of common questions we ask our clients that are often missed during the initial information exchange. We have also assembled a template that may be helpful in identifying what triggers a schedule disclosure and what documents are needed to complete it.

Return of Organization Exempt from Income Tax (Form 990)

General

  • Since formation, has there been a name or address change?

Part I – Summary

  • Any changes to the organization’s mission or most significant activities?
  • Any changes to board of directors and voting members?Total number of individuals employed in calendar year
    • If yes, enclose W-2(s)
  • Total number of volunteers (estimate if necessary)
  • Enclose trial balance or financial statements
  • Was there investment income?
    • If yes, enclose year end statements showing year to date income
  • Were any grants paid?
    • If yes, enclose name, address, date, and amount for each
  • Did organization conduct any fundraising activities?
    • If yes, provide income and expenses related largest 2 fundraising events

Part III – Statement of Program Service Accomplishments

  • What were the three largest program services?
    • Include brief description of activity and revenue, grants, and expenses for each

Part IV – Checklist of Required Schedules

See template provided

Part V – Statements Regarding Other IRS Filings

  • Provide the number reported in Box 3 of Form 1096
  • Provide the number of employees reported on Form W-3

Part VII – Compensation of officers, directors, etc.

  • Were there any changes to the board of directors?
  • Were any directors or officers compensated for their services?
    • If yes, include Forms W-2 (regardless of  whether the organization runs on fiscal or calendar year)
  • Were any employees compensated more than $100,000?
    • If yes, include Forms W-2

Part IX – Statement of Functional Expenses

Provide allocations for each expense account among program service expenses, management and general expenses, and fundraising expenses

Return of Private Foundation (Form 990-PF)

General

  • Since formation, has there been a name or address change?

Part I – Analysis of Revenue and Expenses

  • Enclose trial balances or financial statements
  • Was there investment income?
    • If yes, include year-end statements

Part II – Balance Sheets

  • Were there investments in stock or bonds?
    • If yes, include monthly statements indicating cost basis and fair market value for all cash and security accounts

Part IV – Capital Gains and Losses

  • Were any securities or investments sold?
    • If yes, include Form 1099 or year-end statements showing proceeds and basis of sale

Part VIII – Information about Officers, Directors, Trustees, etc.

  • Were there any changes to the board of directors?
  • Were any directors or officers compensated for their services?
    • If yes, include Forms W-2
  • Were any employees compensated more than $100,000?
    • If yes, include Forms W-2
  • Were any independent contractors paid more than $50,000?
    • If yes, include name, address, type of service description, and amounts paid

Part XV – Supplementary Information

  • Were any grants paid?
    • If yes, enclose name, address, date, purpose of grant, and amount for each

Resources:

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