Nonprofit Accounting Basics
The IRS 990 Tax Form Explained
For many groups tax filing time is just around the corner and almost all nonprofit organizations are required to file a 990 form. Just in the nick of time, we are here to explain who may use which 990 form and when it needs to be filed. Take a big sigh of relief, we have…
Accounting for Sports Teams: 10 Basic Tips
Accounting for sports teams is a little more complicated than simply reading the scoreboard. However, it doesn’t have to be too challenging when you follow these helpful tips. Help your team by handling accounting curve balls with aplomb. 1. Evaluate Take stock of how team accounting has been done in the past. Did the previous…
The Treasurer Duties of Reconciling a Checking Account
Whether you are an incoming Treasurer or this is a re-occurring role for you, the Treasurer duties of reconciling a checking account are very important to your financial success. Mistakes & Fraud There are two main reasons for reconciling a checking account. The first is to identify and correct errors. Let’s face it, mistakes happen!…
Treasurer Transitions for PTAs & PTOs
Spring means baseball, cookouts and gardening, right? Well it can also be a busy time for Treasurers of PTAs and PTOs. Behind T-ball practices and car-wash fundraisers there are PTA and PTO Treasurer transitions taking place and to ensure your changeover is a smooth one, we have some tips for success. Here is how to…
PTA Fundraising Chair Responsibilities
PTAs are important providers of school support and a vital role within the organization is the Fundraising Chair. Whether you have been recently asked or are considering involvement, here is a bit of information about this important position. How to Become a Fundraising Chair The Fundraising Chair is usually elected by the PTA Board or…
Tax Deductions for Volunteering
Did you know that it pays to volunteer? Not only are you pitching in and supporting a good cause but there are all kinds of deductions that you could be eligible for come tax time. Here are some very useful tax deductions for volunteering. Transportation Volunteers may deduct transportation expenses. They must be incurred getting…
The Ultimate Guide to Being a Volunteer Treasurer
Have you recently stepped into the role of volunteer treasurer? The treasurer role of a nonprofit organization can be an incredibly rewarding experience but also a little bit daunting. The position does require financial expertise, dedication as well as time, and patience. However, that doesn’t mean that record-keeping can’t be fun! We are here to…
Form 1023-EZ Streamlined Application of Exemption Under Section 501(c)(3) of the Internal Revenue Code
Great news for those seeking nonprofit status. The federal tax exempt status application, or Form 1023, has been streamlined! Once upon a time, it was necessary for every applicant seeking 501(c)(3) nonprofit federal tax exempt status to fill out Form 1023 which is 26 pages long. Once all attachments, schedules and other materials are attached, it…
2 Essential Treasurer Reports for Nonprofit Organizations
Treasurer reports are a key tool in accurate nonprofit financial reporting. Running reports is a great way to keep track of all money that goes in and out of your accounts. Plus, sharing these reports with your Board of Directors or membership is a great way to get everyone in agreement if there is a…
Transitioning Treasurers: Insights for Making a Smooth Transition
It’s that time of year again! It is time for transitioning treasurers! Being a Treasurer is a serious job and now you can pass the torch to the next person. Go ahead and pat yourself on the back for a job well done and check out these tips on how to ensure a smooth transition…
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