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Non-Governmental Accounting

ACCOUNTING FOR NON-PROFIT ENTITIES

Non-Profit entities, also known as Non-Profits or Not-for-Profits, provide financial statements with different type titles than for-profit entities.  However, they include income/expenditure or expense statements showing the net in (net out) from operations and statements of financial position showing assets, liabilities, and net assets. 

Click on online accounting Services brochure:  link here

Jeanine can help you with:

  • Review and compile your financial statements
  • Design, install, and maintain your Accounting System
  • Provide training for your accounting personnel
  • Provide training for your board on non-profit financial statement usage and effective budgeting practices
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.

Financial Statements for Non-Profits (also called Not-for-Profits) include:  Statement of Revenues and Expenditures; Statement of Financial Position; and Statement of Cash Flows

There is a diversity of titles used for financial reports in different types of non-profits.  Additionally, some non-profits, not governmental, will utilize entity wide reporting and fund reporting similar to governmental accounting reporting formats and systems.

Non-Profit entities, also known as Non-Profits or Not-for-Profits, provide financial statements with different type titles than for-profit entities.  However, they include income/expenditure or expense statements showing the net in (net out) from operations and statements of financial position showing assets, liabilities, and net assets.  Jeanine can help you with:

  • Review and compile your financial statements
  • Design, install, and maintain your Accounting System
  • Provide training for your accounting personnel
  • Provide training for your board on non-profit financial statement usage and effective budgeting practices

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.

Financial Statements for Non-Profits (also called Not-for-Profits) include:  Statement of Revenues and Expenditures; Statement of Financial Position; and Statement of Cash Flows

There is a diversity of titles used for financial reports in different types of non-profits.  Additionally, some non-profits, not governmental, will utilize entity wide reporting and fund reporting similar to governmental accounting reporting formats and systems.

Please schedule a free 15-minute phone call to discuss your needs for not-for-profit accounting assistance at the https://remotebusinesssolutionsinc.org/Appointments%20Automated%20Scheduler.php       the page.  We look forward to learning about your entity!

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