Not For Profit – Bauer Evans | Certified Public Accountants

Not For Profit – Bauer Evans | Certified Public Accountants 2015-05-28T04:25:41+00:00

Financial Statements

Financial statements are often required by tax exempt organizations in demonstrating its financial strength to investors and for purposes of securing grants and other funding. These financial statements are different than those of taxable organizations and include the following statements.

  • Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent…
  • Balance Sheet with specific categories like cash, accounts receivable, accounts payable…
  • Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
  • Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
  • Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, investment income.

  • Tax Return preparation

    Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its related schedules and attachments. Unlike the income tax return of a taxable organization, tax-exempt organizations are required to provide additional information and disclosures beyond just the financial data. We can help you gather this information and we will prepare the required forms and schedules for you. The IRS uses these returns to determine if your organization will retain its tax-exempt status.