Nonprofit Organization Accounting
Beltran Accounting helps nonprofit organizations set up and maintain tax-exempt status by supporting IRS reporting, accounting organization, and required filings.
Most tax-exempt organizations are required to submit Form 990 and related reports each year.
Required filings may include
- Income Statement with specific revenue and expense categories
- Balance Sheet with categories such as cash, accounts receivable, and accounts payable
- Functional Expense Statement
- Individual Program Expense Statement
- Revenue Support Schedules
The IRS uses specific revenue and expense classifications to determine whether an organization will retain its tax-exempt status. For this reason, it is important to build and maintain an accounting system around the proper classifications.
Although nonprofits may be tax-exempt, they still have important reporting rules to follow. Failure to follow these rules precisely can result in penalties or revocation of tax-exempt status. Beltran Accounting helps nonprofits track funds carefully and maintain proper reporting.
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Contact Beltran Accounting to schedule a consultation and learn how we can help.