Annual Reminders for Your Nonprofit Organization

Posted by npocpas1 npocpas1
      Options


Like any other business, running a nonprofit requires that you annually prepare and submit paperwork. You need to submit to your employees, your Board of Directors, the Social Security Administration and the IRS. Each year, you should also take the time to evaluate your organization and its progress. Take a look at your successes and your failures, go over a strategic plan for the year to come and just do an overall wellness check. This annual wellness check helps to keep things moving, in addition to fulfilling business requirements.

CPA Audit

Contact a CPA to audit your financial statements. Accuracy is very important, especially for maintaining tax-exempt status of your nonprofit organization. Having audited records is ensuring the validity of your finances and adds an additional level of credibility. Contact us today if you need help!

Form 990

As a not-for-profit organization, the government monitors your financial activity to ensure you are adhering to guidelines that allow you to keep your tax-exempt status. In order to keep them informed, each year you must submit the form 990 (an annual information report) to the IRS. This form lays out all the financial activities of your organization. It highlights your financial strengths and weaknesses, sources of income and how you’re spending money.

Annual Payroll Reports

Submit annual payroll reports to the Social Security Administration, IRS and your employees. Form 941 is due no later than January 31. W-2s, W-3s and 1099s are important and must be accurate.

Organize a financial plan for the year ahead

It is recommended that you look forward and plan out your next year. Organize a task force within your organization and assign them the duty of reviewing numbers and strategies. Have this team assess budget costs and do a benefit analysis of each line item.

Organize goals for the year ahead

Goals can shift and change as your organization grows and evolves. Take an annual look at your progress, cross out goals that have been achieved and continue to develop new goals for the coming year(s). Bring up this adjusted goal list at your annual board meeting.

Employee Appreciation

Maintaining a happy staff is just as important as maintaining financial security within your organization. A happy and developed staff are able to carry on the day to day and year to year practices smoothly. Take time to celebrate your staff each year for a job well done.

Declutter your office

A tidy workplace is a productive workplace. Don’t hold on to old files and paperwork or any misc items that have gathered around your office. Take the time to annually (at the least) declutter your office and prep for a fresh start in the new year. Clearing clutter makes your job easier, saves time and increases productivity. It’s important to know where everything is and to be able to quickly access whatever you need, when you need it.