There are many people in this world who want to make a
difference in the lives of people and the best way to do that is to start a
Non-Profit Organization. As we all know several of these Non-Profit Organizations have helped change the lives of people all over America
and Brylaw
Accounting has always been on the forefront to help and guide
Non-Profit Organizations because they care about communities.
The intention may be noble but still when non profits
receive funds and donation they must know the rules and regulations and have to
keep their financial records. The IRS requires most tax-exempt organizations to
submit the Form 990 which includes the following.
1. Income Statement like donations, salaries, postage, rent.
2. Balance Sheet which must include cash, accounts receivable and accounts payable.
3. Functional Expense Statement for services, fundraising, or operations.
These are some of the points which NGO’s have to keep in
mind when filing their financials.
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