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JRM Financial Associates Non-Profit Organizations

Secure and Maintain Non-Profit StatusÂ…

JRM Financial Associates offers Non Profit Accounting Services NJ that can help you setup and maintain your non-profit organization's tax-exempt status. We can do this by handling all of the IRS reporting for you.

Annually, the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.
  1. Income Statement (requires very specific revenue and expense categories such as donations, salaries, postage, rent...)
  1. Balance Sheet (contains specific categories such as cash, accounts receivable, accounts payable...)
  1. Functional Expense Statement (contains all of the expenses allocated to program services, fundraising, or operations)
  1. Individual Program Expense Statement (this contains all of the expenses for each program or service such as seminar programs or educational mailings)
  1. Revenue Support Schedules (this details and categorizes all of the organization's sources of income such as charitable donations, membership fees, investment income.

Using these very specific revenue and expense classifications, the IRS determines whether your organization will keep its tax-exempt status.  This is why accounting firms in NJ stress that it is critical that you build your accounting system to accommodate these revenue and expense categories.

Here is what JRM Financial Associates can do for you...

  • Assemble your financial statements
  • Create, implement, and maintain your Accounting System
  • Prepare payroll weekly, bi-weekly, or monthly Prepare and Deposit Payroll Taxes
  • Train your accounting personnel
  • Create and file your non-profit status application
  • Train your board regarding non-profit financial statement usage and effective budgeting practices
  • Create and file the 990 and 990T tax forms
  • Create start-up documentation which includes incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies.
  • For Churches, address the complex dual status of ministers by preparing the pastoral housing allowance and other required benefit documentation.

If you are starting a new not-for-profit organization JRM can help you file your organization's 501 (c)(3) application for tax-exempt status.

Following is a list of what you will need for the application...

  • Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 ("Organizational Test").
  • Employer Identification Number
  • By-laws of the Organization
  • Minutes of Board Meetings
  • Names, Addresses, and Resumes of Board Members
  • Names and addresses of all Active Members
  • Inventory of Assets (cash, furniture, equipment, property, pledges...)
  • Inventory of Liabilities (mortgages, accounts payable, loans...)
  • Rent/Lease Agreements and Contracts
  • Revenue and Expense Statements (for the last four years or as far back as possible if your organization has been in existence for less than four years)
  • Written Reason for Formation and History of the organization.
  • Organization Mission Statement (or Statement of Faith or Beliefs for Churches and other Religious Organizations)
  • Organization Activities, Operations and Programs Documentation (includes your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets...)
  • Financial Support Documentation (includes all sources of revenue such as contributions, tithes, offerings, fundraisers...)
  • Fund Raising Program Descriptions
  • IRS Processing/Filing Fee

JRM can prepare any of these items for you if you need help.

Let us help you setup and/or maintain your non-profit tax-exempt status by requesting a Free Consultation below.

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