What Records Should a Nonprofit Keep?

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There's a well-worn cliché that says, "If it's not in writing, it didn't happen". When it comes to your nonprofit, no truer statement was ever uttered! But, unless you are the uber-organized type who just instinctively writes everything down, documentation may not be your strong suit. So, what exactly do you need to be keeping records of?
In this video, we talk about four critical categories of recordkeeping and how you can make sure you have your bases covered.
📚 ADDITIONAL RESOURCES
•eBook: 10 Things You Need to Know Before Starting a Nonprofit: bit.ly/3Plvj6c
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0:00 Introduction
1:02 Accounting
2:41 Contributions
3:50 Corporate Records
5:10 Activity Records
6:05 Conclusion

Опубликовано:

29 июн 2024

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Комментарии : 4

@FoundationGroup 2 года назад

You concentrate on your mission and let us handle your books! Learn more about Foundation Group’s Nonprofit Bookkeeping Services at bit.ly/3EXMsyi or give us a call at 888-361-9445.

@waynecmontgomery 2 года назад

Hey Greg, Great video! You forgot to mention you need to keep accurate records if you are conducting lobbying activities, the IRS has very strict percentage rules when it comes to lobbying activity for a nonprofit. Also, would you be able to talk about the Corporate Transparency Act and why it will force nonprofits to file form 1023 or 1023EZ immediately?

@FoundationGroup 2 года назад

Good one...yes, lobbying activity needs extensive documentation. For those approved under 501(h), it's even more important. There is still ongoing questions about the impact of the CTA on nonprofits, but it appears the consensus in the legal community is that the CTA will not apply directly to nonprofits due to their already existing regulatory reporting requirements. Whether or not it makes the filing of Form 1023 more immediate after legal formation is still an open question based on my research. My feeling is that the answer is "no", due to the exemption for NPOs. But we'll see.