Fixed Asset Register 101
In our last blog post we mentioned keeping a fixed asset register off-site. You can come up with your own qualifications for your organization but typically anything that cost over $1,000 and has over a…
Year End Responsibilities
Year-End Financial Responsibilities – Donor Statements
Part 4 – Donor Statements The IRS requires that the DONOR to a church or nonprofit seeking a federal income tax deduction for a charitable gift must produce, if requested, a cancelled check, a bank…
Year-End Financial Responsibilities – IRS Year-End Compliance
Part 3 – IRS Year-End Compliance Several forms are required to be filed at year-end by the Internal Revenue Service. A quick, but not exclusive, list includes: Form Description W-2, W-3 Wage & Tax…
Year-End Financial Responsibilities – Allocating Fund Balances
Part 2- Allocating Fund Balances The Statement of Financial Position (Balance Sheet) has three sections and remember the relationship of these sections is expressed by this equation: Asset Section = Liability Section + Equity Section.…
Year-End Financial Responsibilities – The Gathering
Part 1 – The Gathering It’s that time of year, time to begin thinking about closing out the financial records for the current year and preparing for the new year. Most churches are on a…