Understanding Your Form 990
Growth Exchange Understanding Your Form 990 Return of Organization Exempt from Income Tax Presentation Objectives Provide a General Overview Feel comfortable asking for help/guidance Understand SKC’s workflow **Disclaimer – This presentation is for 501c3 Form 990 Filing ** What is a Form 990? Is an informational return Is a powerful tool to influence public perception Is NOT a […]
Understanding the SKC 990 Questionnaire
Growth Exchange Understanding the SKC 990 Questionnaire 990 EZ vs. Full 990 Part I Summary (Page 1 of 990) Line 1: Briefly describe the organization’s mission or most significant activities – Can be more descriptive than the mission statement Part III Program Service Accomplishment (Page 2) •Line 1: Board approved mission statement •Line 2-3: Significant […]
Annual Audit Preparation
Growth Exchange Annual Audit Preparation Topics 1. What is an audit? 2. Does my organization need an audit? 3. How do I prepare for an audit? 4. Best practices and tools for a successful audit What is an Audit? An independent audit is an examination of the financial records, accounts, business transactions, accounting practices, An independent audit is an examination of the financial records , accounts, business transactions, accounting practices, […]
Payroll Responsibilities
Growth Exchange Payroll Responsibilities Introduction Regardless of who processes your organizations payroll, it is organizational leaderships’ responsibility to understand and engage in the payroll process. Payroll is generally the largest operating expense for a nonprofit organization. It is vital that leadership to be able to navigate, review and inquire regarding the payroll process. This engagement […]
Managing 1099 Vendors
Growth Exchange Managing 1099 Vendors Topics 1. Know your vendors 2. Reportable? Who and what you pay determines whether you must report 3. Form W‐9 and when to require one 4. Form 1099‐NEC – new in 2020 specifically for non‐ employee compensation 5. Form 1099‐MISC – diverse payments are reported on this form 6. Improving […]
Understanding Board Financial Reporting
Growth Exchange Understanding Board Financial Reporting Agenda Overview of financial reporting at a board level Unique aspects of non‐profit accounting Support Kansas City observations related to board reporting Examples Tools and Resources Overview Things to be aware of as a board member that will help in understandingfinancial statements Do I understand the organizations business model? Can I get answers to my questions? Is the organization on the cash or accrual basis of accounting? When is the year end? What are the filing and reporting requirements of the organizat Overview Standard report presentation for the board Statement of Financial Position Statement of Activity Statement of Activity – Budget vs Actual Cash Flow Net Asset Rollforward The board should always receive a full set of […]
Not-for-profit Accounting Hot Topics
Growth Exchange Not-for-profit Accounting Hot Topics Content Overview A Quick Introduction Organizational Topics Insurance Coverage Contributions – Donor imposed restrictions and conditions Net Assets – maintaining a roll forward Questions and Open Discussion A Quick Introduction The Presenters A Quick Introduction Organizational Topics Insurance Coverage Contributions – Donor imposed restrictions and conditions Net Assets – […]