Year End

From Red Mountain Makers Wiki
Jump to: navigation, search

Guideline for treasurer and board as to what is required to generate RMM's year end financial report.

Tasks

Summarize and generate report of financial activity
Have second member (preferably one with auditing or financial experience) review numbers before finalizing and reporting to RMM board.

Report:

Financials
Donations
Membership numbers

Once done, update and create:

Red Mountain Makers Financial Summary
Red Mountain Makers Financial Activity and Projections
Membership report
Financial Plan
Cash flow report
Budget projection for next fiscal year
Assumptions & notes. These are important, as they help explain the numbers being presented, especially for non-financial people.

Present the annual report to the membership at the March general meeting.

Once reviewed and approved by the attending membership:
  1. Make any needed changes in the report.
  2. File the RMM Form 990-N with the IRS (must be filed by May 15th of the year following.
  3. Upload the finalized annual report to RMM's google drive.
  4. Link to relevant pages on the wiki and website.
<more stuff to be added>

Reference

https://www.irs.gov/Charities-&-Non-Profits/Exempt-Organization-Public-Disclosure-and-Availability-Requirements

Substantiating Charitable Contributions https://www.irs.gov/Charities-&-Non-Profits/Substantiating-Charitable-Contributions

Charitable Contributions Substantiation and Disclosure Requirements https://www.irs.gov/pub/irs-pdf/p1771.pdf

IRS Stay Exempt - Tax Basics for Exempt Organizations https://www.stayexempt.irs.gov/

Form 990 Overview Course https://www.stayexempt.irs.gov/Existing-Organizations/Form-990-Overview

Reporting Requirements for Non-Cash Charitable Donations under the Form 990 (DC Bar Pro Bono Center)

http://www.smartgivers.org/annual_report_checklist_or_how_to

Alabama Association of Nonprofits http://alabamanonprofits.org/standards-for-excellence-program.php

Standards for Excellence booklet

National Conference of Nonprofits https://www.councilofnonprofits.org/ https://www.councilofnonprofits.org/tools-resources/saying-thank-you-to-donors

Alabama Code on charitable organizations and fundraisers http://alisondb.legislature.state.al.us/alison/codeofalabama/1975/13A-9-71.htm