Is Your IRS Form 990 Due May 15th? We Can Help! Most nonprofit organizations are required to file IRS Form 990 each year to stay compliant with the IRS (churches are an exception). Form 990 is due five months and fifteen days after the end of your fiscal year. For those with a January-December accounting year, this means May 15 is your due date! Which Form 990 you file is determined by whether or not your organization is a Public Charity or Private Foundation and by your organization’s revenue during your previous year. Most small public charities (less than $50,000 per year in revenue) will file IRS Form 990-N. Larger organizations must file IRS Form 990EZ or IRS Form 990. Private Foundations are required to file IRS Form 990-PF. Nonprofit Elite can assist you with preparation of IRS Form 990-N only. Give us a call today: 800.268.4388. We’re glad to help!
In 2014, Angie Goeke and Alicia Maroney attended a presentation about the prevalence of child sex trafficking in their city of Katy, Texas, and decided to take action. After careful planning and research, they contacted Nonprofit Elite and formed a 501c3 organization called Not In Our City. Not In Our City (NIOC) works in the Houston area and utilizes a three-pronged approach to advance their mission: First, they inform their community about the frequency of child sex trafficking through public presentations and events aimed at revealing the secret world of trafficking. Second, NIOC invests in educational curriculum that exposes the dangers of sex trafficking to both students and teachers in Texas schools. Third, NIOC is committed to helping the community defend itself through partnership programs with like-minded organizations and the promotion of legislative action to fight trafficking and protect children at any cost. In just a short time NIOC has already presented to 800+ youth across [...]
Beginning July 1, 2016, the IRS has changed the User Fee for IRS Form 1023-EZ from $400 to $275 for all applicants. This new fee applies only to those Form 1023-EZ applications prepared and submitted after July 1, 2016. In addition to lowering the application fee, we also expect the IRS to add several new safeguards to the Form 1023-EZ application process to continue discouraging non-qualified applications. These new safeguards could include revisions to the actual Form 1023-EZ and increased follow-up correspondence with the IRS to verify appropriate formation documents and tax exempt provisions contained within those formation documents (Articles of Incorporation and Bylaws). Overall, we expect the IRS to be more involved in checking in with applicants during the Form 1023-EZ review process. To date, we have noticed more instances where the IRS requests copies of the applying organization's formation documents, narrative description of activities, and three years of projected financial budgets. If you are beginning the 501c3 application process yourself, or have questions about which form (and user [...]
IRS Form 1023-EZ Help, Cost and Services [custom_frame_right shadow="on"] Searching for IRS Form 1023-EZ help, cost or filing services? Nonprofit Elite can help! We are excited to offer a more affordable and faster 501c3 application process to small and mid-size nonprofit organizations seeking to obtain tax exempt status from the IRS. The newly-released 501c3 application is called IRS Form 1023-EZ and is appropriate for most nonprofit organizations with projected annual receipts of $50,000 or less and total assets of $250,000 or less (excluding churches, schools, hospitals, medical research organizations, and a few other types). The IRS User Fee for this new Form 1023-EZ is $400 for all applicants, and the IRS is promising a significantly faster review process and response rate than the traditional 6-12 months. If your new nonprofit organization is eligible to file this new IRS Form 1023-EZ then it is almost certainly in your best interest to do so. Otherwise, filing the traditional IRS Form 1023 could cost you significantly more time and money - up [...]
The best news of the day (so far) is that Podio has decided to sponsor Nonprofit Elite with use of their outstanding online project collaboration platform. If you've not yet looked into Podio and what they can do for your nonprofit organization or business, it's definitely worth your time to check them out. Our team uses Podio as our online headquarters to collaborate on projects from anywhere in the world. The system makes our work more efficient and certainly more enjoyable. Thank you Podio for your sponsorship of Nonprofit Elite!
[custom_frame_right shadow="on"][/custom_frame_right] There are five basic steps to starting a nonprofit organization in the state of Texas: 1. File a Certificate of Formation with the Secretary of State that includes among other items your organization’s name, registered agent, registerd office, proper purpose and dissolution clauses, and the names and addresses of at least three board members, unless you choose to have members.
[custom_frame_left shadow="on"][/custom_frame_left] This is the conclusion of a five-part series on how to start a nonprofit organization. Keep in mind that the sequence in which you complete these tasks may vary, but each is important. This final post will explore the steps to creating your Internal Processes and Systems. Internal Processes / Systems 1. Set up operating procedures: Creating a set of operating procedures should make your day-to-day operations run more smoothly, not the opposite. If you are new to this sort of thing, sit down with another nonprofit director who has been at this for awhile. There’s no need to learn all of your lessons the hard way.
[custom_frame_right shadow="on"][/custom_frame_right] This is the fourth part in a five-part series on how to start a nonprofit organization. Keep in mind that the sequence in which you complete these tasks may vary, but each is important. This post will explore the steps involved in applying for 501c3 tax exemption and state and local permits. 501c3 Tax Exemption 1. Prepare IRS Form 1023
[custom_frame_right shadow="on"][/custom_frame_right] This is the third part in a five-part series on how to start a nonprofit organization. Keep in mind that the sequence in which you complete these tasks may vary, but each is important. This post will explore the steps involved in Formation and Organizational Process. 1. Identify legal, accounting, and insurance advisors experienced in nonprofit matters: Starting a nonprofit is different than starting a business. Different rules, different roles, and different reasons. Make certain your professional help knows the difference!
[custom_frame_left shadow="on"][/custom_frame_left] This is the second part in a five-part series on how to start a nonprofit organization. Keep in mind that the sequence in which you complete these tasks may vary, but each is important. This post will explore the steps involved in Concept Development. 1. Draft Mission and Vision Statements: A good mission statement describes exactly what your organization does in just 2-3 sentences and serves as the cornerstone of your developing programs.