KOI Financial Policies and Procedures: Difference between revisions
JoshFreese (talk | contribs) m →How to use this Document: Added in extra context regarding policies and procedures. |
JoshFreese (talk | contribs) →Annual Filings - 990: Added in info on how to file a 990. |
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=== Federal – Internal Revenue Service === | === Federal – Internal Revenue Service === | ||
==== Annual Filings - 990 ==== | ==== Annual Filings - 990 ==== | ||
The 990 is the annual filing with the IRS as a non-profit. The deadline for such filings is May 15th, or October 15th (if an extension was filed). | |||
To file a 990, the prior year's financials must be completed and closed (meaning, no modifications allowed). Ideally, the financial statements would be audited if required for a grant. | |||
To file a 990, the following pieces of information is required: | |||
* List of Board of Directors | |||
* Compensated Directors | |||
* Major Donors | |||
* An end of year Income Statement for the prior year. | |||
* A end of year Balance sheet statement for the prior year. | |||
* A list of expenses per Management, Programs, and Fundraising. | |||
The 990-N is the annual filing KOI can file in place of the 990 if certain requirements are met. KOI currently doesn't meet those requirements, and it will unlikely be able to due to the financial obligations of supporting evacuees. | |||
==== Payroll Filings 940 and 941 ==== | ==== Payroll Filings 940 and 941 ==== | ||
=== Washington State – Secretary of State === | === Washington State – Secretary of State === | ||