Year-End Nonprofit Checklist

November 28, 2017

Hard to believe the end of 2017 is upon us, but it is!  In the hustle and bustle of the season, don’t forget to button up the details needed for your accounting year end.  Below are a few things to put on your to do list.

End of Year Tax Checklist:   

  • W-9: Collect W-9s for service providers and/or vendors
  • W-4: Remind employees to review their W-4 and confirm information is correct. Identify if any employees should be reclassified or withholding amounts changed in the new year.
  • Complete Contribution Statements by January 31st
  • W-2: Complete/distribute W-2 Forms for employee by January 31st
  • Now is perfect time to make sure you have what you need, mAccounting can assist in this process, please let us know if you’d like assistance with your 1099’s

Other Year-End Reminders:

  • Review Governance Documentation. Have you held your annual meeting this year?  Do you have meeting notes for your board meetings?  Have they been approved by the board? Have you reviewed your ‘Policy on Reserves’ document, which explains how funds are designated to cover unexpected expenses and what the nonprofit plans to do with unexpended revenues at the end of the fiscal year.
  • Thank your donors. Have you thanked your donors for their gifts? Along with the giving thanks, remind your donors to wait to file taxes until contribution summaries have been received. Sending donors an advance statement with their current year to date donation amount provides an opportunity to ask for an end-of-year donation.
  • Have you completed all the grant reports needed? Many grants require the recipient of the funds to report on financial and program activity. The donor wants to know how the funds were used. Review the terms of such grants and complete those reports.
  • Process any miscellaneous donations
  • Review your performance over the past year
  • Prepare your budget for the next year and review your chart of accounts and designated funds based on your anticipated needs
  • Review internal controls for upcoming year
  • Monitor & maintain your exemption status. Is this a year to file Form 136 Application for Property Tax Exemption?