The 3 Types of Financial Statements

The 3 Types of Financial Statements There are three primary types of financial statements: an income statement, a balance sheet, and a statement of cash flows. Each of these statements is incredibly important to have for your nonprofit and can benefit your organization. Here is a brief overview of the three types of financial statements.…

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2 Ways to Avoid IRS Trouble with Your Nonprofit

2 Ways to Avoid IRS Trouble with Your Nonprofit Like most regulatory agencies, the IRS has priorities when it comes to evaluating your nonprofit’s Application for Tax-Exempt Status. There are two main concerns of the IRS when it comes to evaluating Tax-Exempt Status. These involve avoiding conflicts of interest and avoiding nonprofits that only benefit the directors…

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How to Avoid Paying Personal Taxes on Your Nonprofit’s Donations

How to Avoid Paying Personal Taxes on Your Nonprofit’s Donations An important benefit of having a properly structured nonprofit is that you will be able to get tax-deductible donations. Even if you are planning on funding your nonprofit yourself, this is still a good feature to have. Doing this will help you avoid paying personal…

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How Much Nonprofit Attorneys Cost & How to Afford Them

How Much Nonprofit Attorneys Cost & How to Afford Them How much will you have to pay to hire a nonprofit attorney to form your 501c3 nonprofit for you? The answer is it depends. Different nonprofit attorneys have different rates based on their success rate, experience, and the benefits that are included in their packages.…

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