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Essential Record Keeping Practices for Nonprofits: IRS Compliance and Transparency

Join us at the Asha East Coast Conference on July 3rd, 2004, to explore the critical importance of record keeping for nonprofit organizations. Learn about IRS regulatory requirements and the transparency expected by donors, sponsors, and volunteers. We will cover essential record-keeping needs, including project proposals, funds, progress reports, and financial documentation, with best practices for maintaining accurate records. This session aims to empower treasurers with practical knowledge for ensuring compliance and operational success.

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Essential Record Keeping Practices for Nonprofits: IRS Compliance and Transparency

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  1. Treasury & Financials Asha East Coast Conference July 3rd, 2004

  2. Record Keeping – It’s Important! • IRS Regulatory Requirement • Transparency expected by: • Donors/Contributors • Sponsors • Volunteers

  3. Record Keeping Requirements • Need accurate and up-to-date records of: • Projects • Project Proposal • Funds Provided • Progress & Site Visit Reports • Budgets • Donations & Contributions • All details, such as Date, Payment Method, Check Number, Name and Amount

  4. Record Keeping Requirements (contd.) • Fundraisers • Receipts of all Expenses and Checks • All Income • Merchandise • Revenue from Merchandise by Category • Bank Statements & Deposit Slips • Meeting Minutes (yes, really!) • Retain records for at least 4 years

  5. Good Practices • Use an Accounting Package (e.g. Quicken) • Enter details as checks/donations come in • Categorize checks into: • Donations • Fundraiser A, B, C, etc. • T-Shirts, etc. • Send timely acknowledgment of donations • Maintain project documentation • Clean handoff to incoming Treasurers

  6. Treasurer Tips from Nagi • Allow for time lag when sending project checks • Send checks to be deposited before they expire (!) • Compile chapter tax return info by March 1st • Treasurers should be on asha-treasurers & -wide • Keep 2003 accounts in 2003 itself • Move event ticketing online • Easy to keep track • No need to write out receipt

  7. Zero Overhead Terminology • Important to clarify what we mean when we say ‘zero overhead’ • 100% of General donations go to our projects in India • 100% of profits raised from an event go to our projects in India

  8. Operational Expenses • Categorization of Expenses • Banking and Credit Card Expenses • PO Box Expenses • Newsletter Mailings • Publicity Material • Postage • Funded differently across chapters • Borne by volunteers • Associated with a fundraising event • Covered by specific donation/sponsor • Anything else?

  9. Discussion & Questions • Discussion: • Should there be a penalty for late-reporting chapters? • If so, what? • Questions?

  10. treasurer@ashanet.org

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