It’s the end of the year, and in all the busyness of year-end fundraising, not to mention preparation for the holidays, some important tasks can be overlooked. This is a check list of some of the most critical items:
- Have an annual meeting
- File your 990 (or 990-ez or 990-n)
- For corporations: file your annual report with the State of Michigan
- W2s and 1099s
- Send out year-end contribution receipts to donors
- File Charitable Solicitation Renewal with the State
- Spend funds on charitable activities or make grants to public charities sufficient to avoid excise tax penalties. Call your CPA to obtain the exact number that must be spent.
- Review business holdings of private foundation and all disqualified persons to ensure they do not collectively exceed 20% of voting control.
Items for Review:
- Do you have adequate insurance coverage to protect your Board of Directors and volunteers?
- Review grant agreements to make sure terms and restrictions are being honored
- Review Articles of Incorporation and Bylaws, do they need to be updated to reflect how your organization is currently operating?
- In what States are you fundraising? Do you need to register with any States?