End of the year guide to recordkeeping
Download: Nonprofit Law Podcast #50 (mp3, 8:21)
Shownotes
Intro
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This is a re-presentation of 2007’s end of the year guide to recordkeeping – a timely reminder for all calendar fiscal year organizations!
What should we be doing at the end of a fiscal year?
Listener question…
It’s big enough of a task to be mentioned alone: recordkeeping.
It’s the law
It’s a good management tool
It can protect you against false accusations by others that would like to make your organization’s existence more difficult
Corporate record book
Make one if you don’t have it… a binder with all of your important docs
IRS determination letter, articles of Incorporation, bylaws, and minutes of board meetings
This should be permanently kept and updated when necessary
Remember some of these documents must be made publicly available, so this is an important one
Lobbying and other reporting information
Keep track of hours of lobbying as a 501(c)(3)
Keep track of amount of partisan activity as a 501(c)(4)
You’ll need this for your 990 in the spring
Financial records
Bank statements, old Form 990s, internal reports by treasurers, etc.
Keep these for at least seven years (law requires 3 for some, like the 990s)
Make sure you are keeping up with donor receipts for end of the year appeals!
Resources
NYS Office of Children & Family Services: Importance of Record Keeping
Pfau Englund retention page
Closing
Email me with questions and suggested topics
Screencast on using the Internet, podcasting and social networking for your nonprofit – go to nplawcast.com for details
Need more than a podcast? Tim-Mooney.com
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This podcast provides general information about legal topics but it is not a complete discussion of all legal issues that arise in relation to nonprofits nor is it a substitute for legal advice. This podcast does not create an attorney-client relationship. This is general legal information and the contributors make no warranties regarding the general legal information provided in this podcast , and disclaim liability for damages resulting from its use to the fullest extent permitted by the applicable law.
