As a Chartered Accountant, ent® Chartered Professional Accountants has developed comprehensive experience in Not for Profit audits.
With this expertise, we can help you set up and maintain your non-profit organization's tax-exempt status by handling all the CRA reporting for you. Each year the CRA requires most tax-exempt organizations to submit the proper details:
- Income Statement — revenue and expense categories like donations, salaries, postage, rent
- Balance Sheet — categories like cash, accounts receivable, accounts payable
- Functional Expense Statement — expenses allocated to either program services, fundraising, or operations
- Individual Program Expense Statement — all expenses for each program or service like seminar programs or educational mailings
- Revenue Support Schedules — the organization's sources of income in specific categories like charitable donations, membership fees, investment income
The CRA uses specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it's imperative that you build your accounting system around these revenue and expense classifications.
- Review your financial statements
- Design, install and maintain your Accounting System
- Weekly, bi-weekly, or monthly payroll preparation
- Payroll Tax Preparation and Deposits
- Provide training for your accounting personnel
- Complete and file your non-profit status application
- Provide training for your board on non-profit financial statement usage and effective budgeting practices
- Prepare and file the necessary tax forms
- Prepare your initial start-up documentation
- Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers
If you're starting a new not-for-profit organization we can help you prepare your organization's application for tax-exempt status. Here's what's needed:
- Articles of Incorporation
- CRA Business Number
- By-laws of the Organization
- Minutes of Board Meetings
- Names, Addresses, and Resumes of Board Members
- Names and addresses of all Active Members
- Inventory of Assets like cash, furniture, equipment, property, pledges...
- Inventory of Liabilities like mortgages, accounts payable, loans...
- Rent/Lease Agreements and Contracts
- Revenue and Expense Statement for the last four years or as far back as possible if your organization has been in existence for less than four years.
- Written Reason for Formation and History of the organization.
- Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
- Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets...
- Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers...
- Fund Raising Program Descriptions