Year-End Reporting & Taxes

Ali Pennisi & Sai Acharya

The Bigger Picture

2

1 1 31

September October

FY ended

Aug 31Complete

Reviews and reports

Sept 30Complete IRS

forms and send everything to

State HQ

Oct 31

November

• Timeline (Stay on top)

• County 4-H Associations: September 1 – August 31

• County 4-H Foundations: Varies

Began compiling financial documents for review Appointed reviewers/ auditors to complete the

review.

Fiscal Year-End

3

1

1

31

September October

FY endedAug 31

Complete IRS forms and send everything

to State HQ

Oct 31

November

Complete Reviews and

reports

Sept 30

• Financial Review• Required Forms

The review and reports

4

1 1 31

September October

FY endedAug 31

Complete IRS forms and send everything

to State HQ

Oct 31

November

Complete Reviews and

reports

Sept 30

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

• Just follow the link: http://florida4h.org/staff/taxexempt/

• Or Go to: http://florida4h.org 4-H Professionals (across the top) Click Evaluation and Reporting Enter in UFL email address and password Click drop down under Tax-Reporting and select

Tax Reporting

Navigating to Year-End Forms

5

1 1 31

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

Financial Review

6

1 1 31

Identify a reviewer or reviewing committee

The Association gathers & prepares the information to be reviewed

Reports are reviewed by 4-H Agent and reviewer(s)

Findings are reviewed and approved by the CED

Reports are returned to 4-H Agent for submission to State HQ and filing

A financial review should be conducted annually for all

accounts held under your county 4-H Association

7

1 1 31

Financial Review

At the very least, a financial review should check:

• Beginning balance

• Total income

• Total expenses

• Ending balance

• Ensure statements match records

• Backup documentation

• Evidence of account balancing

• Reviewer(s) statement(s)

• Signature(s) of reviewer(s)

Financial Review vs. Audit

8

1 1 31

A financial review should be conducted annually: • Provides limited assurance on the county 4-H Association’s

financial statements• Conducted internally

• Reviewers should not include the Treasurer, Assistant Treasurer, nor any signatory on any account being reviewed

• Less costly

An audit can be conducted on an as-needed basis: • Provides the highest level of assurance on the county 4-

H Association’s financial statements and banking procedures

• Conducted by a credentialed outside party• Can be expensive

Annual Year-End Report

9

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series General Information

– County Association name, address, EIN, and contact information

Statement of Continued Inclusion & Signatures– Certify that all requirements have been met for continued inclusion in GEN– Association Chairperson, 4-H Agent, and CED

Bylaws– Certify that no changes have been made to the bylaws within the year– If there were changes, attach a current copy and note the changes

Financial Information– Certify that a financial review has been carried out– Certify that all necessary forms are attached– Report a change to the fiscal year

Membership Information– Certify that you have attached the Membership Roster

Tax Information– Certify that you have completed and filed with the IRS the appropriate tax return

Annual Year-End Report

Account Reports & Account Summary Report

10

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

Account Reports

• Complete one (1) for each account held by the county 4-H Association

Account Summary Report

• Complete just one (1)• Combines information from

each account

Account Summary

ReportAccount Report

IRS 8821

11

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

The IRS 8821 must be completed annually

Allows the University of Florida to review your county 4-H Association’s tax return

IRS 8821

Membership Roster

12

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

List all members of the county 4-H Association or Foundation

Membership Roster

IRS forms

13

1 1 31

September October

FY ended Complete IRS forms and send everything

to State HQ

Oct 31

November

Complete Reviews and

reports

Sept 30

• IRS 990-N (E-postcard) • IRS 990-EZ • IRS 990

Aug 31

IRS 990-N (E-postcard)

14

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

Gross Income < $50,000

• Filed electronically via: Epostcard.form990.org

• Forward confirmation of successful submission to Sai Acharya

The GEN is approved with the IRS, the county 4-H Association’s are captured within the IRS reporting system as subordinate

groups.

IRS 990-N (e-postcard)

15

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

Common Errors:The system is not able to determine your fiscal year. You may not proceed with this filing.

F990-906-01: The return type indicated in the return header must match the return type established with the IRS for the EIN.

F990-902-01: The EIN in the return must have been established as an exempt organization return filer in the e-file database.

• Can call the 1-800 number listed• Have handy: • Association name, EIN, address• Articles of Association - “Founding Documents”

IF they can resolve your issues, you will have to wait for 6 weeks before filling electronically

IRS 990-EZ and IRS 990

16

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

Key things to note:

Include 6057

$200,000 > Gross income > $50,000

Gross income > $200,000

990-EZ:

990:

Don’t check any box

IRS 990-EZ and IRS 990

17

Annual Year-End Report

Account Report

Account Summary

Report

IRS 8821

Membership Roster

IRS 990-series

Key things to note cont’d:

Where to send forms…

18

990 EZ and 990: Department of the Treasury

Internal Revenue Service CenterOgden, UT 84201-0027

All paperwork (including IRS 990-Series copies):

State 4-H HeadquartersAttn: Sailesh Acharya

PO Box 110225Gainesville, FL 32611

Or: saileshacharya@ufl.edu

The Bigger Picture

19

1 1 31

September October

FY ended

Aug 31Complete

Reviews and reports

Sept 30Complete IRS

forms and send everything to

State HQ

Oct 31

November

• Timeline (Stay on top)

Additional information

• Sales Tax exemption Apply separately (DR-5 form) Florida Department of revenue You’ll receive Certificate of Exemption

• Group Exemption Letter Is verification of your 501 (c)(3) County association might not be

listed in IRS PUB78.

• FAQ http

://florida4h.org/staff/taxexempt/Tax_Issues_FAQ.pdf

20

Any questions?

21