The Presidential Election is over and whether we would like to think about it or not, the holidays are just around the corner. While this is the time of year we take inventory of things we’re thankful for, don’t forget about the obligations you may have for your nonprofit organization.
While your organization may have a fiscal yearend other than December 31, this checklist will provide you with a list of things you may still need to consider:
- Do you have staff? - If so, there are a few critical things that must be done quickly including tax deposits and W-2 deadlines. In addition to getting updated addresses for both new and terminated employees, this is a great time to have your existing staff complete new W-4 forms for 2013.
- Have you had your Annual Meeting? - We know, putting together a meeting can be a real burden, but your bylaws likely require you to have at least one annual meeting. Get it scheduled sooner rather than later. Remember, the IRS may ask for your meeting minutes if you are audited. Failing to have appropriate documentation may mean fines or penalties levied against the organization or worst, board members.
- Do you have Vendors? - Many organizations have policies in place to collect vendor W-9’s throughout the year as the relationships are either established or before the first payment is sent. While the policies may be in place, it’s not uncommon for these to fall through the cracks. To avoid the last minute dash in January to get 1099’s to vendors, now is the perfect time to begin double checking your vendor files and making sure your W-9’s are in order. Remember, the fines can be in the thousands of dollars if you fail to meet an IRS deadline!
- Don’t forget about your members, donors or sponsors! - You’d be surprised the goodwill a simple “Thank you” will get you, especially during the holiday season. But don’t forget your donors are expecting to receive an annual letter indicating how much they donated throughout the year.
- Is your website content old? - If you’re like many of the organizations I’m involved with, January 1st is the start of a world wind of new initiatives, new ideas and new goals. Take the time now to make sure your website has relevant content for the start of the New Year.
With 2012 bringing an end to the year of the Dragon, the year of the Snake looks to be just as challenging for both businesses and nonprofits. So, make sure you’re doing what you can to put all of the odds for success in your column.
For over 30 years, PESC has helped meet the needs of small businesses and nonprofits throughout California. In addition to our Answering Service, we provide our clients bookkeeping and accounting services, website development and monthly content maintenance, social media support, event management including fundraisers and golf tournament and various other services to meet our clients growing needs. Contact us today for a FREE consultation.