It's time to start planning for the 2020 year for your nonprofit organization. This will help keep your charitable organization on track and easier to manage throughout the year. Here are some tips to help your organization plan.
1. File last year’s tax return with the IRS! This is important! Your nonprofit organization’s tax return is due by the 15th day of the 5th month after your organization’s tax year-end. (example: if the organization’s year end is December, then the tax return is due by May 15th of the following year)
2. Make sure your 501c3 organization’s information is updated on all filings. This includes address, the board of directors, etc. for any state filings and the IRS. You can update this information on your yearly tax return with the IRS and on annual report filings with the state.
3. Have a plan for bookkeeping. This is essential for helping yourself out next year during tax season. Have a way to keep track of any expenses the nonprofit organization will have during the tax year, and make sure to give your donors receipts, as well as keep a copy for your records.
4. Plan out your fundraisers and campaigns for the year. This doesn’t have to be exact, but it is helpful to at least have a game-plan. Decide if you want your 501c3 organization to have specific holiday fundraisers, or if you will be hosting big donation events within the year.
5. Keep your nonprofit organization’s website/social media platforms updated. Most communication now is through these mediums and it’s always a good idea to have a big presence on these sites. Also, having an attractive and well-organized website and meaningful activity on your social media pages will attract more people to your organization.
Wishing you a successful 2020 year.
