Form 1023 Paperwork, In Millions of Hours, 1986 to 2016
Source: U.S. Office of Management and Budget. Click image to learn more.
Real Help With Your 501(c)(3) Application
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Prepare Your Own 501(c)(3) Application
By Sandy Deja © 2020 400 pages ISBN 978-1-7340724-1-9
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(available in pdf as well; send email request)
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Pages 9 and 10 - Financial Statements
I recommend you include the following financial information with your 501(c)(3) application. (This list differs a bit from the list that appears in the Form 1023 instructions, but the aim is the same. You want to provide financial data that completely covers all past periods for which your organization is seeking tax exempt status, as well as projecting two years or more into the future. There should be no gaps in your financial information.)
1. Statements showing actual revenue and expenditures for every completed year your organization has been in existence, and for which your organization is seeking tax exempt status. You may put two or three years in several columns on one sheet if that is convenient. If your group has been in existence less than one year, skip this.
2. One statement showing actual revenue and expenditures for the current year. This statement will probably not cover a full year. Start with the beginning date of your organization's fiscal year and end on the last day of a month near the time you will submit the 501(c)(3) application.
3. One statement projecting revenue and expenditures for the balance of the current year. Start immediately after the statement in #2 above ends. End on the last day of your group's normal accounting period.
4. One statement projecting revenue and expenditures for at least two years following the statement you prepared for #3 above. This is sometimes called a budget. The time period covered will be years that have not yet started.
5. A balance sheet showing everything that the organization owns and owes as of a recent date. The IRS prefers that you use the last day of a month for your balance sheet. If possible, make your balance sheet correspond to the ending date you have used for current year revenue and expenses (see #2 above). Do not provide projected balance sheets.
Always label your financial statements clearly! The IRS needs to know exactly what period of time is covered.
Form 1023 - Part IX