Producing audit ready financial records for a private foundation can be an intimidating task—even for financial professionals.
With fiscal year-ends that may differ from a calendar year, there often is no simple 12-month 1099 to plug into a tax return preparation program. Throw into the mix the fact that many foundations keep their books on a modified cash basis and that their accounting software such as QuickBooks demands that they post entries as debits and credits—and the stage is set for potential procrastination and avoidance.
Fear not! You can lay the foundation for a highly effective bookkeeping system—and pave the way for a streamlined audit and annual IRS Form 990-PF filing process.Login to Read More