In order to qualify as a tax-exempt entity, a nonprofit organization must comply with certain federal income tax laws. To prove compliance, you must maintain records.
There is no required recordkeeping system. Your organization can choose any system that suits its activities and clearly shows income and expenses.
It is prudent for nonprofit organizations to keep scrupulous financial records for more than just tax purposes. Here are six basic reasons cited by the IRS.
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Louisiana Association of Nonprofit Organizations | 528 Louisiana Avenue | Baton Rouge, LA, 70802
(225) 929-LANO (929-5266)