Oh groan. Two days of doing taxes. At least I don't have to pay anything on the 990EZ corporate tax filing for RUSA !
It took me a bit to sort out and balance from last year to this. Our internal accounting is done on a sort-of accrual basis but we file the return on a cash basis. I say sort-of, because I accrue for some known expenses and defer part of the insurance payment but the membership fees are all recognized as-received. I also send money out the door to purchase inventory but don't update the inventory until received. It would be a lot of work to do otherwise.
The most tedious part of the return is where we justify the fact that we're "publicly supported". Some charities make too much money in investment income and don't qualify. Our investment income is only a couple of hundred $ in total over the 5 year lookback period, so it becomes a rounding error. However, the chart of numbers for the 5 years is repeated and repeated and repeated on the form and it's very easy to make a transcription error.
It's a PITA. I guarantee that no-one actually looks at our return, however, I do know that we get a BIG bill if we don't file.
So I made good use of the two rainy days in a row.
Onward !
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