10.22.21 | Churches & Denominations, Nonprofit Organizations, Nonprofit Tax | Blog Posts
Resources for Year-End Planning
The end of the year is rapidly approaching, and that means a flurry of additional tasks and considerations for busy nonprofits and churches. We’ve compiled these resources to help as you plan for the end of the year and look to the year ahead.print
- Year-end financial tasks for churches – Churches can use this checklist of calendar year-end financial tasks to help stay on track and get the new year off to a strong start.
- Tax – Familiarize yourself with the IRS guidance on reporting 2021 qualified sick and family leave wages and the Employee Retention credit. Identify all Form 1099-NEC and 1099-MISC forms that must be prepared in January.
- Budgeting – If your organization has a December 31 year-end, follow these 10 steps to create a realistic and effective budget that will help your organization use your resources in a way that accomplishes your goals and furthers your mission.
- Compensation – Executive compensation is a complex issue for churches and ministries. As you plan compensation for next year, this article has insights and resources from industry thought leaders to help you navigate the key considerations.
- Cybersecurity – Now is a good time to evaluate your investment in cybersecurity. “Saving” money by neglecting to invest in security now can cause significant financial loss in the future if you are the victim of a cyberattack. This blog post explains why thinking the cost of security too high is a myth that can have significant financial consequences.
- Fraud – It’s particularly important to be aware of the risk of fraud at the end of the year, when donations typically increase and staff members are busy balancing day-to-day work with year-end tasks between holidays and vacations. Take these four steps to help reduce year-end fraud risks at your organization.
While this list is not all-inclusive, we hope these resources help you finish the year well and begin your planning for the new year.