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Donating money to your own non profit organization? |
We are supporting our non-profit organization with our own funds until we open for business in July. Can we put that income on our 990 tax form? It is the only money we are getting right now. This would not be considered "income" on a non-profit organization's tax return. This would be considered contributions. If you expect to get paid back, this would be considered a loan, and would be reported on the balance sheet. You need to keep very good books and records for this entity, as its financial statements are supposed to be audited annually. I'd run this through a CPA's office, if I were you. You need to keep very specific records and watch every step you take because the IRS is really combing through non-profits' records. |
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