Can Form 990 Schedule H 2023-2024

Welcome to my series of video tutorials on how to prepare Form 990-EZ information return for small tax-exempt organizations. I'm David McCree, a CPA, and you can find me on the web at my website, form990-ez.com. This is a quick overview of Form 990-EZ. It is a four-page form divided into six parts, plus a header and a signature section. The top section is the header. Take care when filling out the header as it is a very important part of the document. Next, on page one, in part one, is the revenue section from lines one through line nine. This is where you will report all of the organization's revenues. However, note that there are several lines where you will also input some expenses. These include cost basis for certain assets sold, direct expenses from fundraising events, and cost of goods sold. Therefore, the total revenue on line nine of your Form 990-EZ may not match your total revenue on QuickBooks. Below the revenue section on page one, there is a small section for expenses. In the 990-EZ, this section is abbreviated compared to the full Form 990. Keep in mind that because you included some expenses in the revenue section, your total expenses on the form may not equal your total expenses on QuickBooks or other accounting programs. At the bottom of page one, there is the net assets section. Net assets refer to what's left over after subtracting liabilities from assets. Moving on to page two, we have a simplified balance sheet in part two. Make sure that your beginning of the year balance sheet matches the end-of-the-year balance sheet. If they don't match, investigate and make any necessary adjustments. In part three, the statement of program service accomplishments, you will state your organization's programs and their expenses. This is an opportunity...