Year-End Accounting Checklist for Nonprofits

This document is a comprehensive guide detailing the year-end accounting checklist specifically designed for nonprofit organizations. It outlines essential tasks to be completed during the financial close process, including the reconciliation of open receivables and overdue payments, as well as the write-off of uncollectible receivables. The guide emphasizes the importance of accurately recording grant income and expenditures, ensuring compliance with grantor requirements, and managing restricted funds. It also covers bank and credit card reconciliations, investment account reconciliations, and the review of the statement of activity. Additionally, the document addresses operational expenses, fixed assets, and depreciation schedules, ensuring all financial activities are properly documented and categorized. Compliance with IRS and state filings, as well as the preparation for audits, are also highlighted. The guide concludes with recommendations for internal control reviews and the organization of supporting documentation for audits.