When I submitted our financial info, it was in the form of a 3-year projected budget with both income and expenses. I just put a note saying "See Attachment X" and included the financial data along with the other attachments. I didn't have any problems with the IRS accepting info this way.
Anything that was not part of the budget (like donated baked goods) was not a part of the financial report. Hope this helps!
We're working on the financial data section of form 1023 -- using the PTO start-up guide (It's been a great help!). I'm a little confused as to where some items fall.
We collect grocery receipts as a fundraiser -- we receive approx. 1% cash back. Does this fall into gross receipts, or gifts, grants, contrib.?
We also work with the Student Council to hold dances. Our parent group pays up front for concessions, which we then sell. We pay for a deejay, and we pay 2 teachers for their time to chaperone. After these expenses are deducted from the total money taken in from the dance, we split the profits 50-50 with the Student Council.
I'm assuming these expenses all fall into fundaraising expenses (line 14)?? But what about the money we give to the Sudent Council as their share? Also an expense??
One more question -- many of the things we do for the students and staff are given by parents -- lunch items (conference day lunch for teachers), monthly cupcakes - for birthdays, etc. Do these all need to be accounted for financially?
