How long is a non profit group required to keep a receipt book? I am being told that we have to keep it for tax purposes, but all our funding is recorded in Quick books, receipts are written just for those who donate while we are at a function, and they do not include anything we get in the mail. I thought the receipts were to benefit the giver - not a tax record for the agency.
2006-08-15 08:51:42 · 3 answers · asked by buggsnme2 4 in Business & Finance ➔ Taxes ➔ United States
Every one is in a panic as the 2005 records have been lost in a move - I don't think it's that much of an issue.
2006-08-15 08:52:45 · update #1
By receipts, they mean the record of all the funding your received, from any sources. They don't mean the slip of paper you gave someone who donated for their own record.
Basically, two types of records:
Money coming in (receipts)
Money going out (expenditures)
By the way, I suggest you immediatley make a back up copy of your Quick Books record. Keep it in a separate location from the original.
2006-08-15 09:05:05 · answer #1 · answered by Vince M 7 · 0⤊ 0⤋
Technically, if you have a record for it you should be okay. However, I would make it a rule to save them for 7 years (the amount of time the IRS can go back and audit you). I wouldn't sweat it either... not for profits rarely get audited (unless someone is skimming and not covering it up very well).
Slainte,
-D
2006-08-15 15:59:16 · answer #2 · answered by chicagodan1974 4 · 0⤊ 0⤋
I would say if it is in a retreivable and printable version, you are fine.
2006-08-15 15:55:56 · answer #3 · answered by WendyD1999 5 · 0⤊ 0⤋