Compliance

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Good record-keeping practices not only help with annual reporting but also ensure the overall health and sustainability of your Neighborhood Association. By maintaining accurate financial records, meeting minutes, membership lists, and other important documents, your association can track your progress, make informed decisions, and build trust with your stakeholders.

It is important to keep record of:

• Copy of your Neighborhood Association's Form 1023 (non-profit application)
• Financial records (discussed in the next section)
• Bylaws

Your Neighborhood Association is required to provide a written acknowledgment of contributions if a donor requests it. This written acknowledgement must contain your Neighborhood Association name, the amount of monetary contribution, description of any contribution of property, and a statement that no goods or services were provided in return.¹

Be sure to keep record of contributions throughout the year so that you are able to provide accurate written acknowledgments.

When in doubt, keep a record of everything!

1. Internal Revenue Service, “Charitable Contributions: Written Acknowledgments,” IRS, November 25, 2024, https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contributions-written-acknowledgments, 1.