Stay Prepared: Peace-of-Mind Forecasting for Hurricane Season
If you’re an experienced Floridian, you probably don’t flinch at the mention of hurricane season. No matter how many natural disasters you successfully weathered, as the leader or manager of a nonprofit organization, maintaining vigilance is especially vital when you’re deciphering the dreaded tropical storm forecasting maps.
While you’re taking care of your personal preparations, make sure your nonprofit is also prepared:
- Update emergency plans. Because a disaster can strike any time, be sure to review emergency plans annually. Personal and business situations change over time, as do preparedness needs. Make plans ahead of time and be fully equipped and organized.
- Create electronic copies of documents. One of the easiest tasks to keep documents safe during any natural disaster is making an electronic back up. Transfer your tax records, bank statements and insurance policies to a flash drive, CD or external drive, and keep your documents and copies stored separately in waterproof containers.
- Itemize valuables. Good documentation of your possessions, such as receipts or video records, helps prove the value of your lost or damaged items if the worst happens. This documentation is very helpful when filing insurance claims or casualty loss deductions on your return.
Should you be a victim of a natural disaster and in need of disaster-related tax accounting help, the IRS can assist. You can reach its disaster hotline to speak with an IRS specialist trained to handle disaster-related issues at 1-866-562-5227.
The IRS provides a copy of your previous year’s 990, by filing Form 4506-A to request one. Depending on the format you request, certain charges may apply.
With the height of hurricane season upon us, careful planning and preparedness can prove extremely beneficial before, during and after a disaster.
If you need assistance related to accounting or consulting for your nonprofit during this potentially stressful period, contact us at (904) 398-4747 or Lynn@OnlineStewardship.com.
Most importantly, stay safe!
