Sag Harbor
Nonprofit accounting in Sag Harbor, NY
Village cultural and preservation organizations here run on seasonal fundraising.
What you get
- Form 990, 990-EZ and 990-N
- Unrelated business income on Form 990-T
- Restricted and unrestricted funds tracked
- Reporting a board can read
The MyCleverCPA team
- 25+ years in regulated finance, compliance and audit
- Tax work led by a CPA. Jillian Sinel holds the CPA and the CAA
- Hamptons Office at 30 Lincoln St, Sag Harbor, NY 11963
In Sag Harbor
Nonprofit accounting for Sag Harbor
Income arrives across three months and the reporting has to carry the remaining nine. A single summer benefit can be most of the annual revenue, which makes the accounting for it worth getting right.
Where tickets include a meal or an auction item, the deductible portion is not the ticket price, and donors will ask.
Scope
What is included in nonprofit
The same work wherever you are. Scoped to what you actually need.
Annual filings
- Form 990, 990-EZ and 990-N
- Form 990-T for unrelated business income
- New York State charities filings
Fund accounting
- Restricted and unrestricted fund tracking
- Grant and program reporting
- Costs allocated across program, administration and fundraising
Governance and controls
- Internal controls for volunteer-run finance
- Separation of duties on a small team
- Documentation a board can actually review
Setting one up
- Entity formation and the exemption application
- A chart of accounts built to produce a 990
- The written policies the 990 asks whether you have
What this covers
- Form 990, 990-EZ and 990-N
- Form 990-T for unrelated business income
- Annual reporting and regulatory filings
- Nonprofit structuring and entity setup
- Bookkeeping and fund accounting
- Board and management reporting
- Restricted and unrestricted fund tracking
- Internal controls for volunteer-run finance
Local tax
The tightest rental rules out here
Of the five East End areas we cover, Sag Harbor is the most restrictive on renting. Seasonal rentals require a minimum of 30 consecutive days. Two week rentals are permitted no more than twice in a calendar year. No permit is issued at all for a non owner occupied short term rental property. Penalties run up to $1,000 per day of violation.
That matters before you buy, not after. A rental plan that works in the Town of East Hampton may be simply unavailable a mile away inside the village.
The Peconic Bay transfer tax applies at 2.5%, made up of the 2% preservation fund and the 0.5% community housing fund added in April 2023. Both towns the village sits in adopted the housing fund, so the rate is the same either side of the town line. The allowance is $400,000 on improved residential property, but only where consideration is $2,000,000 or less. Above that there is no allowance and the full 2.5% applies from the first dollar. Because the village spans two towns, confirm the allowance treatment for a specific parcel with the Suffolk County Clerk.
For the marine businesses: vessel depreciation, dockage, fuel, the capitalize against repair line on engines, and a revenue curve concentrated into a few months. For the cultural organizations: Form 990. Suffolk County is MCTMT Zone 2 at 0.34%, with the self employment threshold rising to $150,000 for 2026.
How it works
How nonprofit runs
Four stages. Most of the value sits in the first two, before anything is filed.
Check the filing history
Which 990 was filed, when, and whether exempt status is still intact.
Straighten the records
Funds separated, allocations documented and balances reconciled.
Prepare the return
The 990 and anything it brings with it, including the 990-T.
Report to the board
Statements and a 990 the board can read without a translator.
Questions
Frequently asked questions
Can I rent my Sag Harbor house for a week in August?
Not as a seasonal rental. The village requires a minimum of 30 consecutive days for seasonal lettings, and two week rentals are capped at twice a year. If the property is not owner occupied, no short term rental permit is issued at all. Check the specific address before committing to anything.
Which town am I in?
Either Southampton or East Hampton, depending on where in the village the parcel sits, and it changes which town level rules apply even though the village rules are the same throughout. It is worth establishing before a purchase rather than after.
Do you work with the boatyards and marine businesses?
Yes. The recurring issues are depreciation on vessels and equipment, the treatment of major engine and gear work, and planning estimated payments around a season rather than a calendar.
What happens if we missed a 990?
Three consecutive missed years revokes exempt status automatically. One missed year is fixable and worth fixing immediately. If status has already been revoked, reinstatement is possible but it is a longer road.
Which 990 do we file?
It depends on gross receipts and total assets. Small organizations may only need the 990-N, which is short. We would rather confirm the threshold than have you file the wrong one.
Can you help us set up a new nonprofit?
Yes, on the structuring and accounting side, working with whoever handles the legal formation and the exemption application.
Also in Sag Harbor
Our other services here
Tax preparation and planning
A Sag Harbor return usually has a rental on it, and the rental rules depend on where the parcel sits.
Tax preparation and planning in Sag HarborBookkeeping and accounting
Marine trades and village retail both run on a season that pays for a year.
Bookkeeping and accounting in Sag HarborTrust and estate tax
A village house held since before the market moved carries an enormous unrealized gain.
Trust and estate tax in Sag HarborIRS representation
Rental registry questions can turn into income questions.
IRS representation in Sag HarborTalk to us about nonprofit in Sag Harbor
Book a time online, or call the Hamptons office directly.
Nearest office
Hamptons Office
30 Lincoln St, Sag Harbor, NY 11963
Phone
Office hours
Sunday to Friday, 11am to 8pm Eastern.
Closed Saturday.