Bridgehampton
Nonprofit accounting in Bridgehampton, NY
Agricultural, equestrian and land preservation organizations here hold property.
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 Bridgehampton
Nonprofit accounting for Bridgehampton
Sometimes they hold easements and development rights as well, which changes both the balance sheet and the schedules the Form 990 requires.
Property held for the exempt purpose is treated differently from property held as an investment, and the distinction has to be documented rather than assumed.
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
Horses, farmland and the hobby loss rule
The equestrian and agricultural side is a genuine specialty here rather than a line on a list. Farm income runs on Schedule F, agricultural assessment affects property tax treatment, and horse boarding, breeding and showing activities sit in exactly the place the section 183 hobby loss rules were written for. Horse operations are audited on that question more than almost any other activity, and the defense is built from how the operation is actually run and documented, not from the tax return.
On the property side this is one of the most second home weighted areas we cover, which means nonresident and part year filing, Schedule E rental ownership, and high net worth returns where the Bridgehampton house is one of several. Domicile and statutory residency analysis does more work here than deductions do.
Southampton town rules apply: a rental permit for any rental of any length, a 14 day minimum stay, permits valid two years and not transferable on sale. The Peconic transfer tax applies at 2.5% with the $400,000 improved residential allowance, capped at $2,000,000 of consideration. Zone 2 for MCTMT at 0.34%.
Late August brings a concentrated revenue spike for local vendors, caterers and service businesses around the Hampton Classic, which makes estimated payments a timing exercise rather than a quarterly habit.
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
Which rules apply here, East Hampton’s or Southampton’s?
Southampton’s. Bridgehampton is a hamlet within the Town of Southampton, so the 14 day minimum and the rental permit requirement for any rental apply. Getting this wrong is the most common Bridgehampton error, because the postal address reads Hamptons and people assume East Hampton rules.
My horse operation loses money. Can I deduct it?
It depends on whether it is carried on for profit under the section 183 rules, which looks at how the activity is actually conducted: business records, expertise, time spent, and the history of income and losses. Horse activities are examined on this more than most, so the way the operation is documented matters as much as the numbers.
Does agricultural land change my property tax?
It can, through agricultural assessment, which values qualifying farmland on its agricultural value rather than market value. There are eligibility requirements and a recapture charge if the land converts to non agricultural use, so it is worth understanding before relying on it.
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 Bridgehampton
Our other services here
Tax preparation and planning
Bridgehampton returns frequently carry land, and land raises the question the IRS cares most about.
Tax preparation and planning in BridgehamptonBookkeeping and accounting
Farm and equestrian operations need accounts built for what they actually do.
Bookkeeping and accounting in BridgehamptonTrust and estate tax
Land is the complication in a Bridgehampton estate.
Trust and estate tax in BridgehamptonIRS representation
The hobby loss rule is the examination we see most often in Bridgehampton.
IRS representation in BridgehamptonTalk to us about nonprofit in Bridgehampton
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.