- Prepare for financial audit
- Prepare the statement of
  income & expenditures
- Prepare the balance sheet
- Obtain an EIN
- Prepare Form 990
- Prepare Form 990-EZ
- Labor Organizational
  Bond Coverage
- Prepare Department of
  Labor reports
- Establish a payroll system
- Complete withholding forms
  and filing requirements

IRS Form 990-EZ is an annual financial return required of tax-exempt organizations with total receipts of more than $25,000 but less than $100,000 and total assets less than $250,00 at end of year.  It is used by the IRS to verify that the organization is engaged primarily in tax-exempt activities. Significant business activities not related to the organization’s tax-exempt purpose may require the filing of an additional form, 990-T.

Form 990-EZ is due four and one-half months following the close of the organization’s fiscal (accounting year) with significant penalties for failure to file or late filing.