- 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

The statement of income and expenditures summarizes the transactions for a period of time, usually a month, a calendar quarter or a year. The income and expenditures are classified by budget category to facilitate comparison with the budget. This gives the Executive Board a measurement of the union’s financial progress throughout the year and warns of potential financial problems that may arise.