Dollars & Sense

By Carol ToppEducation Parenting Kids & Family

Dollars & Sense episodes

October 17, 2019Top 10 Tips for Homeschool Leaders: Preventing Fraud
Top 10 Tips for Homeschool Leaders: Preventing Fraud

Let’s hope fraud or embezzlement never happens in your homeschool group! Do you have safeguards to spot it and prevent it?

This is the third part of a 5-part series on Top 10 Tips for Running a Homeschool Group, Carol Topp, CPA shares some tips to prevent fraud. The recording is from workshop given to homeschool leaders in Wichita, Kansas. You will find the audience questions might be a question you would ask!

In the podcast Carol mentions her list of “Best Practices to Prevent Fraud.” Find it here.

Each episode can be found at HomeschoolCPA.com/Podcast. In the 5 part podcast series Carol will cover:
Episode # 180 Board duties
Episode # 181 Bylaws
Episode # 182 Preventing fraud
Episode # 183 Paying Workers
Episode # 184 Insurance and Record keeping

Featured Product
Carol Topp, CPA has written a book just for homeschool treasurers:
Money Management in a Homeschool Organization
Does your homeschool group manage their money well?
Do you have a budget and know where the money is spent?
Do you know how to prevent fraud?
This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.
Click here for more information

The post Top 10 Tips for Homeschool Leaders: Preventing Fraud appeared first on Ultimate Homeschool Podcast Network.
10 min
October 03, 2019 Top 10 Tips for Homeschool Leaders: Bylaws
Top 10 Tips for Homeschool Leaders: Bylaws

“Are bylaws and a board really necessary or is that only for homeschool groups that are 501c3 nonprofits?” was a great question asked by a homeschool leader at a workshop given to homeschool leaders in Wichita, Kansas.

In this second part of a 5-part series on Top 10 Tips for Running a Homeschool Group, Carol Topp, CPA, will answer that question and discuss bylaws and boards. She even explains IRS 501c3 tax exempt status too!

Each episode can be found at HomeschoolCPA.com/Podcast. In the 5 part podcast series Carol will cover:
Episode # 180 Board duties
Episode # 181 Bylaws
Episode # 182 Preventing fraud
Episode # 183 Paying Workers
Episode # 184 Insurance and Record keeping

In the podcast Carol mentions how a tiny homeschool group should maintain its tax exempt status by filing and annual IRS Form 990-N. Here’s how to do that:
How to get added to the IRS database and file the Form 990N

You might find Carol’s podcast series for Tiny Homeschool groups helpful
Tiny Homeschool Groups: Are We a Nonprofit?

Featured Resource
Start a Nonprofit and Get Tax Exempt 3-webinar set

Webinars are a great way to learn!
This 3-webinar set will help your homeschool group get established as a nonprofit, apply for IRS 501c3 tax exempt status and maintain it with IRS and state annual reports!
Everything you need to know in an easy-to-understand video format. This set includes the 3 videos (90 minutes each), an ebook The IRS and Your Homeschool Organization by Carol Topp, CPA, the slide handouts, IRS forms, and templates to help you apply for 501c3 status on your own!
Learn more.
The post Top 10 Tips for Homeschool Leaders: Bylaws appeared first on Ultimate Homeschool Podcast Network.
10 min
September 19, 2019Top 10 Tips for Homeschool Leaders: Board Duties
Top 10 Tips for Homeschool Leaders: Board duties
What does it take to be a board member of a homeschool group? Is it just attending meetings? Carol Topp, the Homeschool CPA explains the 4 duties of nonprofit board members:
Duty of Care, Loyalty, Compliance and Management.

This is the first part of a 5-part series on Top 10 Tips for Running a Homeschool Group, a workshop given to homeschool leaders in Wichita, Kansas. You will probably find many of the audience questions would be a question you might ask as well!

Each episode can be found at HomeschoolCPA.com/Podcast. In the 5 part podcast series Carol will cover:
Episode # 180 Board duties
Episode # 181 Bylaws
Episode # 182 Preventing fraud
Episode # 183 Paying Workers
I Episode # 184 Insurance and Record keeping

Featured Product
The Board Manual for homeschool organizations will be very helpful to organize your board and run your homeschool organization successfully!
Author and homeschool advisor, Carol Topp, CPA, has created a Homeschool Organization Board Manual. It is a template to create a board member binder. It has:
A list of important documents to keep in your binder
Section dividers so you can organize the important papers
Tools to help you run your meetings smoothly including
A sample agenda that you can use over and over again
A calendar of board meetings
But this is more than just a few cover sheets for your binder. It is also a 55-page board training manual with helpful articles on:
Suggested Board Meeting Topic List
Board Duties
Job Descriptions for Board of Directors
What Belongs in the Bylaws?
Compensation and Benefits for Board Members
Best Financial Practices Checklist
How to Read and Understand Financial Statements
Developing a Child Protection Policy
Read more about the Homeschool Organization Board Manual

The post Top 10 Tips for Homeschool Leaders: Board Duties appeared first on Ultimate Homeschool Podcast Network.
10 min
August 22, 2019Tiny Homeschool Groups: Do We Need a Bank Account?
Tiny homeschool groups have different challenges than large programs. They are limited on resources, volunteers, and activities. But they still have questions about legal status, money and taxes that the large homeschool organizations have.
In this 4-part podcast series, Carol Topp, CPA answers the common questions that tiny homeschool groups face. Find all the episodes at HomechoolCPA.com/Podcast
Episode #175 Are We a Nonprofit?
Episode #176 Do We Need to File Anything?
Episode #177 Do We Need to Pay Taxes?
Episode #178 Do We Need a Bank Account?

In this episode Carol Topp will explain when a tiny homeschool group might need to open a checking account.
The pros and cons of operating in cash and without a checking account
Warning against using a personal checking account
Steps to take before opening a checking account
Formation documents: either bylaws of Articles of Association. Samples here
EIN from the IRS

Join the Facebook group for homeschool leaders: I am a Homeschool Group Leader. 600+ homeschool leaders offer ideas, encouragement and respectful exchange of ideas. https://www.facebook.com/groups/72534255742/
Featured resource
Carol Topp, CPA has written a book just for homeschool treasurers:
Money Management in a Homeschool Organization
Does your homeschool group manage their money well?
Do you have a budget and know where the money is spent?
Do you know how to prevent fraud?
This 115 page book will help you to open a checking account, establish a budget, prevent mistakes and fraud, use software to keep the books, prepare a financial statement and hire workers. Sample forms and examples of financial statements in clear English are provided.
Click here for more information
Special Thanks to Our Network Sponsor -Overcomer Movie
Life changes overnight for coach John Harrison when his high school basketball team’s state championship dreams are crushed under the weight of unexpected news. When the largest manufacturing plant in town suddenly shuts down and hundreds of families begin moving away, John must come to grips with the challenges facing his family and his team. Urged by the school’s principal to fill-in and coach a sport he doesn’t know or like, John is frustrated and questioning his worth… until he crosses paths with a student struggling with her own journey.
Filled with a powerful mix of faith, a twist of humor, and a ton of heart, the Kendrick Brothers return to theaters with OVERCOMER, their newest feature following FACING THE GIANTS, FIREPROOF, COURAGEOUS, and the #1 box-office hit, WAR ROOM. The inspiring family film stars Alex Kendrick, Priscilla Shirer, Shari Rigby, Cameron Arnett, and introduces Aryn Wright-Thompson.
Opening nationwide on August 23, OVERCOMER dares to leave you filled with hope, inspired to dream, and asks the question: what do you allow to define you?
Click here to learn more!
The post Tiny Homeschool Groups: Do We Need a Bank Account? appeared first on Ultimate Homeschool Podcast Network.
14 min
August 08, 2019Tiny Homeschool Groups: Do We Need to Pay Taxes?
Tiny homeschool groups have different challenges than large programs. They are limited on resources, volunteers, and activities. But they still have questions about legal status, money and taxes that the large homeschool organizations have.
In this 4-part podcast series, Carol Topp, CPA answers the common questions that tiny homeschool groups face. Find all the episodes at HomechoolCPA.com/Podcast
Episode #175 Are We a Nonprofit?
Episode #176 Do We Need to File Anything?
Episode #177 Do We Need to Pay Taxes?
Episode #178 Do We Need a Bank Account?

In this episode Carol Topp will explain taxes for tiny homeschool groups:
How a tiny homeschool group can be tax exempt without applying.
How tiny groups can self-declare tax exempt status with the IRS. See this blog post for details on what to say to the IRS. How to self-declare tax exempt status
State income tax exemption. Go to https://www.harborcompliance.com/information/ Scroll down to your state. Select “State Startup Guide” and scroll down to “Apply for State Tax Exemption(s)”
The IRS annual report Form 990-N. Call IRS to get into Exempt Organization database. Here are the details of what to say when you call.
Sales tax for small nonprofit organizations. Go to https://www.harborcompliance.com/information/ Scroll down to your state. Select “State Startup Guide” and scroll down to “Apply for State Tax Exemption(s)”
Join the Facebook group for homeschool leaders: I am a Homeschool Group Leader. 600+ homeschool leaders offer ideas, encouragement and respectful exchange of ideas. https://www.facebook.com/groups/72534255742/

The IRS and Your Homeschool Organization
Does your homeschool group need to pay taxes? Could they avoid paying taxes by being a 501c3 tax exempt organization? Do you know the pros and cons of 501c3 status? Do you know what 501c3 status could mean for your homeschool group?
I have the answers for you in my book The IRS and Your Homeschool Organization. The information I share in my book has been helpful to homeschool support groups, co-ops, music and sports groups and will help you understand:
The benefits of 501c3 status
The disadvantages too!
What it takes to make the IRS happy
What your state requires
Why your organization should consider becoming a nonprofit corporation
What is the difference between nonprofit incorporation and tax exemption
IRS requirements after you are tax exempt

Special Thanks to Our Network Sponsor -Overcomer Movie
Life changes overnight for coach John Harrison when his high school basketball team’s state championship dreams are crushed under the weight of unexpected news. When the largest manufacturing plant in town suddenly shuts down and hundreds of families begin moving away, John must come to grips with the challenges facing his family and his team. Urged by the school’s principal to fill-in and coach a sport he doesn’t know or like, John is frustrated and questioning his worth… until he crosses paths with a student struggling with her own journey.
Filled with a powerful mix of faith, a twist of humor, and a ton of heart, the Kendrick Brothers return to theaters with OVERCOMER, their newest feature following FACING THE GIANTS, FIREPROOF, COURAGEOUS, and the #1 box-office hit, WAR ROOM. The inspiring family film stars Alex Kendrick, Priscilla Shirer, Shari Rigby, Cameron Arnett, and introduces Aryn Wright-Thompson.
Opening nationwide on August 23, OVERCOMER dares to leave you filled with hope, inspired to dream, and asks the question: what do you allow to define you?
Click here to learn more!
The post Tiny Homeschool Groups: Do We Need to Pay Taxes? appeared first on Ultimate Homeschool Podcast Network.
18 min
July 25, 2019Tiny Homeschool Groups: Do We Need to File Anything?
Tiny homeschool groups have different challenges than large programs. They are limited on resources, volunteers, and activities. But they still have questions about legal status, money and taxes that the large homeschool organizations have.
In this 4-part podcast series, Carl Topp, CPA answers the common questions that tiny homeschool groups face. Find all the episodes at HomechoolCPA.com/Podcast
Episode #175 Are We a Nonprofit?
Episode #176 Do We Need to File Anything?
Episode #177 Do We Need to Pay Taxes?
Episode #178 Do We Need a Bank Account?

In this episode of the HomeschoolCPA podcast, Carol Topp discusses:
Bylaws do not typically need to be filed anywhere. They are an internal document. Sample Bylaws at com/Samples
Articles of Association (if you remained an unincorporated association) or Articles of Incorporation (if you formed a nonprofit corporation in your state) Sample Articles at com/Samples
Charitable solicitation registration if you solicit donations or hold fund raisers in your state. Help in finding your state laws: https://www.harborcompliance.com/information/nonprofit-compliance-guide
Business licenses for nonprofits (only 6 states require a business license). Help in finding your state laws: https://www.harborcompliance.com/information/nonprofit-compliance-guide
Employer Identification Number. Helpful tips on getting an EIN .
Join the Facebook group for homeschool leaders: I am a Homeschool Group Leader. 600+ homeschool leaders offer ideas, encouragement and respectful exchange of ideas. https://www.facebook.com/groups/72534255742/

Featured Product
Homeschool Co-ops:
How to Start Them, Run Them and not Burn Out
Have you ever thought about starting a homeschool co-op? Are you afraid it will be too much work? Do you think you’ll have to do it all by yourself? Starting a homeschool co-op can be easy! This book Homeschool Co-ops: How to Start Them, Run Them and Not Burn Out will give you ideas, inspiration, tips, wisdom and the tools you need to start a homeschool co-op, run it and not burn out!
Click Here to request more information!
Special Thanks to Our Network Sponsor -Overcomer Movie
Life changes overnight for coach John Harrison when his high school basketball team’s state championship dreams are crushed under the weight of unexpected news. When the largest manufacturing plant in town suddenly shuts down and hundreds of families begin moving away, John must come to grips with the challenges facing his family and his team. Urged by the school’s principal to fill-in and coach a sport he doesn’t know or like, John is frustrated and questioning his worth… until he crosses paths with a student struggling with her own journey.
Filled with a powerful mix of faith, a twist of humor, and a ton of heart, the Kendrick Brothers return to theaters with OVERCOMER, their newest feature following FACING THE GIANTS, FIREPROOF, COURAGEOUS, and the #1 box-office hit, WAR ROOM. The inspiring family film stars Alex Kendrick, Priscilla Shirer, Shari Rigby, Cameron Arnett, and introduces Aryn Wright-Thompson.
Opening nationwide on August 23, OVERCOMER dares to leave you filled with hope, inspired to dream, and asks the question: what do you allow to define you?
Click here to learn more!
The post Tiny Homeschool Groups: Do We Need to File Anything? appeared first on Ultimate Homeschool Podcast Network.
16 min
July 11, 2019Tiny Homeschool Groups: Are We a Nonprofit?
Tiny homeschool groups have different challenges than large programs. They are limited on resources, volunteers, and activities. But they still have questions about legal status, money and taxes that the large homeschool organizations have.
In this 4-part podcast series, Carol Topp, CPA answers the common questions that tiny homeschool groups face. Find all the episodes at HomechoolCPA.com/Podcast
Episode #175 Are We a Nonprofit?
Episode #176 Do We Need to File Anything?
Episode #177 Do We Need to Pay Taxes?
Episode #178 Do We Need a Bank Account?

In this episode of the HomeschoolCPA podcast, Carol Topp will share:
Should our homeschool group be a nonprofit?
What does it take to be a nonprofit?
Aren’t we just a bunch of homeschool moms?
How can we avoid unnecessary paperwork?
How can we keep this simple?
Join the Facebook group for homeschool leaders: I am a Homeschool Group Leader. 600+ homeschool leaders offer ideas, encouragement and respectful exchange of ideas. https://www.facebook.com/groups/72534255742/

Featured Product
The Board Manual for homeschool organizations will be very helpful to organize your board and run your homeschool organization successfully!
Author and homeschool advisor, Carol Topp, CPA, has created a Homeschool Organization Board Manual. It is a template to create a board member binder. It has:
A list of important documents to keep in your binder
Section dividers so you can organize the important papers
Tools to help you run your meetings smoothly including
A sample agenda that you can use over and over again
A calendar of board meetings
But this is more than just a few cover sheets for your binder. It is also a 55-page board training manual with helpful articles on:
Suggested Board Meeting Topic List
Board Duties
Job Descriptions for Board of Directors
What Belongs in the Bylaws?
Compensation and Benefits for Board Members
Best Financial Practices Checklist
How to Read and Understand Financial Statements
Developing a Child Protection Policy
Read more about the Homeschool Organization Board Manual
Special Thanks to Our Network Sponsor -Bridgeway Academy!
Bridgeway Academy was founded in 1989 in response to the need for more freedom in education as well as the protection that accreditation offers for homeschooling families. Since then, more than 30,000 K–12 students, and many charter and brick-and-mortar schools, have made Bridgeway Academy their trusted education partner.
As part of our commitment to personalized homeschooling, we are proud to offer both secular and Christian options for homeschool families, charter schools, state organizations, co-ops, athletic organizations, arts schools, and others who seek flexible education options for their families.
Click here to learn more!
The post Tiny Homeschool Groups: Are We a Nonprofit? appeared first on Ultimate Homeschool Podcast Network.
19 min
June 27, 2019Military Homeschool Families: An Asset to Your Group
A military family can be an asset to your homeschool group. Find out how from homeschool leader Melissa Robb and School Liaison Officer at Newport, RI Naval Base, Pamela Martin. These two ladies have a heart for helping homeschool military families and you’ll learn the benefits of inviting them into your group.
In this episode of the HomeschoolCPA podcast, Carol Topp will share:
How to host a welcome meeting for military families
What information a military family needs form local homeschoolers
The benefits of befriending a military family including friends worldwide!
How can a homeschool leader make a connection on base
What is the role of a School Liaison Officer and how can a homeschool group work with him/her

Create a Nonprofit Organization for Your Homeschool Community
A pre-recorded webinar for homeschool groups that covers:
The difference between a business and a nonprofit
What are the advantages and disadvantages of being a nonprofit
Forming a board: who can be one it, what do they do, etc.
Creating bylaws
Drafting a budget
Setting up a bank account
Forming a nonprofit corporation in your state
The timeline to get this all done
The expense to accomplish this
For more information visit Homeschoolcpa.com/CreateNP

The post Military Homeschool Families: An Asset to Your Group appeared first on Ultimate Homeschool Podcast Network.
18 min
June 20, 2019Military Families: How Homeschool Leaders Can Help
Homeschool leader Melissa Robb was never in the military, but she developed a heart for homeschool military families moving to her area. Listen as she tells Carol Topp about how she helped military families with information, connections and friendship.
In this episode of the HomeschoolCPA podcast, Carol Topp will share:
How to welcome a military family moving to your area
The struggles that military homeschool families face
How homeschool leader Melissa Robb developed a heart for military families
What do homeschool military families need most
What time does it take to help military families
What can a homeschool leader to do help military families

In her webinar 501c3 Application for Homeschool Nonprofits Carol Topp, CPA will share her tips and secrets from preparing over 150 applications for 501c3 tax exempt status
You will learn:
What is needed before applying for tax exempt status
The cost and steps to take
An explanation of the IRS Form 1023-EZ line-by-line. This will be the crux of the webinar
Tips on filing the IRS Form 1023-EZ
What filings may be required by your state (in addition to the IRS)
How you could avoid applying at all, yet still get all the advantages of 501c3 status
After the webinar you will be equipped to file on your own the IRS Form 1023-EZ, saving you hundreds of dollars for professional help.
More information at HomeschoolCPA.com/501c3APP
The post Military Families: How Homeschool Leaders Can Help appeared first on Ultimate Homeschool Podcast Network.
19 min
May 30, 2019 Special Needs Resources for Homeschool Co-ops
📚 Part of our guide: Homeschooling with Special Needs
As a homeschool leader you may need form resources to help you understand a special needs child in your homeschool co-op. Faith Berens, the Special Needs Consultant at the Home School Legal Defense Association (HSLDA), shares several resources with host Carol Topp in today’s episode.
• HSLDA’s list of resources https://hslda.org/content/strugglinglearner/default.asp
• KeyMinistry.org Download their free toolkit
• Joni And Friends
• CLC Network. Books for children with autism
• Let All the Children Come to Me by MaLesa Breedon
• Access Ministry downloads such as “20 Ways to Calm a Child”
Home School Legal Defense Association (HSLDA) has Special Needs Consultants for members.
Compassion, HSLDA’s charitable foundation, has grants for special needs and hardship needs including therapy and equipment.
Group services attorney Darren Jones can address Americans with Disabilities Act (ADA) compliance and legal questions.
Faith Berens can be reached at [email protected]

Featured Product
Homeschool Co-ops:
How to Start Them, Run Them and not Burn Out
Have you ever thought about starting a homeschool co-op? Are you afraid it will be too much work? Do you think you’ll have to do it all by yourself? Starting a homeschool co-op can be easy! This book Homeschool Co-ops: How to Start Them, Run Them and Not Burn Out will give you ideas, inspiration, tips, wisdom and the tools you need to start a homeschool co-op, run it and not burn out!
Click Here to request more information!
The post Special Needs Resources for Homeschool Co-ops appeared first on Ultimate Homeschool Podcast Network.
17 min