The Maryland Cof 85 form is a financial document that organizations use to report their revenue, expenses, and changes in net assets when they do not file Form 990. This form provides a clear overview of an organization's financial health and is essential for maintaining transparency and accountability. To ensure your organization complies with state requirements, fill out the Maryland Cof 85 form by clicking the button below.
The Maryland Cof 85 form is a crucial financial document for organizations that do not file the Form 990. It serves as a comprehensive overview of an organization's financial activities, detailing revenue, expenses, and changes in net assets for a given fiscal year. Organizations must report various sources of income, including contributions, grants, and program service revenue. The form also requires a breakdown of expenses, distinguishing between program services, management, and fundraising costs. Additionally, it includes a balance sheet section to summarize the organization's assets, liabilities, and net worth. Transparency is key, as the Cof 85 form not only aids in compliance with state regulations but also fosters trust among stakeholders. Completing this form accurately is essential for maintaining the organization’s standing and ensuring continued support from donors and the community.
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Form COF-85
SECRETARY OF STATE
STATE HOUSE
ANNAPOLIS, MD 21401
FINANCIAL FORM TO BE FILLED OUT BY ORGANIZATIONS NOT FILING FORM 990
NAME OF ORGANIZATION _____________________________________________________________
ADDRESS ____________________________________________________________________________
CITY, STATE & ZIP CODE ______________________________________________________________
THE FOLLOWING INFORMATION IS FOR FISCAL YEAR ENDING ___________
Part I Revenue, Expenses, and Changes in Net Assets or Fund Balances
1 Contributions, gifts, grants and similar amounts received:
a Contributions to donor advised funds
. . . . . . . . . . . .
. . . .
1a
b Direct public support (not included on line 1a)
1b
c Indirect public support (not included on line 1a)
1c
d Government contributions (grants) (not included on line 1a)
1d
e Total (add lines 1a through 1d) (cash $ ______________ noncash $ _____________
1e
2 Program service revenue including government fees and contracts
. . . . .
. .
. . . . . .
2
3 Membership dues and assessments
. . .
3
4 Interest on savings and temporary cash investments
4
5 Dividends and interest from securities
5
6 a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Gross rents
6a
b Less: rental expenses
6b
c Net rental income or (loss). Subtract line 6b from line 6a
6c
7 Other investment income (describe
)
7
8a
Gross amount from sales of assets other
(A) Securities
(B) Other
than inventory
b Less: costs or other basis and sales expenses
8b
c Gain or (loss) (attach schedule)
8c
d Net gain or (loss). Combine line 8c, columns (A) and (B) . .
8d
9
Special events and activities (attach schedule). If any amount is from gaming, check here
a Gross revenue (not including $ ________________ of
contributions reports on line 1b)
. . . . . . . . . .
9a
b
Less: direct expense other than fundraising expenses
9b
c
Net income or (loss) from special events. Subtract line 9b from line 9a
9c
10a
. . . . . . .Gross sales of inventory, less returns and allowances
b Less: costs of goods sold
10b
c Gross profit or (loss) from sales of inventory (attach schedule). Subtract line
10b from line 10a
10c
11
Other revenue (from Part VII, line 103)
12
Total revenue. Add lines 1e, 2, 3, 4, 5, 6c, 7, 8d, 9c, 10c, and 11
13
Program service (from line 44, column (B)
14
Management and general (from line 44, column (C)
15
Fundraising (from line 44, column (D)
16
Payments to affiliates (attach schedule)
17
Total expenses. Add lines 16 and 44, column (A)
18
Excess or (deficit) for the year. Subtract line 17 from line 12
19
Net assets or fund balances at beginning of year (from line 73, column (A) .
20
Other changes in net assets or fund balance (attach explanation)
21
Net assets or fund balances at end of year. Combine lines 18, 19, and 20 . . . .
Page 2
PART II STATEMENT OF FUNCTIONAL EXPENSES
Do not include amounts reported on lines
(A) Total
(B) Program
(C) Management
(D)
6(b), 8(b), 9(b), 10(b), or 16 of Part 1.
services
and general
Fundraising
22
Grants and allocations (attach schedule)
23
Specific assistance to individuals
24
Benefits paid to or for members
25
Compensation of officers, directors, etc
26
Other salaries and wages
27
Pension plan contributions
28
Other employee benefits
29
Payroll taxes
30
Professional fundraising fees
31
Accounting fees
32
Legal fees
33
Supplies
34
Telephone
35
Postage and shipping
36
Occupancy
37
Equipment rental and maintenance
38
Printing and publications
39
Travel
40
Conferences, conventions and meetings
41
Interest
42 Depreciation, depletion, etc. (attach schedule)
43
Other expenses (itemize): (a)
(b)
(c)
(d)
(e)
(f)
44
Total functional expenses (add lines 22 through 43)
PART III STATEMENT OF PROGRAM SERVICES RENDERED
List each program service title on lines (a) through (d); for each, identify the service output(s) or Product(s) and report the quantity provided. Enter the total expenses attributable to each program service and the amount of grants and allocations included in that total.
(a)__________________________________________________________________________________________
__________________________________________________________________________________________
(Grants and allocations $
(b)__________________________________________________________________________________________
(c)__________________________________________________________________________________________
(d)__________________________________________________________________________________________
(e) Other program service activities (attach schedule)
(f) Total (add lines (a) through (3)) (should equal line 44(B))
Page 3
PART IV PROGRAM SERVICE REVENUE AND OTHER REVENUE (STATE NATURE)
Program
Other
service revenue
revenue
(a) Fees from government agencies
. . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . .
. . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(f) Total program service revenue (enter here and on line 2)
(g) Total other revenue (enter here and on line 11)
PART V BALANCE SHEETS
If line 12, Part 1, and line 59 are $25,000 or less, you should complete only lines 59, 66, and 74 and, if you do not
Use fund accounting, line 73. If line 12 or line 59 is more than $25,000, complete the entire balance sheet.
Note: Columns (C) and (D) are optional. Columns (A) and (B) must be
(A) Beginning of
End of year
completed to the extent applicable. Where required, attach schedules should be
(B) Total
(C) Unrestricted/
(D) Restricted/
year
for end-of-year amounts only.
Expendable
Nonexpendable
Assets
45
Cash — non-interest bearing
46
Savings and temporary cash investments
47
Accounts receivable _______
minus allowance for doubtful accounts ____________
48
Pledges receivable ________
49
Grants receivable
50
Receivable due from officers, directors, trustees and key
employees (attach schedule)
. . . . . . . . . . . . . . . . .
51
Other notes and loans receivable ____________
52
Inventories for sale or use
53
Prepaid expenses and deferred charges
54
Investments — securities (attach schedule)
55
Investments — land, buildings and equipment: basis ____
56
Investments — other (attach schedule)
57
Land, buildings and equipment: basis _________
minus accumulated depreciation ______ (attach schedule)
58
Other assets _____________
59
Total assets (add lines 45 through 58)
Liabilities
60
Accounts payable and accrued expenses
61
Grants payable
62
Support and revenue designated for future periods
(attach schedule)
63
Loans from officers, directors, trustees, and key employees
64
Mortgages and other notes payable (attach schedule)
65
Other liabilities ___________
66
Total liabilities (add lines 60 through 65)
Fund Balances or Net Worth
Organizations that use fund accounting, check here
and complete lines 67 through 70 and lines 74 and 75.
67 a. Current unrestricted fund
b. Current restricted fund
. . . . . . . . . . . . . . . . . .
68
Land, buildings and equipment fund
69
Endowment fund
70
Other funds (Describe _________ )
Organizations that do not use fund accounting, check here
and complete lines 71 through 75.
71
Capital stock or trust principal
72
Paid-in or capital surplus
73
Retained earnings or accumulated income
74
Total fund balances or new worth
75
Total liabilities and fund balances/net worth
Page 4
PART VI LIST OF OFFICERS, DIRECTORS & TRUSTEES (LIST OFFICER, DIRECTOR & TRUSTEE WHETHER
COMPENSATED OR NOT)
NAME AND ADDRESS
TITLE & AVERAGE
COMPENSATION
EMPLOYEE
HOURS PER WEEK
(if any)
BENEFITS
DEVOTED TO
POSITION
PART VII COMPENSATION OF FIVE HIGHEST PAID PERSONS FOR PROFESSIONAL SERVICES
NAME AND ADDRESS OF PERSONS PAID MORE THAN $30,000
TYPE OF SERVICE
PAID
TOTAL NUMBER OF OTHERS RECEIVING OVER $30,000 for professional services . . . . . . . . . . . . . . _____________________
76 Have any changes been made in the organizing or governing documents? Yes ____ No ____
If yes, attach a copy of the changes.
77 Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization? Yes ____ No ____
78 Did your organization receive donated services or the use of materials, equipment or facilities at no charge or at substantially less than fair rental value? Yes ____ No ____
79 The financial books are in the care of _________________________________________________________________________
Located at ______________________________________________________________________________________________
Telephone number ________________________________________________________________________________________
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
UNDER THE PENALTIES OF PERJURY, I DECLARE THAT I HAVE EXAMINED THIS REPORT, INCLUDING ACCOMPANYING STATEMENTS AND TO THE BEST OF MY KNOWLEDGE AND BELIEF IT IS TRUE, CORRECT AND COMPLETE.
Name of Officer __________________________________________________ Date ________________ Title ____________
Signature of Officer _____________________________________________________________________________________
Understanding the Maryland Cof 85 form can be challenging, and several misconceptions often arise. Below are some common misunderstandings regarding this financial form, along with clarifications to help organizations navigate their reporting responsibilities.
This is not true. The Cof 85 form is designed for organizations of various sizes that do not file Form 990. Smaller organizations often need to complete this form to maintain compliance.
While it is primarily used by nonprofits, any organization that meets the criteria and does not file Form 990 may be required to submit the Cof 85 form.
Although the form focuses on financial data, it also requires organizations to report on program services and functional expenses, providing a comprehensive view of the organization's activities.
This is misleading. Organizations must keep their financial information current and accurate. Any significant changes in operations or finances should be reflected in subsequent filings.
This is incorrect. If an organization falls under the specified criteria, it must complete and submit the Cof 85 form, regardless of its revenue level.
In reality, organizations that neglect to file may face penalties, including fines or loss of their tax-exempt status. Compliance is essential to avoid such consequences.
This is often a mistake. Completing the form requires careful consideration of financial records and program activities. Organizations should allocate adequate time for accurate reporting.
By addressing these misconceptions, organizations can better prepare for the requirements associated with the Maryland Cof 85 form and ensure they remain compliant with state regulations.
Filling out the Maryland Cof 85 form can be straightforward, but many people make common mistakes that can lead to complications. One frequent error is leaving out the organization’s name or address. This basic information is crucial for identification. Without it, the form may be deemed incomplete, causing delays in processing.
Another mistake involves failing to provide accurate financial figures. When reporting contributions, revenues, and expenses, accuracy is key. Rounding numbers or guessing can lead to discrepancies. These inaccuracies may raise red flags during audits or reviews.
People often overlook the importance of attaching required schedules. For example, if there are special events or unique sources of revenue, details must be provided. Not including these attachments can result in a rejection of the form or requests for additional information.
Many individuals also forget to sign the form. The declaration at the end of the document requires a signature from an authorized officer. A missing signature can invalidate the entire submission, leading to unnecessary back-and-forth communication.
Another common oversight is neglecting to check the box for gaming revenue if applicable. This can lead to misunderstandings about the nature of the organization’s income. Properly indicating this information ensures transparency and compliance with state regulations.
Additionally, some people fail to update the fiscal year ending date. Using an outdated date can confuse reviewers and create issues with the organization’s financial timeline. It's essential to ensure that this date accurately reflects the current reporting period.
Finally, many organizations do not keep a copy of the submitted form. Retaining a copy is vital for future reference and can aid in answering any follow-up questions from the state. Having this documentation readily available can save time and effort in the long run.
Filling out the Maryland Cof 85 form can seem daunting, but understanding its key components can simplify the process. Here are seven important takeaways to keep in mind:
By keeping these points in mind, organizations can navigate the Maryland Cof 85 form more effectively and ensure compliance with state regulations.
The Maryland COF-85 form is an important document for organizations that are not required to file Form 990. When completing this form, there are several other documents that may be necessary to support the information provided. Below is a list of commonly used forms and documents that accompany the COF-85.
Having these documents prepared and organized can help ensure that the COF-85 form is completed accurately and effectively. This not only aids in compliance but also enhances the credibility of the organization.
The Maryland Cof 85 form is similar to the IRS Form 990, which is the annual information return required by tax-exempt organizations. Both forms provide a comprehensive overview of an organization's financial activities, including revenue, expenses, and net assets. While the Cof 85 is specifically for organizations not filing Form 990, it still captures essential financial data in a structured manner. This allows stakeholders to understand the organization’s financial health and operational efficiency, although Form 990 offers more detailed reporting requirements and is used for larger organizations.
Another document akin to the Maryland Cof 85 is the IRS Form 990-EZ. This form is a streamlined version of the standard Form 990, designed for smaller tax-exempt organizations with gross receipts under $200,000. Like the Cof 85, the 990-EZ requires organizations to report their revenue, expenses, and changes in net assets. Both forms aim to provide transparency and accountability, enabling stakeholders to assess the financial condition of the organization, albeit the 990-EZ includes slightly less detail than the full Form 990.
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The Maryland Cof 85 form also shares similarities with the IRS Form 990-N, known as the e-Postcard. This form is intended for very small tax-exempt organizations with gross receipts of $50,000 or less. While the Cof 85 requires a more detailed financial overview, both documents serve the purpose of reporting financial information to maintain tax-exempt status. The e-Postcard is simpler and quicker to file, but it lacks the detailed financial breakdown found in the Cof 85.
Additionally, the Maryland Cof 85 form resembles the financial statements that non-profits prepare for internal and external stakeholders. These statements, including the statement of financial position and statement of activities, detail an organization’s revenue and expenses. Like the Cof 85, these financial statements provide insights into the financial health of the organization. However, the Cof 85 is specifically tailored for compliance with state regulations, while financial statements may be used for broader reporting purposes.
The form is also similar to the IRS Form 1023, which organizations file to apply for tax-exempt status. Both documents require a comprehensive overview of the organization’s financial activities and intended use of funds. While Form 1023 focuses on establishing tax-exempt status, the Cof 85 is used for ongoing compliance and reporting. Each form serves to ensure that organizations operate transparently and in accordance with regulatory requirements.
Finally, the Maryland Cof 85 has similarities with the state’s Charitable Organization Registration form. This form requires organizations to disclose financial information to register as a charitable entity. Like the Cof 85, it emphasizes transparency and accountability in financial reporting. Both forms aim to protect the public interest by ensuring that organizations provide accurate financial information, although the registration form focuses more on initial compliance rather than ongoing financial reporting.