Managing records and financial statements

How are your homeschool groups’ records? Scattered, missing, lost? One homeschool group has organized all their important papers in a binder using HomeschoolCPA’s Homeschool Board Member Manual template. In this podcast episode, the leader showed Carol Topp her board binder. It was wonderful to see how helpful this board binder was to the group.

This is the fourth part of a 4-part series on tips for homeschool leaders a workshop given to homeschool leaders in Austin, Texas in February 2020.

In the 4 part podcast series Carol discusses:

  • Episode #203   Leader mindset and attitudes
  • Episode # 204 What do the duties of care and loyalty look like?
  • Episode # 205  The duty of compliance with the laws for nonprofit organizations
  • Episode #206 Managing records and finances in you homeschool group

Each episode can be found at HomeschoolCPA.com/Podcast.

Handout of the workshop: https://homeschoolcpa.com/wp-content/uploads/2020/11/Top-Tips-Handout-2020.docx

Helpful Resources

For more information on record keeping for your homeschool group, check out these resources

Board Member Manual

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?

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

Read more about the Homeschool Organization Board Manual

Podcasts #109 How to Read a Financial Statement

Podcast #110 Look at Your Balance Sheet

Free webinar recording on creating easy-to-understand financial reports: HomeschoolCPA.com/WebinarFR

Carol Topp, CPA
HomeschoolCPA.com
Helping Homeschool Leaders

The duty of compliance with the law for homeschool organizations

In addition to the duties of care and loyalty discussed in the previous episode #204, homeschool leaders have a duty of compliance with the law. What laws to leaders need to know about? What does a duty of compliance look like?

This is the third part of a 4-part series on tips for homeschool leaders a workshop given to homeschool leaders in Austin Texas in February 2020.

Carol Topp, CPA discusses three main areas of compliance:

  1. IRS filings and taxes
  2. Your state filings for nonprofit organizations
  3. Workers classification as an employee or independent contractors

In the 4 part podcast series Carol discusses:

  • Episode #203   Leader mindset and attitudes
  • Episode # 204 What do the duties of care and loyalty look like?
  • Episode # 205  The duty of compliance with the laws for nonprofit organizations
  • Episode #206 Managing records and finances in you homeschool group

Each episode can be found at HomeschoolCPA.com/Podcast.

Handout of the workshop: https://homeschoolcpa.com/wp-content/uploads/2020/11/Top-Tips-Handout-2020.docx

Helpful Resources

For more information on the IRS and state filings for your homeschool group, check out these resources

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,

Podcasts #64 Annual Reports

Podcast #74 Keep up to date with state filings

A helpful webinar on IRS and state-required filings for nonprofit organizations HomeschoolCPA.com/Filings

Carol Topp, CPA
HomeschoolCPA.com
Helping Homeschool Leaders

What do the Duties of Care and Loyalty look like?

HomeschoolCPA Carol Topp frequently mentions that homeschool leaders have a duty of care and loyalty to their groups. What does a duty of care look like? How does a leader know know if she is being loyal?

This is the second part of a 4-part series on tips for homeschool leaders a workshop given to homeschool leaders in Austin Texas in February 2020.

Some of the ways to demonstrate a duty of care and loyalty for a leader include:

  • Have Board meetings
  • Manage the money well
  • Have insurance
  • Avoiding conflict of interest
  • No self dealing (the board gives itself discounts)

In the 4 part podcast series Carol discusses:

  • Episode #203   Leader mindset and attitudes
  • Episode # 204 What do the duties of care and loyalty look like?
  • Episode # 205  The duty of compliance with the laws for nonprofit organizations
  • Episode #206 Managing records and finances in you homeschool group

Each episode can be found at HomeschoolCPA.com/Podcast.

Handout of the workshop: https://homeschoolcpa.com/wp-content/uploads/2020/11/Top-Tips-Handout-2020.docx

Helpful Resources

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.


A checklist of best practices to avoid embezzlement. It is available at HomeschoolCPA.com/Fraud

Podcast # 105 Podcast episode on preventing fraud

How to avoid self-dealing. The board cannot vote themselves benefits like discounts.  Listen to Podcast #71 on how to thank volunteers without self-dealing.

Carol Topp, CPA
HomeschoolCPA.com
Helping Homeschool Leaders

Mindset for Homeschool Leaders

HomeschoolCPA, Carol Topp spoke to a group of homeschool group leaders in Texas about a good mindset and attitudes that are necessary for leading a homeschool group. In this episode Carol reminds leaders of three things they may have forgotten:

  • You cannot be all things to all people-so stop trying!
  • Your organization is not essential to the success of homeschooling!
  • You are not responsible for homeschooling other peoples’ children!

This is the first part of a 4-part series on Tips for Homeschool Leaders, a workshop given to homeschool leaders in Austin Texas in February 2020.

In the 4 part podcast series Carol discusses:

  • Episode #203   Leader mindset and attitudes
  • Episode # 204 What do the duties of care and loyalty look like?
  • Episode # 205  The duty of compliance with the laws for nonprofit organizations
  • Episode #206 Managing records and finances in you homeschool group

Each episode can be found at HomeschoolCPA.com/Podcast.

Handout of the workshop: https://homeschoolcpa.com/wp-content/uploads/2020/11/Top-Tips-Handout-2020.docx

During the podcast Carol mentioned the I am a Homeschool Group Leader Facebook group. Please join us!  https://www.facebook.com/groups/72534255742/

Featured Resource

Phone Consultation with Carol Topp, CPA

Phone Consultation: A pre-arranged phone call to discuss your questions about being a homeschool group leader. My most popular service for homeschool leaders. It’s like having your own homeschool expert CPA on the phone!

Cost: $85/hour to nonprofit organizations. $100/hour to for-profit businesses. $60 minimum.

Contact HomeschoolCPA, Carol Topp, CPA, to arrange a telephone consultation.Click Here to request more information!