The Maryland Cof 85 form is a financial document required for organizations that do not file Form 990. This form collects essential information about an organization's revenue, expenses, and changes in net assets over the fiscal year. Completing this form accurately is vital for maintaining transparency and compliance with state regulations.
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The Maryland Cof 85 form is a crucial financial document for organizations that are not required to file Form 990. This form collects essential information about an organization’s revenue, expenses, and changes in net assets or fund balances for a specified fiscal year. Organizations must detail various sources of income, including contributions, grants, program service revenue, and other investment income. The form also requires a comprehensive breakdown of expenses, categorized into program services, management and general expenses, and fundraising costs. Additionally, it includes a statement of functional expenses, where organizations must report specific costs associated with their operations. By completing the Cof 85, organizations provide transparency regarding their financial health and operational effectiveness, helping to ensure accountability to stakeholders and the public. The form also necessitates a balance sheet that outlines assets and liabilities, further illuminating the organization’s financial position at the beginning and end of the fiscal year. Ultimately, the Maryland Cof 85 form serves as a vital tool for maintaining compliance and fostering trust within the community.
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 _____________________________________________________________________________________
Filling out the Maryland Cof 85 form requires careful attention to detail. This form is used by organizations that do not file Form 990, and it collects important financial information. After completing the form, ensure that all sections are filled out accurately before submission.
The Maryland COF 85 form is a financial reporting document required for organizations that do not file Form 990. It collects information about an organization’s revenue, expenses, and changes in net assets for a specific fiscal year. This form helps ensure transparency and accountability among non-profit entities operating in Maryland.
Organizations that are exempt from federal income tax under Section 501(c)(3) and do not meet the filing threshold for Form 990 must complete the COF 85 form. This typically includes smaller non-profits that operate with limited revenue.
The form requires detailed information about:
Additionally, organizations must provide a balance sheet and a list of officers, directors, and trustees.
The fiscal year is the 12-month period that an organization uses for accounting purposes. Organizations can choose any fiscal year-end date, but it must be consistent from year to year. The form must be completed for the fiscal year ending on that chosen date.
Failure to file the COF 85 form can result in penalties, including fines and loss of tax-exempt status. Additionally, organizations may face increased scrutiny from state authorities, which can harm their reputation and ability to secure funding.
The completed COF 85 form should be submitted to the Maryland Secretary of State's office. Organizations can mail the form or, in some cases, submit it electronically. It is advisable to check the Secretary of State's website for the most current submission guidelines.
Organizations must file the COF 85 form within five months after the end of their fiscal year. For example, if the fiscal year ends on December 31, the form is due by May 31 of the following year. Organizations should keep track of this deadline to avoid penalties.
Yes, organizations can amend the COF 85 form if they discover errors or omissions after submission. They should submit a revised form along with an explanation of the changes made. It is important to address any inaccuracies promptly to maintain compliance.
Not providing the organization's name and address accurately at the top of the form. This information is essential for identification and correspondence.
Failing to complete the fiscal year ending date. This date is crucial for understanding the reporting period.
Incorrectly reporting contributions, gifts, and grants. Each category must be filled out accurately to reflect true financial support.
Not attaching required schedules for items like special events or investment income. These attachments provide necessary details for clarity.
Omitting total revenue calculations. All revenue sources must be summed to provide a complete financial picture.
Incorrectly categorizing expenses in the statement of functional expenses. Each expense should be classified under the appropriate section.
Neglecting to provide program service revenue details. This information is vital for understanding the organization's operational income.
Failing to report officers, directors, and trustees accurately. This section must include all relevant individuals, regardless of compensation.
Not signing and dating the form. The declaration under penalties of perjury requires a signature to validate the submission.
The Maryland Cof 85 form is a financial document that organizations use when they are not filing Form 990. Several other forms and documents are often utilized alongside it to ensure compliance with state regulations and provide a complete financial picture. Below is a list of some commonly associated documents.
These documents collectively support the financial and operational integrity of an organization. They help maintain transparency, ensure compliance with legal requirements, and foster trust among stakeholders.
The Maryland Cof 85 form is similar to the IRS Form 990, which nonprofit organizations file annually to provide detailed financial information. Both forms require organizations to report revenue, expenses, and changes in net assets. However, the Cof 85 is specifically for organizations that do not meet the threshold for filing Form 990, allowing smaller nonprofits to maintain transparency without the complexity of the full 990 form.
Another similar document is the IRS Form 990-EZ, which is a streamlined version of Form 990. This form is intended for smaller tax-exempt organizations with gross receipts under a certain limit. Like the Cof 85, Form 990-EZ focuses on financial activities, but it is still more detailed than the Cof 85, requiring additional disclosures such as a statement of functional expenses.
The Maryland Annual Report is another document that shares similarities with the Cof 85. This report is required for all business entities in Maryland, including nonprofits. Both documents aim to provide a snapshot of the organization’s financial health and operational activities, but the Annual Report is more focused on compliance with state regulations rather than a detailed financial breakdown.
The IRS Form 1023 is also relevant, as it is the application for tax-exempt status. While it is not an annual financial report, it requires organizations to provide information about their planned activities and financial projections. This is similar to the Cof 85 in that both documents aim to establish transparency and accountability for nonprofit organizations.
The Maryland Form 1 is used for corporate income tax purposes and is somewhat analogous to the Cof 85 in that it requires organizations to report financial information to the state. Both forms serve to ensure that organizations operating in Maryland are adhering to financial reporting requirements, although Form 1 is more focused on tax obligations.
Lastly, the Form 990-PF, which is specifically for private foundations, is similar in that it requires detailed financial information about the foundation’s assets, income, and expenditures. Both the Cof 85 and Form 990-PF aim to provide transparency regarding financial activities, but the latter has a more specific focus on grantmaking and investment activities typical of private foundations.
When filling out the Maryland Cof 85 form, there are important guidelines to follow to ensure your submission is accurate and complete. Here’s a helpful list of things you should and shouldn't do:
Following these guidelines will help streamline the process and reduce the likelihood of issues with your submission.
This form is required for all organizations that do not file Form 990, regardless of size. Small organizations must also comply to maintain transparency.
While primarily used by nonprofits, any organization that meets the criteria must complete this form, including certain for-profit entities.
This form is mandatory for eligible organizations. Failing to submit it can result in penalties or loss of status.
Information submitted on the COF-85 is public record. This promotes accountability and transparency within the community.
Filling out the COF-85 can be time-consuming. It requires detailed financial information and careful record-keeping.
Many sections of the COF-85 require attachments, such as schedules or explanations, to provide a complete picture of the organization's finances.
There are specific deadlines for submitting the COF-85. Organizations must be aware of these timelines to avoid late fees.
Organizations can amend their COF-85 if they discover errors. It's essential to correct any inaccuracies to maintain compliance.
The Maryland Cof 85 form is a financial reporting document required for organizations that do not file Form 990. This ensures transparency in financial activities.
Accurate completion of the form is crucial. Organizations must report their contributions, revenue, and expenses clearly to reflect their financial status.
Part I of the form focuses on revenue and expenses. It includes various sources of income, such as contributions, program service revenue, and membership dues.
Organizations should carefully track their program service revenue, as this is a key component in demonstrating the impact of their activities.
In Part II, organizations must provide a detailed statement of functional expenses. This breakdown is essential for understanding how funds are allocated across different functions.
It is important to keep thorough records and documentation to support the figures reported on the form. This can help in case of audits or inquiries.
Finally, the form must be signed by an authorized officer of the organization, affirming the accuracy of the information provided. This declaration underscores the importance of honesty in reporting.