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In Indiana, entities must navigate the legal requirements of financial reporting, a task encompassed by the Entity Annual Report (Form E-1), as prescribed by the State Board of Accounts. Located at 302 West Washington Street in Indianapolis, this form serves a pivotal role in determining the scope of audit requirements under IC 5-11-1-9, ensuring transparency and accountability in the financial operations of various organizations. Required to be filed within thirty days following the fiscal year-end, the Form E-1 encompasses significant data, including the entity's legal status, type of organization, detailed financial transactions involving government funds, and a certification of accuracy by the operating officer. It also asks for the organizational structure, purpose, and history of independent audits, thereby offering a comprehensive overview for the State Board of Accounts to evaluate the need for further auditing. This process not only aids in the oversight of entities but also enhances the integrity of financial management practices within the state. With instructions provided for completing the form, entities are guided through reporting on both a cash and accrual basis, highlighting the importance of precise and thorough financial documentation.

Sample - Entity Annual Report Indiana Form

ENTITY ANNUAL REPORT

STATE BOARD OF ACCOUNTS

 

 

302 WEST WASHINGTON STREET

Form E-1 (2-07)

ROOM E418

Prescribed by State Board of Accounts

INDIANAPOLIS, INDIANA 46204-2765

Note:

The Entity Annual Report (Form E-1) is used to determine

Telephone: (317) 232-2513

 

the audit requirements placed on your entity by IC 5-11-1-9

Fax: (317) 232-4711

 

File report within thirty (30) days of the close of your entity's

Web Site: www.in.gov/sboa

 

fiscal year end. Instructions for completing Form E-1 are

 

 

included in the attached memorandum

Page 1 of 2

Entity's Fiscal Year End

______ ______ ______

Month Day Year

OFFICE USE ONLY

SBA NO: _____________

Audit Determination:

____________ Complete

____________ Waived

Legal Name:

 

Federal ID No:

 

 

 

 

D/B/A:

 

Business Phone No: ( )

 

 

 

 

Street Address:

 

 

 

 

 

 

 

City:

County:

State:

Zip Code:

 

 

 

 

Name of Operating Officer:

 

Title:

 

 

 

 

 

TYPE OF ORGANIZATION

LEGAL STATUS

 

 

 

 

_________ Corporation

_________ ASSOCIATION

_________ For Profit

 

_________ Partnership

_________ INDIVIDUAL

_________ Not-For-Profit

 

 

 

 

 

 

 

 

FINANCIAL INFORMATION

 

 

 

 

1.

Government funds received during year (Detailed on Page 2)

$__________________

2.

Government funds disbursed during year

 

$__________________

3.

Entity's total disbursements (or expenditures) for the year

$__________________

4. Percent of government funds disbursed to entity's total

 

 

 

disbursements (or expenditures) (Line 2 / 3)

_________________ %

This information is reported on the ___________ cash basis ___________ accrual basis.

 

 

 

 

 

 

 

 

 

 

 

Is this the initial Form E-1 filing for the entity? Yes

__________ No

__________

 

 

 

 

 

 

CERTIFICATION: This is to certify that the data contained in this report is accurate to the best of my

knowledge and belief.

 

 

 

Signature:________________________________

Title __________________________

Printed Name: ____________________________

Date Signed: ___________________

Page 2 of 2

DETAIL OF GOVERNMENT FUNDS RECEIVED

List the government funds received during the year by agency, address, program title and amount received. Attach additional sheets if necessary.

GOVERNMENT AGENCY

ADDRESS

PROGRAM TITLE

AMOUNT RECEIVED

Date organization was founded: _________________________________________________________________

Describe organization's purpose:_________________________________________________________________

___________________________________________________________________________________________

Describe organizational governing structure:________________________________________________________

___________________________________________________________________________________________

Have you ever been audited by an Independent Public Accountant (IPA)? Yes ___________ No ___________

If so, what was the last fiscal year audited? ________________________________________________________

Name and address of IPA that conducted audit: _____________________________________________________

___________________________________________________________________________________________

Form Overview

Fact Detail
Form Name Entity Annual Report (Form E-1)
Prescribed by State Board of Accounts
Address 302 West Washington Street, Room E418, Indianapolis, Indiana 46204-2765
Contact Information Telephone: (317) 232-2513, Fax: (317) 232-4711, Web Site: www.in.gov/sboa
Deadline for Filing Within thirty (30) days of the close of the entity's fiscal year end
Governing Law IC 5-11-1-9
Types of Organization Legal Status Available Corporation, Association, For Profit, Partnership, Individual, Not-For-Profit
Reporting Basis Cash basis, Accrual basis
Audit Requirement Determination Based on the audit requirements placed on the entity by IC 5-11-1-9

Guide to Filling Out Entity Annual Report Indiana

Filing the Entity Annual Report in Indiana is a critical process for any entity operating within the state. This report allows the State Board of Accounts to assess your audit requirements under IC 5-11-1-9. Filling it out correctly and on time ensures compliance with state laws and contributes to the transparent operation of your entity. The following steps are designed to guide you through each section of the form to ensure accuracy and completeness.

  1. Begin by noting the end of your entity’s fiscal year, including the month, day, and year in the designated space at the top of the form.
  2. Fill in the Legal Name of your entity as it is officially registered.
  3. Provide the Federal ID No. of your entity, which is its unique identifier in official and legal transactions.
  4. If applicable, include any Doing Business As (D/B/A) names your entity operates under.
  5. Enter the Business Phone No., ensuring it includes the area code and is the best number to reach the business’s main office.
  6. Write the Street Address, City, County, State, and Zip Code where your business is physically located or operates from.
  7. Identify the Name of Operating Officer and their Title within the entity, to provide a direct contact for the State Board of Accounts if necessary.
  8. Select the TYPE OF ORGANIZATION that best describes your entity, such as Corporation, Association, Partnership, or Individual.
  9. Mark your entity’s LEGAL STATUS as either For Profit or Not-For-Profit.
  10. Under FINANCIAL INFORMATION, indicate the Government funds received and disbursed during the year, the entity's total disbursements for the year, and calculate the percent of government funds disbursed to entity's total disbursements.
  11. State whether the financial information provided is on a cash or accrual basis.
  12. Specify if this is the initial Form E-1 filing for the entity by selecting Yes or No.
  13. Under CERTIFICATION, sign and print your name, enter your title, and the date signed to certify the accuracy of the data in the report.
  14. On Page 2, list the government funds received during the year by agency, address, program title, and the amount received. If necessary, attach additional sheets.
  15. Provide details about your organization, including the date founded, purpose, governing structure, and if you have ever been audited by an Independent Public Accountant (IPA). If audited, include the last fiscal year audited and the name and address of the IPA that conducted the audit.

Once all the information is filled in, review the report for accuracy and completeness. It's important that the information provided correctly reflects your entity's operations and financial status. After review, submit the report within thirty (30) days of the close of your entity's fiscal necklace end, ensuring your compliance with Indiana state regulations. Filing this report is not just a legal requirement; it also provides valuable insight into the financial operations of your entity that can aid in future planning and accountability.

Frequently Asked Questions

What is the Entity Annual Report in Indiana?

The Entity Annual Report, known as Form E-1, is a document required by the State Board of Accounts in Indiana. It collects financial information and other details about an entity to assess its audit requirements based on the Indiana Code IC 5-11-1-9. This report must be filed within thirty days following the end of the entity's fiscal year.

Who needs to file the Entity Annual Report (Form E-1)?

Any entity, including corporations, partnerships, associations, and not-for-profit organizations, operating within Indiana and receiving government funds is required to file this report. It is essential for the determination of the entity's audit requirements by the State Board of Accounts.

What information is required on Form E-1?

The form requires detailed information about the entity such as the legal name, type of organization, federal ID number, business phone number, and contact information of the operating officer. It also demands a financial summary of the government funds received and disbursed within the year, plus the entity's total disbursements. Further details on the government funds received must be specified, and the entity is asked about its foundation, purpose, governing structure, and any previous audits by an Independent Public Accountant (IPA).

What is the deadline for filing the Entity Annual Report in Indiana?

The deadline for filing the Entity Annual Report (Form E-1) with the Indiana State Board of Accounts is within thirty days after the close of the entity's fiscal year end. It's crucial to adhere to this timeframe to ensure compliance and avoid any potential issues regarding audit requirements.

Can the Entity Annual Report be submitted electronically?

The document does not specify the acceptable methods for submission directly. However, entities interested in submitting the Entity Annual Report should contact the State Board of Accounts directly, either through their website at www.in.gov/sboa or by phone at (317) 232-2513, to inquire about current submission methods, which may include electronic filing.

What happens if an entity fails to file Form E-1 on time?

If an entity does not submit Form E-1 within the designated period, it may face challenges with the State Board of Accounts regarding its financial accountability and audit requirements. Entities are encouraged to file on time to ensure their operations remain in good standing and to avoid any inconvenience or potential scrutiny.

Is assistance available for completing the Entity Annual Report?

Yes, assistance for completing Form E-1 is available. Detailed instructions are attached to the form itself. Additionally, entities can seek help or clarification from the State Board of Accounts by reaching out via their contact information provided on the form. They offer guidance through their website or direct communication over the phone.

Does filing the Entity Annual Report replace the need for an independent audit?

No, filing Form E-1 does not replace the need for an independent audit. The purpose of this report is to help determine an entity's audit requirements. Based on the information provided in Form E-1, an entity may still be required to undergo an audit by an Independent Public Accountant, depending on specific criteria set by the Indiana State Board of Accounts.

What is the significance of the audit determination on Form E-1?

The audit determination section on Form E-1 indicates whether the State Board of Accounts has decided that a complete audit is required for the entity, or if the audit requirement has been waived for the reported fiscal year. This decision is influenced by the financial data and other information provided in the report.

Where can I find more information about the Entity Annual Report and other requirements?

For more information about the Entity Annual Report (Form E-1) and other related requirements, visit the Indiana State Board of Accounts website at www.in.gov/sboa. Here, entities can access resources, guidance documents, and contact information for further assistance. Additionally, contacting the Board directly through phone or electronic communication is encouraged for specific queries or concerns.

Common mistakes

Filling out the Entity Annual Report for Indiana can be a daunting task for many, especially for those who are doing it for the first time. It's crucial to avoid common mistakes that can lead to the rejection of your report or additional scrutiny from the State Board of Accounts. Below are six mistakes commonly made when completing this form:

  1. Not filing within the deadline: The Entity Annual Report must be filed within thirty (30) days of the close of your entity's fiscal year. Overlooking this deadline is a common mistake that can cause unnecessary complications.

  2. Incorrectly reporting financial information: Errors in reporting the financial information, such as government funds received and disbursed during the year, can lead to significant discrepancies. Ensure that all amounts are accurately reported and that the calculations for percentages are correct.

  3. Failure to indicate the basis of accounting: The form asks whether the financial information is reported on a cash or accrual basis. Not specifying the accounting method used can result in an incomplete filing and potential misunderstanding of financial data.

  4. Omitting the operating officer’s signature: The certification section at the bottom of the form requires the signature of the operating officer, title, printed name, and date signed. An unsigned form can be considered invalid.

  5. Not attaching additional sheets when necessary: The section detailing government funds received during the year may require additional sheets for a complete account. Failure to attach these can lead to incomplete reporting of received government funds.

  6. Providing inaccurate or incomplete legal status and type of organization: The form distinguishes between different legal statuses and types of organizations (e.g., corporation, partnership, individual). Providing incorrect information here can affect the accuracy of your report and the audit requirements placed on your entity.

It's also important to double-check all sections of the form for completeness and accuracy, including basic information like the legal name, federal ID number, and business address. Attention to detail can save a lot of time and trouble in the long run.

Here are some tips to avoid these mistakes:

  • Mark your calendar with the filing deadline as soon as your fiscal year ends.
  • Review your financial documentation carefully to ensure all figures are accurate before reporting.
  • Consult with an accountant to confirm which accounting basis you should report under if uncertain.
  • Before submitting, have an authorized officer review and sign the certification section.
  • Prepare in advance any additional sheets detailing government funds received to ensure completeness.
  • Ensure a thorough understanding of your entity’s legal status and organization type to accurately classify it on the form.

By steering clear of these common pitfalls, you can streamline the filing process and ensure your Entity Annual Report in Indiana is completed accurately and efficiently. Always remember, when in doubt, consult with a professional who can provide guidance tailored to your specific situation.

Documents used along the form

Filing the Entity Annual Report in Indiana is a critical task for businesses, ensuring compliance and transparency in their operations. However, this document is just a part of a suite of paperwork needed throughout the year for maintaining good standing, regulatory compliance, and operational efficiency. Here are other commonly used forms and documents that often accompany the Entity Annual Report:

  • Articles of Incorporation: This founding document is filed with the state to legally form a corporation. It includes essential details such as the business name, purpose, corporate structure, and stock information.
  • Operating Agreement: Although more common in LLCs, this document outlines the operating procedures, financial decisions, and ownership details among the members. It is crucial for ensuring smooth internal functioning.
  • Business License Application: Depending on the nature of the business and its location, various licenses may be required to lawfully operate within a state, county, or city.
  • Employer Identification Number (EIN) Confirmation Letter: After applying for an EIN from the IRS, businesses receive this confirmation, which is vital for tax filing, opening bank accounts, and hiring employees.
  • Form W-9, Request for Taxpayer Identification Number and Certification: This IRS form is often required by clients or companies that hire freelancers or contractors to ensure proper tax reporting.
  • Annual Tax Returns: Both federal and state tax returns are essential documents for any business, detailing income, expenses, and taxes paid throughout the fiscal year.
  • Minutes of Annual Shareholder or Member Meeting: This document records the discussions and decisions made during annual meetings, including electing directors, approving actions, and discussing future plans.
  • Financial Statements: Including balance sheets, income statements, and cash flow statements, these documents provide a comprehensive view of the financial health and performance of the business.

Together, these documents form a comprehensive framework supporting the operational, financial, and legal aspects of a business. By ensuring these documents are accurately maintained and timely filed, businesses can avoid legal pitfalls, maintain financial health, and foster trust amongst stakeholders. It's not just about meeting requirements; it's about laying a solid foundation for growth and success.

Similar forms

The Entity Annual Report Indiana form is similar to several other documents required by different government agencies for organizational oversight and accountability. These similarities help streamline the reporting process for entities and ensure that regulatory requirements are met efficiently.

One document similar to the Entity Annual Report Indiana form is the IRS Form 990, which is required for tax-exempt organizations. Both forms seek detailed information about an organization's financial activities, including revenues and expenditures, to assess accountability and the proper use of funds. However, the IRS Form 990 includes more detailed breakdowns of expenses and revenue sources, aligning with its purpose to ensure tax compliance and public transparency for nonprofit organizations.

Another document that shares similarities is the Uniform Business Report filed with state corporations divisions. Like the Entity Annual Report, this report collects basic information about the company, such as legal name, address, and type of organization. Both reports serve to confirm that an entity is in good standing and meets the statutory requirements for operating within the state. The key difference lies in the depth of financial reporting, with the Entity Annual Report requiring more detailed financial information, particularly regarding government funds.

Additionally, the Entity Annual Report resembles financial statements provided to Boards of Directors. These statements typically include a balance sheet, income statement, and cash flow statement. Both sets of documents outline the financial health of an organization, detailing income, expenses, and the specifics of financial activities. The main distinction is the audience; while financial statements are intended for internal review and decision-making, the Entity Annual Report serves as a regulatory compliance tool for external oversight bodies.

Dos and Don'ts

Filling out the Entity Annual Report for Indiana requires attention to detail and an understanding of both your entity's financial and organizational operations. To ensure accuracy and compliance, here are some guidelines on what you should and shouldn't do when completing this form.

Do:
  • File the report within 30 days of the close of your entity's fiscal year end. Timing is crucial to remain in compliance and avoid penalties.

  • Review the instructions for completing Form E-1 carefully before you start filling out the form. This step will help ensure that you understand all requirements and provide accurate information.

  • Ensure all financial information is reported accurately, whether on a cash or accrual basis, as specified in the form. Accurate financial reporting is essential for a clear audit trail.

  • Use the legal name of your entity and the correct Federal ID No. when filling out the form. Consistency in how your entity is identified is important for legal and record-keeping purposes.

  • Include thorough details of government funds received, following the format requested on Page 2 of the form. Precise reporting of these funds is critical for audit requirements.

  • Certify that the data contained in the report is accurate to the best of your knowledge. The signature of the operating officer or an authorized signatory is required for certification.

  • Check all completed information for accuracy and completeness before submitting the report. This final review can help catch and correct any errors.

Don't:
  • Forget to list the government funds received during the year by agency, address, program title, and amount received. Leaving out any of these details can lead to incomplete reporting.

  • Overlook the need to attach additional sheets if the space provided is not sufficient. It’s important to provide a complete financial picture.

  • Ignore the legal status and type of organization sections on the form. Proper classification is critical for state considerations and audit determinations.

  • Misstate the percent of government funds disbursed to entity's total disbursements. This calculation is essential for understanding the scope of governmental influence on your entity’s finances.

  • Submit the report without the signature and title of the operating officer or equivalent. The report needs this certification to be considered valid.

  • Assume the filing is complete without double-checking that all required sections are filled out. An incomplete form could result in processing delays or the need to resubmit.

  • Use inaccurate or outdated information. The data you provide must reflect the most recent fiscal year to ensure compliance and accurate audit determinations.

Misconceptions

When discussing the Entity Annual Report in Indiana, it’s crucial to clear up some common misunderstandings. Misconceptions can lead to filing errors, missed deadlines, and unnecessary stress for business owners. Below are six common misconceptions about the Entity Annual Report in Indiana:

  • All entities are required to file the same type of annual report. Actually, the type of annual report your entity needs to file can vary based on its legal status, such as whether it's a corporation, partnership, or nonprofit. The Form E-1 has specific sections that apply to different organizations.
  • The report is only about financial information. While financial information is a significant component, the Entity Annual Report also gathers information on the organization's purpose, governing structure, and whether it has received or disbursed government funds within the year.
  • Filing is optional if the entity did not engage in any activity during the fiscal year. Even if an entity did not have financial transactions or significant changes within the year, it is still required to file the report within 30 days of the fiscal year's end to maintain good standing and compliance.
  • Online submission is available for all entities. As of the knowledge cutoff in 2023, the submission process requires contacting the State Board of Accounts directly for guidance on submission, which may not include an online option for all entities.
  • There’s no need to certify the report. Certification is an essential part of the report, where the operating officer must certify that the data provided is accurate to the best of their knowledge. This step is crucial for the validity of the report.
  • Late filing has no consequences. Filing the Entity Annual Report late can lead to penalties, including audit determinations that could have been waived with timely filing. Staying on schedule is key to avoiding unnecessary complications.

Addressing these misconceptions can help ensure that your entity remains in compliance and avoids any potential issues with the State Board of Accounts in Indiana.

Key takeaways

Completing the Entity Annual Report in Indiana is crucial for organizations to ensure compliance with the State Board of Accounts. This process should be approached with diligence to avoid any potential issues. Here are five key takeaways to understand when filling out and using the Entity Annual Report form:

  • File Timely: Entities must submit their annual report within thirty (30) days following the close of their fiscal year. Timeliness is key to compliance and may prevent potential legal or financial complications.
  • Detailed Financial Information Required: The report requires detailed financial information, including government funds received and disbursed throughout the year. Providing accurate and complete information is essential for an accurate assessment of audit requirements by the State Board of Accounts.
  • Audit Determination: The information provided will be used to determine the audit requirements for the entity. This makes the accuracy of the report not only important for compliance but also for understanding the entity's obligations regarding audits.
  • Type of Organization and Legal Status: Clearly identifying the type of organization and its legal status is crucial. This includes specifying whether the entity operates as a corporation, partnership, association, individual business, for-profit, or not-for-profit organization. This classification can affect the report's requirements and the entity's audit obligations.
  • Initial Filing Indicator: Entities must indicate whether this is their initial filing of Form E-1. This information helps the State Board of Accounts track compliance over time and ensure that new entities are properly accounted for and advised of their reporting obligations.

In completing the Entity Annual Report for Indiana, accuracy, completeness, and timeliness are paramount. Businesses must provide detailed financial data and specific information about their organization's structure and operations. By adhering to these requirements, entities ensure they meet their compliance obligations and effectively manage their audit requirements.

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