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Fill Out Your Maryland Cof 85 Template

The Maryland Cof 85 form is a financial document that organizations must complete if they do not file Form 990. This form collects essential financial information, including revenue, expenses, and net assets for the fiscal year. To ensure compliance and transparency, it’s crucial for organizations to fill out this form accurately.

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Dos and Don'ts

When filling out the Maryland Cof 85 form, it is essential to approach the task with care and attention to detail. Here are seven important do's and don'ts to guide you through the process:

Do read the instructions carefully before starting. Understanding the requirements will save you time and reduce errors.
Do provide accurate and complete information. Double-check all figures and descriptions to ensure they reflect your organization’s financial situation.
Do use clear and legible handwriting or type your responses. Clarity is crucial for those reviewing the form.
Do attach any required schedules or additional documentation as specified in the form. Missing documents can lead to delays.
Don't leave any sections blank unless instructed. If a section does not apply, write “N/A” to indicate that it was considered.
Don't rush through the form. Take your time to ensure all calculations are correct and all required fields are filled out.
Don't forget to sign and date the form. An unsigned form may be considered incomplete and could be rejected.

By following these guidelines, you can confidently complete the Maryland Cof 85 form, ensuring that your organization remains compliant and transparent in its financial reporting.

Misconceptions

Misconceptions about the Maryland Cof 85 form can lead to confusion among organizations required to file it. Below are eight common misconceptions, along with clarifications for each.

Misconception 1: The Cof 85 form is only for large organizations.

This form is applicable to all organizations that do not file Form 990, regardless of their size. Smaller organizations often overlook this requirement.

Misconception 2: Filing the Cof 85 form is optional.

In Maryland, organizations that meet specific criteria must file the Cof 85 form annually. Failure to do so can result in penalties.

Misconception 3: The Cof 85 form is the same as Form 990.

While both forms are financial disclosures, the Cof 85 form is specifically designed for organizations that do not file Form 990. It has different requirements and sections.

Misconception 4: Only nonprofit organizations need to file the Cof 85 form.

Any organization that meets the filing criteria, including certain for-profit entities, may be required to submit the Cof 85 form.

Misconception 5: The Cof 85 form does not require detailed financial information.

The form requires comprehensive financial data, including revenue, expenses, and changes in net assets. Organizations must provide accurate and detailed information.

Misconception 6: There is no deadline for submitting the Cof 85 form.

Organizations must adhere to specific deadlines for filing the Cof 85 form, typically aligned with their fiscal year-end. Missing the deadline can lead to penalties.

Misconception 7: The Cof 85 form is only reviewed if there are issues.

The form is subject to review by the state, regardless of whether issues arise. Accurate filing is essential to maintain compliance.

Misconception 8: Once filed, the Cof 85 form does not need to be updated.

Organizations must update the Cof 85 form annually to reflect their current financial situation. Any significant changes in operations or finances should also be reported.

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Key takeaways

When filling out and using the Maryland COF-85 form, organizations should keep the following key takeaways in mind:

Accurate Information: Ensure that all information provided is complete and accurate. Inaccuracies can lead to penalties or delays.
Fiscal Year: Clearly indicate the fiscal year ending date. This is crucial for financial reporting.
Revenue Sources: Itemize all sources of revenue, including contributions, grants, and program service revenue. This helps in understanding the organization’s financial health.
Expense Reporting: List all expenses in the correct categories, such as program services, management, and fundraising. This provides transparency in financial operations.
Attachments: Attach any required schedules or additional documentation as specified in the form. Missing attachments can result in incomplete submissions.
Functional Expenses: Report functional expenses accurately, separating program services from management and fundraising costs.
Balance Sheet: Complete the balance sheet section if applicable. This provides a snapshot of the organization’s financial position.
Officer Declaration: The form must be signed by an authorized officer, affirming the truthfulness of the information provided.
Deadline Compliance: Submit the form by the required deadline to avoid penalties and ensure compliance with state regulations.

Guidelines on Utilizing Maryland Cof 85

Filling out the Maryland Cof 85 form requires attention to detail and accurate information about your organization’s finances. Follow these steps to complete the form correctly.

Organization Information: Write the name of your organization at the top of the form. Then, fill in the address, city, state, and ZIP code.
Fiscal Year: Indicate the fiscal year ending date in the designated space.
Revenue Section: Complete Part I by entering all relevant revenue sources. Include contributions, public support, government grants, and any other income. Make sure to calculate totals accurately.
Expense Section: Fill out the expenses in Part II. Report all functional expenses, including salaries, grants, and other costs. Add them up to find the total functional expenses.
Program Services: In Part III, list each program service title and provide details about the services rendered, including expenses and grants related to each service.
Revenue Breakdown: Complete Part IV by detailing program service revenue and any other revenue sources. Ensure totals match the previous sections.
Balance Sheets: In Part V, provide a balance sheet. List all assets, liabilities, and fund balances. Ensure all columns are filled out as required.
Officers and Compensation: In Part VI, list all officers, directors, and trustees, along with their compensation details. In Part VII, report the compensation for the five highest-paid individuals.
Final Declarations: Answer the questions in the last section regarding changes in governing documents and relationships with other organizations. Provide the name and contact information for the person responsible for the financial books.
Signature: Finally, have an officer sign and date the form, confirming that the information is accurate.

Once the form is completed, review it for accuracy and ensure all required attachments are included. Submit the form as directed by the Maryland Secretary of State’s office.

Form Preview Example

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			8a
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		. . . . . . . . . .	10a
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)		. . . . . . . . . . . .	. . . . .	. . . . .	. .	. .	. . . . . .	11
12	Total revenue. Add lines 1e, 2, 3, 4, 5, 6c, 7, 8d, 9c, 10c, and 11			. . . . . .	. . . .	. .	. .	. . . . . .	12
13	Program service (from line 44, column (B)			. . . . . .	. . . .	. .	. . .	. . . .	13
14	Management and general (from line 44, column (C)			. . . . .	. . . . .	. .	. .	. . . . .	14
15	Fundraising (from line 44, column (D)			. . . . . .	. . . .	. .	. . .	. . . .	15
16	Payments to affiliates (attach schedule)				. . . . .	. .	. .	. . . . .	16
17	Total expenses. Add lines 16 and 44, column (A)								17
18	Excess or (deficit) for the year. Subtract line 17 from line 12			. . . . .	. . . . .	. .	. .	. . . . .	18
19	Net assets or fund balances at beginning of year (from line 73, column (A) .			. . . . . .	. . . .	. .	. . .	. . . .	19
20	Other changes in net assets or fund balance (attach explanation)			. . . . . .	. . . .	. .	. . .	. . . .	20
21	Net assets or fund balances at end of year. Combine lines 18, 19, and 20 . . . .			. . . . .	. . . . .	. .	. .	. . . . .	21

					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)__________________________________________________________________________________________

__________________________________________________________________________________________

(Grants and allocations $

)

(c)__________________________________________________________________________________________

__________________________________________________________________________________________

(Grants and allocations $

)

(d)__________________________________________________________________________________________

__________________________________________________________________________________________

	(Grants and allocations $	)
(e) Other program service activities (attach schedule)	(Grants and allocations $	)
(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		. . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .	. . . . . . . . . . .
(b)	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		. . . . . . . . . . . . . .	. . . . . . . . . . .
(c)	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .	. . . . . . . . . . . .
(d)	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .	. . . . . . . . . . . .
(e)	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .	. . . . . . . . . . . .
(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
PART V BALANCE SHEETS		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			(A) Beginning of	(B) Total	(C) Unrestricted/	(D) Restricted/
			year	(B) Total	(C) Unrestricted/	(D) Restricted/
for end-of-year amounts only.			year		Expendable	Nonexpendable
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  ________
	minus allowance for doubtful accounts  ____________
49	Grants receivable
50	Receivable due from officers, directors, trustees and key
	employees (attach schedule)	. . . . . . . . . . . . . . . . .
51	Other notes and loans receivable  ____________
	minus allowance for doubtful accounts  ____________
52	Inventories for sale or use	. . . . . . . . . . . . . . . . .
53	Prepaid expenses and deferred charges
54	Investments — securities (attach schedule)
55	Investments — land, buildings and equipment: basis  ____
	minus allowance for doubtful accounts  ____________
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
	(attach schedule)	. . . . . . . . . . . . . . . . .
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	COMPENSATION
			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 _____________________________________________________________________________________

Common mistakes

Incomplete Organization Information: Many individuals forget to provide complete details about their organization, such as the name, address, and fiscal year ending date. This information is crucial for proper identification and processing.
Incorrect Financial Figures: Errors in reporting revenue, expenses, or changes in net assets can lead to significant issues. Double-checking all figures before submission can help avoid discrepancies that may require revisions later.
Missing Attachments: Certain sections of the form require additional schedules or explanations. Failing to attach these documents can delay processing and may result in penalties.
Failure to Sign and Date: A common oversight is neglecting to sign and date the form. This step is necessary to validate the submission and confirm that the information is accurate to the best of the officer's knowledge.
Neglecting to Review Changes: Organizations that have made changes in their governing documents must attach a copy of these changes. Not doing so can lead to confusion and potential compliance issues.

Free Maryland Cof 85 PDF

Learn More on This Form

What is the Maryland Cof 85 form?

The Maryland Cof 85 form is a financial reporting document required for organizations that are not filing Form 990. It helps the state gather information about the organization's revenue, expenses, and overall financial health for a specific fiscal year. This form is essential for maintaining transparency and compliance with state regulations.

Who needs to file the Maryland Cof 85 form?

Organizations that are exempt from federal income tax under Section 501(c)(3) and do not meet the criteria for filing Form 990 must complete the Maryland Cof 85 form. This typically includes smaller nonprofits and charitable organizations that have total revenue of less than $200,000 and total assets of less than $500,000.

What information is required on the Maryland Cof 85 form?

The form requires detailed information about the organization's financial activities. This includes contributions received, program service revenue, membership dues, expenses, and changes in net assets. Organizations must also provide a breakdown of functional expenses, program services rendered, and a balance sheet detailing assets and liabilities.

When is the Maryland Cof 85 form due?

The Maryland Cof 85 form is typically due on the 15th day of the 5th month after the end of the organization's fiscal year. For organizations that operate on a calendar year, this means the form is due on May 15. It’s important to check for any specific deadlines or extensions that may apply.

How do I submit the Maryland Cof 85 form?

The form can be submitted either by mail or electronically, depending on the preferences of the organization and the requirements set by the Maryland Secretary of State. If mailing, ensure that the form is sent to the correct address, which is usually the Secretary of State's office in Annapolis, Maryland.

What happens if I miss the deadline for filing the Maryland Cof 85 form?

Missing the deadline can lead to penalties and potential loss of tax-exempt status. Organizations may face late fees, and repeated failures to file can result in administrative dissolution. It's crucial to file on time or seek an extension if necessary.

Can I amend the Maryland Cof 85 form after submission?

Yes, if you discover an error after submitting the form, you can file an amendment. It's important to provide a clear explanation of the changes made. Contact the Maryland Secretary of State’s office for specific instructions on how to proceed with an amendment.

Where can I find assistance with completing the Maryland Cof 85 form?

Assistance can be found through various resources, including nonprofit support organizations, accountants familiar with nonprofit tax law, and the Maryland Secretary of State’s office. Many organizations also offer workshops or guides to help with the completion of the form.