Profit & Loss Statement Instructions Each year, U.S.- based guilds that are part of the MQG’s Group Exemption must submit a Profit & Loss document for the MQG to hold on file in case it is ever requested by the IRS. Your document should show the year’s expenses, revenues, and balance of the two. If your guild has always used a different time frame (July – June, for example), that is fine. However, all of your guild’s P&Ls when reviewed together should form a complete chronological financial picture of your guild. Click on the button below to download a template that you can use! The template itself is “View Only.” You will need to download it or make a copy in order to fill in your guild’s information. Profit & Loss Template Please send your guild’s P&L statement to info@themodernquiltguild.com. This is an example of a simple Profit & Loss statement. You may use this as a guide on how to keep track of your guild’s financial activity.
