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[Music] hello welcome to monday money moments with myself your host dana miller of executive financial insights today we are talking about dun dun dun financial literacy and the 990 a tax return that all non-profits have to file so first of all let me say yes i am a cpa no i am not a tax cpa no advice is given here no advice is intended here this is just a who what when where how and why we would even do a tax return when we are a not-for-profit basically tax free organization the 990 is an informational tax form that most tax exempt organizations file it provides the public with financial and some organizational information about the nonprofit organization now there are other ways to do this as well but the 990 is a required annual form that needs to be filed it also helps the irs determine if the activities that you're engaged in are truly not for-profit worthy and that you can maintain your tax exempt status so what information does a reader of a 990 look for and look at it what are some of the things they can see everyone is different of course but some of the big things right on the very first page they can see what type of not for profit you are so c 3 c 6 c 4 etc how much revenue and expenses and net assets were generated at the very high level in your organization part 1 also shows the sources of revenues and the major categories of expenses programs fundraising and management costs part three shows your organizational accomplishments and to be honest this is not a terrific opportunity for you to brag there are no prescribed ways for you to say how well you did this year you just have to put on what revenues you generated and what expenses you had but then what did you accomplish with that part three is where you get to do that so that's awesome part five talks about who your board is and who the top earners in the company are if they're earning over a hundred thousand dollars so if your board is paid most board members are not paid but some are and so anything that and remuneration to the board shows up in this area part six is all the affirmation questions about your organization your governing body rules that you're following making sure that you do or do not have international investments all of these types of questions and answers to these questions will generate additional schedules schedule a also approaches questions on self dealing and conflicts of interest so that's monitored by state regulatory and the irs bodies to ensure that you're not using the non-profit for personal gain which of course you're not doing that you shouldn't be doing that but it's just for the public gain that's why you're not for profit that's why you're not taxed is because the public is benefiting from what you're doing you are allowed to have lobbying and you just have to report on some of the lobbying it is limited right you're not supposed to be a lobbying organization as a 501c3 but you are allowed to do loving so who can prepare a 990 cpas for sure your auditors who are also cpas it can be prepared internally as well i would recommend using an external tax preparing service it will save you a lot of time and headache because the return is not a super simple return to prepare it is due the 15th day of the fifth month following your year end so for most of us with a december 31st calendar year-end it's due may 15th so just remember that and depending on your dollar volume if you have smaller revenues then you can file a 990 ez and you can file a 990 short form most nonprofits do file the long form 990 if they're large enough okay caveats if you don't file a 990 you can get in trouble with the irs and after three years they can revoke your non-profit status so just be be careful of that you want to make sure that you are filing it every year i do have a suggestion for you as well post your 990 post your return on your website it's a very forward transparency move that helps donors and the public they will have access to this information anyway but be preemptive about it and put it out there for them okay and that's what i have for you today that is executivefinancialinsights.com and we'll talk to you next week thanks