990 2018

What is the 990?

The Form 990 is an annual information return that tax-exempt organizations, non-profits, and certain other entities must file with the Internal Revenue Service (IRS). This form provides detailed financial information about the organization, including its mission, programs, and finances. The 990 serves to promote transparency and accountability, allowing the public to understand how these organizations operate and utilize their resources. It is crucial for maintaining tax-exempt status and ensuring compliance with federal regulations.

Steps to complete the 990

Completing the 990 requires careful attention to detail and adherence to IRS guidelines. Here are key steps to follow:

• Gather necessary information: Collect financial statements, lists of board members, and details about programs and activities.
• Choose the appropriate version: Determine if you need to file Form 990, 990-EZ, or 990-N based on your organization’s gross receipts and total assets.
• Fill out the form: Complete all sections accurately, ensuring all required information is provided.
• Review and verify: Double-check all entries for accuracy and completeness before submission.
• File the form: Submit the completed 990 electronically or by mail, depending on the filing requirements.

How to obtain the 990

Organizations can obtain the Form 990 from the IRS website or through various online resources. The form is available in different formats, including PDF and fillable versions. To ensure compliance, it is important to download the most current version of the form. Additionally, many organizations make their completed 990 forms available on their websites, providing easy access for stakeholders and the public.

Legal use of the 990

The legal use of the Form 990 is essential for maintaining tax-exempt status. Organizations must file this form annually to report their financial activities and ensure compliance with IRS regulations. Failure to file can result in penalties, including the loss of tax-exempt status. It is important for organizations to understand the legal implications of the information reported on the 990 and to ensure that all data is accurate and truthful.

Filing Deadlines / Important Dates

Organizations must adhere to specific deadlines when filing the Form 990. Generally, the due date for the form is the fifteenth day of the fifth month after the end of the organization’s fiscal year. For example, if an organization’s fiscal year ends on December thirty-first, the Form 990 is due by May fifteenth of the following year. Organizations can apply for an extension, but they must still file the form by the original due date to avoid penalties.

Key elements of the 990

The Form 990 consists of several key elements that provide a comprehensive overview of an organization’s financial health and activities. Important sections include:

• Statement of revenue: Details all sources of income, including contributions, grants, and program service revenue.
• Statement of functional expenses: Breaks down expenses into categories such as program services, management, and fundraising.
• Balance sheet: Provides a snapshot of the organization’s assets, liabilities, and net assets at the end of the fiscal year.
• Governance: Lists board members and key staff, along with their compensation and any potential conflicts of interest.