Get the free Forms 990 990-EZ Return Summary - YWCA of Olympia

12570 05/15/2015 12:34 PM Forms 990 / 990EZ Return Summary For calendar year 2014, or tax year beginning, and ending Young Women's Christian Association 910568718 Of Olympia 148,048 Net Asset / Fund

How to fill out forms 990 990-ez return

How to Fill Out Forms 990 990-EZ Return:

Step 1: Gather the necessary information and documents.

1. Before starting to fill out Forms 990 or 990-EZ, make sure you have all the required information and documents handy.
2. This may include your organization's financial statements, program descriptions, compensation details, and other relevant information.

Step 2: Determine the appropriate form to use.

1. Depending on your organization's annual gross receipts, you may need to use either Form 990 or Form 990-EZ.
2. Form 990 is for organizations with gross receipts over $200,000 or total assets over $500,000, while Form 990-EZ is for organizations with gross receipts less than $200,000 and total assets less than $500,000.

Step 3: Provide general information about your organization.

1. Start by providing basic details such as the name, address, employer identification number (EIN), and contact information of your organization.
2. Also, indicate the tax year for which you are filing the return.

Step 4: Complete Part I: Revenue, Expenses, and Changes in Net Assets.

1. In this section, report your organization's revenue from various sources, including contributions, program service revenue, and investment income.
2. Deduct any expenses incurred in the course of your organization's activities and calculate the changes in its net assets.

Step 5: Fill out Part II: Balance Sheets.

1. Include details about your organization's assets, liabilities, and net assets at the beginning and end of the tax year.
2. Follow the instructions provided in the form to properly classify and report each item on the balance sheet.

Step 6: Complete Part III: Statement of Program Service Accomplishments.

1. Describe the nature of your organization's activities, programs, and achievements during the tax year.
2. Provide information on the number of individuals served, the expenses incurred for each program, and how they relate to your organization's mission.

Step 7: Answer Part IV: Checklist of Required Schedules.

1. Review the checklist provided in the form and determine if any additional schedules or attachments are required.
2. If necessary, complete the required schedules and attach them to the Form 990 or 990-EZ.

Who Needs Forms 990 990-EZ Return?

1. Nonprofit organizations that are exempt from federal income tax under section 501(a) of the Internal Revenue Code must file a Form 990 or 990-EZ.
2. These forms help the IRS gather information about the organization's activities, finances, governance, and compliance with tax regulations.
3. The filing requirement depends on the organization's annual gross receipts and total assets, as mentioned earlier.

In conclusion, filling out Forms 990 or 990-EZ requires gathering the necessary information, determining the appropriate form, and providing details about your organization's finances and activities. Compliance with these filing requirements is crucial for nonprofit organizations to maintain their tax-exempt status and ensure transparency and accountability.

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What is forms 990 990-ez return?

Forms 990 and 990-EZ are the annual information returns that certain tax-exempt organizations must file with the IRS to provide information on their finances and activities.

Who is required to file forms 990 990-ez return?

Most tax-exempt organizations, including charities, foundations, and other nonprofit organizations, are required to file either Form 990 or Form 990-EZ depending on their revenue and assets.

How to fill out forms 990 990-ez return?

To fill out Forms 990 and 990-EZ, organizations must provide information on their finances, governance, activities, and compliance with tax laws. The forms can be filled out electronically or by paper and must be submitted to the IRS.

What is the purpose of forms 990 990-ez return?

The purpose of Forms 990 and 990-EZ is to provide transparency and accountability for tax-exempt organizations, help the IRS ensure compliance with tax laws, and provide information to the public about the organization's finances and activities.

What information must be reported on forms 990 990-ez return?

Information reported on Forms 990 and 990-EZ includes financial data, governance structure, executive compensation, program descriptions, and compliance with tax laws.