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2016 TAX RETURNCLIENT COPY Client:SALUTEPrepared for:SALUTE, INC. 18 NORTH BOTHELL STREET PALATINE, IL 60067 8473598811Prepared by:CHRISTIAN N McClure, INSERR & CO. CHAD. 1650 N. ARLINGTON HEIGHTS

How to fill out public 990

How to fill out public 990

1. Obtain Form 990: You can download Form 990 from the official website of the Internal Revenue Service (IRS) or obtain a physical copy from the IRS office.
2. Read the instructions: Carefully go through the instructions provided along with Form 990. It will help you understand the requirements and provide guidance on filling out the form correctly.
3. Gather the necessary information: Collect all the required information, including the organization's name, address, EIN (Employer Identification Number), financial data, program details, and governance information.
4. Fill out Part I: Part I of Form 990 requires basic information about the organization, including its mission, activities, and the type of entity it is (e.g., corporation, trust, association, etc.). Provide accurate and complete details.
5. Complete financial statements: Part II of Form 990 focuses on financial information. Provide the organization's revenue, expenses, assets, liabilities, and other financial data. Depending on the organization's size, certain financial statements like balance sheets and income statements may need to be attached.
6. Provide program-related details: Part III of Form 990 asks for information about the organization's programs and accomplishments. Describe the activities undertaken to fulfill the organization's mission, any collaborations, and the impact of these programs.
7. Report compensation: Part IV requires disclosure of compensation information for key employees, highest-compensated employees, independent contractors, and certain officers, directors, and trustees.
8. Complete other sections: Depending on the organization's activities, there may be additional sections to fill out, such as reporting on lobbying and political activities, foreign investments, and grants.
9. Review and sign: Once you have filled out all the necessary sections, review the form for accuracy and completeness. Sign and date the form to validate it.
10. Submit the form: File the completed Form 990 with the IRS either online or by mailing it to the appropriate address. Make sure to keep a copy for your records.

Who needs public 990?

1. Nonprofit organizations: Nonprofit organizations that are exempt from income tax under section 501(c)(3) of the Internal Revenue Code need to fill out and submit Form 990. This includes charitable, religious, educational, and scientific organizations among others.
2. Government agencies: Certain government agencies, such as state colleges and universities, also need to file Form 990 to report their financial information.
3. Donors and supporters: Individuals and entities who donate to nonprofit organizations often refer to the organization's Form 990 to evaluate its financial health, program activities, and governance practices. It helps them make informed decisions about their donations.
4. Grant-making foundations: Foundations that provide grants to nonprofits may require Form 990 to assess the eligibility and suitability of potential grant recipients.
5. Researchers and journalists: Researchers and journalists may use Form 990 to analyze the financial and operational aspects of nonprofit organizations, conduct studies, and report on the sector's overall trends and impact.
6. General public: The availability of Form 990 ensures transparency and accountability of nonprofit organizations to the general public. It allows anyone interested to access information regarding an organization's finances, programs, and governance.

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What is public 990?

Public 990, also known as Form 990, is an annual information return that most tax-exempt organizations in the United States must file with the IRS, providing information about their financial activities, governance, and compliance with tax regulations.

Who is required to file public 990?

Tax-exempt organizations such as charities, nonprofits, and other types of organizations that are recognized as tax-exempt under Internal Revenue Code 501(c) are required to file Form 990, unless they fall under certain exceptions.

How to fill out public 990?

To fill out Form 990, organizations must gather financial records, prepare necessary schedules and disclosures, complete the form accurately reflecting their financial activities, and consult the IRS instructions for detailed guidance.

What is the purpose of public 990?

The purpose of Form 990 is to provide transparency regarding the financial health and activities of tax-exempt organizations, allowing the IRS and the public to assess their compliance with tax requirements and how they utilize their resources.

What information must be reported on public 990?

Form 990 requires organizations to report various information, including revenue, expenses, assets, liabilities, programs, governance structures, key personnel, and compensation details.