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Explore the 2022 Form 990 for Phillips Exeter Academy, detailing its financial activities, governance, and tax exemption status, highlighting significant program accomplishments and revenue.

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What is form 990?

Form 990 is an annual reporting return that tax-exempt organizations, non-profit organizations, and certain other organizations must file with the IRS to provide information about their financial activities, governance, and compliance with tax regulations.

Who is required to file form 990?

Tax-exempt organizations, including charities and non-profits that have gross receipts of $200,000 or more or total assets of $500,000 or more, are required to file Form 990. Smaller organizations may file Form 990-EZ or Form 990-N.

How to fill out form 990?

To fill out Form 990, organizations must gather financial records, complete the required sections including income, expenses, and program accomplishments, and ensure that all parts of the form are accurately filled, including schedules that may apply to the organization before submitting it to the IRS.

What is the purpose of form 990?

The purpose of Form 990 is to provide transparency regarding the financial operations and governance of tax-exempt organizations, allowing the IRS and the public to assess how organizations are managing their funds and ensuring compliance with tax regulations.

What information must be reported on form 990?

Form 990 requires organizations to report information such as revenue, expenses, net assets, program services, governance policies, compensation for highest-paid employees, and any significant activities conducted throughout the year.

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