Get the free Form 990

This form is used by organizations exempt from income tax under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code to report their financial activity, including revenue, expenses, and changes in net assets. The Sunnybrook Health Sciences Centre Foundation utilizes this form to report for the tax year ending March 31, 2023, detailing their donations, contributions, and expenditures supporting health sciences and medical research.

How to fill out form 990

How to fill out form 990

1. Download the form 990 from the IRS website.
2. Gather financial records including income, expenses, and balance sheets.
3. Fill out the organization information section including name, address, and EIN.
4. Complete the financial sections, providing details on revenue, expenses, and net assets.
5. Answer all required questions regarding governance and activities.
6. Disclose compensation for key employees and board members if applicable.
7. Review the completed form for accuracy and completeness.
8. Sign and date the form.
9. Submit the form electronically or via mail to the appropriate IRS office.

Who needs form 990?

1. Non-profit organizations with gross receipts over $200,000.
2. Non-profit organizations with total assets over $500,000 at the end of the year.
3. Certain smaller non-profits may also need to file Form 990-N (e-Postcard) if gross receipts are under $50,000.

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What is form 990?

Form 990 is an annual informational return that certain tax-exempt organizations in the United States must file with the Internal Revenue Service (IRS). It provides transparency regarding the organization's activities, governance, and financial information.

Who is required to file form 990?

Tax-exempt organizations with gross receipts of $200,000 or more, or total assets amounting to $500,000 or more, are required to file Form 990. Smaller organizations may file Form 990-EZ or Form 990-N, depending on their specific financial situation.

How to fill out form 990?

To fill out Form 990, organizations must gather financial information from their records, complete each section of the form accurately, provide details about their activities and governance, and ensure compliance with IRS requirements before submitting it.

What is the purpose of form 990?

The purpose of Form 990 is to provide the IRS and the public with information about a nonprofit's financial status, governance structure, and programs, promoting transparency and accountability in the nonprofit sector.

What information must be reported on form 990?

Organizations must report information including their mission, programs, financial statements, compensation of highest-paid employees, governance practices, and any significant changes in the organization during the year.