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This document is the IRS Form 990 for the Houston Community College Foundation, reporting its financial activities for the 2020 tax year. It provides detailed information on the organization\'s mission, governance, revenue, expenses, assets, and liabilities, as well as its contributions towards student scholarships and community support.

How to fill out form 990

How to fill out form 990

1. Gather necessary organization documents: Ensure you have your organization's financial records, mission statement, and previous tax returns.
2. Complete basic information: Fill in the organization's name, address, and EIN (Employer Identification Number) at the top of the form.
3. Prepare financial statements: Input revenue, expenses, and net assets in the appropriate sections, ensuring all amounts are accurate and complete.
4. Report functional expenses: Classify expenses by function (program services, management, fundraising) and provide detailed breakdowns.
5. Complete the governance section: Disclose information about the governing board, officers, and any key employees.
6. Answer questions on compliance: Respond to questions about compliance with federal tax laws and any changes in your organization.
7. Attach schedules as needed: Depending on your organization’s activities, include additional schedules that provide more information.
8. Review and double-check: Ensure all information is accurate and complete before signing the form.
9. File the form: Submit Form 990 electronically or by mail to the appropriate IRS address by the due date.

Who needs form 990?

1. Tax-exempt organizations with gross receipts of $200,000 or more annually.
2. Organizations with total assets of $500,000 or more at the end of the year.
3. Nonprofits seeking to maintain their tax-exempt status by providing transparency on their financial health.
4. Foundations and charities that receive federal funds.
5. Organizations that want to encourage donors by demonstrating compliance and accountability.

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What is form 990?

Form 990 is a federal tax form that nonprofit organizations in the United States are required to file with the Internal Revenue Service (IRS) annually. It provides transparency regarding the organization’s financial information, governance, and operational details.

Who is required to file form 990?

Most tax-exempt organizations, including charities and nonprofits, are required to file Form 990 annually, with some exceptions for small organizations that meet certain criteria.

How to fill out form 990?

To fill out Form 990, organizations must gather their financial information, including income, expenses, and assets. They must follow the form's instructions, providing detailed information on governance, programs, and finances. It can be completed using paper forms or electronically through IRS-approved software.

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 organization’s activities, governance, and financial performance, ensuring transparency and accountability.

What information must be reported on form 990?

Form 990 requires reporting of information such as the organization's mission, programs, financial data (revenues and expenses), governance practices, and compensation for top officials.