Get the free Form 990

This document is a filing for the Grinnell Area Arts Council (DBA Grinnell Community Theatre) under IRS rules as a tax-exempt organization, detailing its revenue, expenses, governance, and program services for the fiscal year ended 2018. It serves to inform the public and the IRS about the organization\'s financial activities, tax-exempt status, and community impact.

How to fill out form 990

How to fill out form 990

1. Gather the necessary financial records for the organization, including income statements, balance sheets, and statements of functional expenses.
2. Determine the appropriate tax year for the form, usually the organization’s fiscal year.
3. Complete the basic information section, including the organization's name, address, and Employer Identification Number (EIN).
4. Fill out the revenue section, detailing all sources of income, including contributions, grants, and program service revenue.
5. Document the organization’s expenses in the expense section, categorizing them by function (program, administrative, fundraising).
6. Provide information on the organization's assets and liabilities in the balance sheet section.
7. Include any required schedules, such as Schedule A (Public Charity Status) or Schedule B (Contributors), if applicable.
8. Review the form for accuracy and completeness before submitting.
9. File the form electronically or via mail by the due date, typically the 15th day of the 5th month after the end of the organization’s fiscal year.

Who needs form 990?

1. Tax-exempt organizations such as charities, foundations, and non-profit organizations that have annual gross receipts of $200,000 or more, or total assets of $500,000 or more.
2. Organizations not covered by specific exceptions or exemptions that operate under section 501(c)(3) or similar classifications.

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What is form 990?

Form 990 is an annual information return that tax-exempt organizations in the United States must file with the Internal Revenue Service (IRS). It provides details about the organization’s financial activities, governance, and compliance with tax regulations.

Who is required to file form 990?

Tax-exempt organizations, including charities, foundations, and other nonprofits that gross more than $200,000 in revenue or have total assets of more than $500,000 are required to file Form 990.

How to fill out form 990?

To fill out Form 990, organizations should gather their financial statements, information about their governance, and any other relevant data. They must complete the form accurately, including details about revenue, expenses, and program activities, and submit it to the IRS by the due date.

What is the purpose of form 990?

The purpose of Form 990 is to ensure transparency and accountability of tax-exempt organizations, providing the IRS and the public with a comprehensive overview of the organization's operations, financials, and governance.

What information must be reported on form 990?

Form 990 requires organizations to report details such as revenue, expenses, program service accomplishments, governance structure, financial position, and any compensation paid to key employees and volunteers.