Get the free Form 990

This form is used by organizations exempt from income tax under section 501(c) of the Internal Revenue Code to report their income, expenses, assets, and liabilities, as well as their program accomplishments and governance structure. The Art Base is a 501(c)(3) organization focused on fostering creative expression in the visual arts through educational programs and exhibitions.

How to fill out form 990

How to fill out form 990

1. Gather all necessary financial documents and information for your nonprofit organization.
2. Download Form 990 from the IRS website or obtain a physical copy.
3. Fill out the organization's basic information, including name, address, and EIN (Employer Identification Number).
4. Complete the financial statements, including income, expenses, and balance sheet.
5. Detail program services, accomplishments, and changes in net assets.
6. Complete schedules that apply to your organization, such as Schedule A (Public Charity Status) and Schedule B (Contributors).
7. Provide a list of board members and key employees along with their compensation.
8. Review the form for accuracy and ensure all information is complete.
9. Sign and date the form before submission.
10. File the completed Form 990 electronically or by mail by the due date.

Who needs form 990?

1. Nonprofit organizations that are exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code.
2. Organizations with gross receipts over a certain threshold, typically $200,000 per year.
3. Organizations with total assets over $500,000 at the end of the year.
4. Private foundations and certain other tax-exempt entities.

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What is form 990?

Form 990 is an annual information return that tax-exempt organizations must file with the IRS. It provides information on the organization's mission, activities, and finances.

Who is required to file form 990?

Tax-exempt organizations with gross receipts over a certain threshold are required to file Form 990. This includes charitable organizations, some nonprofits, and certain trusts.

How to fill out form 990?

Form 990 can be filled out by gathering the organization's financial information and details about its activities, then completing the form according to the instructions provided by the IRS.

What is the purpose of form 990?

The purpose of Form 990 is to provide transparency and accountability for tax-exempt organizations, allowing the IRS and the public to assess their financial health and compliance with tax laws.

What information must be reported on form 990?

Form 990 requires information about the organization's mission, program services, revenue, expenses, governance, and financial statements, among other relevant details.