Get the free Form 990

The Form 990 is a return used by tax-exempt organizations to provide the IRS with necessary financial information about their activities, revenues, and expenditures. This specific document covers the 2023 calendar year for the North Carolina Community Foundation, detailing donations, grants, and operational expenses, while ensuring transparency and accountability to the public.

How to fill out form 990

How to fill out form 990

1. Gather necessary financial information, including income, expenses, and assets.
2. Download the Form 990 from the IRS website or consult your tax advisor.
3. Complete the identification section, including the organization’s name, address, and Employer Identification Number (EIN).
4. Fill out the financial sections by listing revenues, expenses, and changes in net assets.
5. Provide information about the organization’s mission, programs, and accomplishments.
6. Complete the governance section, detailing how the organization is governed and managed.
7. Review the compensation of key personnel and board members.
8. Answer questions regarding compliance with IRS regulations and other legal obligations.
9. Double-check your entries for accuracy and completeness.
10. Submit the form electronically or via mail by the due date.

Who needs form 990?

1. Nonprofit organizations with gross receipts of $200,000 or more, or total assets of $500,000 or more.
2. Tax-exempt organizations, including charities and foundations, as required by IRS regulations.
3. Smaller organizations may need to file Form 990-N or Form 990-EZ instead.

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What is form 990?

Form 990 is an annual reporting return that organizations exempt from income tax under section 501(c) of the Internal Revenue Code must file with the IRS. It provides information on the organization's mission, programs, and finances.

Who is required to file form 990?

Nonprofit organizations that are tax-exempt under section 501(c)(3) and certain other sections of the Internal Revenue Code are required to file Form 990. This includes charities, foundations, and other nonprofit organizations whose gross receipts exceed a certain threshold.

How to fill out form 990?

To fill out Form 990, organizations need to gather financial records, information about programs and services, and data on governance and compliance. They can either complete the form directly using the IRS guidelines or utilize a tax preparation software designed for nonprofit organizations.

What is the purpose of form 990?

The purpose of Form 990 is to provide the IRS and the public with information about the financial activities, governance, and operations of nonprofit organizations, ensuring transparency and accountability.

What information must be reported on form 990?

Form 990 requires organizations to report financial information, including revenue, expenses, assets, liabilities, and net assets; details about governance and management; a description of the organization's mission and activities; and information about compensation for high-ranking employees and board members.