Get the free Form 990

This form is used by organizations that are exempt from income tax under section 501(c) to report their financial activities. It includes information on revenue, expenses, assets, liabilities, and governance, along with specific program accomplishments related to charitable activities.

How to fill out form 990

How to fill out form 990

1. Gather financial records including income statements, balance sheets, and detailed accounts of expenditures.
2. Begin the form by entering the organization's basic information, including name, address, and EIN (Employer Identification Number).
3. Complete Part I, which details the organization's revenue, including contributions, grants, and other sources of income.
4. Fill out Part II to report the organization's functional expenses, categorizing them by program services, management, and fundraising costs.
5. Complete Schedule A if the organization is a public charity; this section provides further information about public support.
6. If applicable, fill out any additional schedules, like Schedule B for reporting donor information or Schedule C for political campaign activities.
7. Review and finalize all entries, ensuring accuracy and completeness.
8. Sign the form, including the signature of an authorized officer or board member, along with the date.
9. File the completed Form 990 electronically or by mail, depending on the organization’s size and revenue.

Who needs form 990?

1. Non-profit organizations with gross receipts over $200,000 or total assets over $500,000 at the end of the tax year.
2. Certain smaller non-profit organizations may also need to file Form 990-N (e-Postcard) if their gross receipts are normally $50,000 or less.
3. Private foundations must file Form 990-PF, instead of Form 990, to report their activities and financial status.

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What is form 990?

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

Who is required to file form 990?

Tax-exempt organizations, including charities, nonprofits, and other exempt entities with gross receipts of over $200,000 or total assets over $500,000, are required to file Form 990. Smaller organizations may file Form 990-EZ or Form 990-N (e-Postcard) depending on their revenue and asset levels.

How to fill out form 990?

Filling out Form 990 involves gathering the organization's financial records, operational details, and governance structure. Organizations must provide detailed financial statements, compensation information for key employees, and disclosures of any potential conflicts of interest. It is advised to consult with a tax professional or use IRS instructions for guidance.

What is the purpose of form 990?

The purpose of Form 990 is to promote transparency and accountability among tax-exempt organizations. It allows the IRS to monitor compliance with tax laws and enables potential donors and the public to assess the financial health and activities of these organizations.

What information must be reported on form 990?

Form 990 requires organizations to report a variety of information, including details about their mission, programs, complete financial statements (revenue, expenses, net assets), compensation of highest-paid employees, governance structure, and any significant changes in operations or financial status.