Get the free Form 990

This form is used by organizations that are exempt from federal income tax under section 501(c) or 4947(a)(1) for reporting their annual financial information to the IRS.

How to fill out form 990

How to fill out form 990

1. Gather the necessary financial documents and records for the organization's fiscal year.
2. Determine the organization's classification (e.g., public charity, private foundation) to understand specific requirements.
3. Complete the basic information section, including the organization's name, address, and Employer Identification Number (EIN).
4. Fill out the revenue section, listing all income sources, including contributions, grants, and earned income.
5. Record expenses in detail, including program services, management, and fundraising costs.
6. Complete the balance sheet section by reporting the organization's assets, liabilities, and net assets.
7. Provide information on governance practices, including board composition and meetings.
8. Include any additional schedules required based on the organization's activities, such as Schedule A for public charities.
9. Review the completed form for accuracy and compliance with IRS requirements.
10. Submit Form 990 electronically or by mail to the IRS by the designated deadline.

Who needs form 990?

1. Nonprofit organizations recognized as tax-exempt under Internal Revenue Code Section 501(c)(3) and other 501(c) organizations.
2. Organizations with gross receipts over $200,000 or total assets exceeding $500,000 must file Form 990.
3. Mid-sized nonprofits with gross receipts between $50,000 and $200,000 file Form 990-EZ.
4. Smaller tax-exempt organizations with gross receipts under $50,000 file Form 990-N (e-Postcard).
5. Foundations and organizations seeking transparency and accountability to donors and the public.

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What is form 990?

Form 990 is a tax return that tax-exempt organizations in the United States are required to file with the Internal Revenue Service (IRS) to provide detailed information about their finances, operations, and compliance with federal tax laws.

Who is required to file form 990?

Nonprofit organizations, such as charitable organizations, educational institutions, and certain religious organizations that have gross receipts above a certain threshold, are required to file Form 990 annually. Additionally, private foundations must file Form 990-PF.

How to fill out form 990?

To fill out Form 990, organizations must gather financial statements, details on governance, mission statements, and information about programs. They then complete the form using the guidelines provided by the IRS, often utilizing accounting software or professional assistance to ensure accuracy.

What is the purpose of form 990?

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

What information must be reported on form 990?

Form 990 requires organizations to report financial information such as revenue, expenses, assets, and liabilities, as well as details about their governance, programs, and activities. Additionally, high-level compensation information for key employees and certain related party transactions must be disclosed.