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All organizations that file the 990-EZ or the 990-N are required to complete and submit this Pro Forma 990, which includes sections on revenue, expenses, and necessary officer details.

How to fill out pro forma 990

How to fill out pro forma 990

1. Gather financial records for the fiscal year, including income statements and balance sheets.
2. Review the IRS instructions for Form 990 to understand the specific requirements.
3. Begin with the basic organizational information, including the name, address, and EIN.
4. Complete the revenue section by detailing all sources of income.
5. List expenses in the appropriate categories, ensuring to include all operational costs.
6. Fill out the functional expense section to categorize expenses by function.
7. Report any changes in net assets or liabilities and detail end-of-year balances.
8. Complete the governance section, including questions about the board and policies.
9. Review the schedule requirements and include any applicable schedules.
10. Double-check for accuracy and compliance, then submit by the deadline.

Who needs pro forma 990?

1. Non-profit organizations that meet specific income thresholds as required by the IRS.
2. Charitable organizations looking to maintain tax-exempt status.
3. Foundations and other tax-exempt entities that must file annual reports.
4. Organizations seeking transparency and accountability to stakeholders.

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What is pro forma 990?

Pro forma 990 is a simplified version of the IRS Form 990, which is used by tax-exempt organizations to provide financial information and report their activities. Pro forma 990 is typically filed by organizations that are not engaged in regular activities or have little or no income.

Who is required to file pro forma 990?

Organizations that are considered tax-exempt under Section 501(c)(3) of the Internal Revenue Code and do not have significant financial activities, typically those with gross receipts under a specific threshold, are required to file pro forma 990.

How to fill out pro forma 990?

To fill out pro forma 990, an organization must provide basic information such as its name, address, and tax identification number. It may also need to include financial data, descriptions of activities, and certifications of compliance. Simplified instructions often accompany the form to guide the filing process.

What is the purpose of pro forma 990?

The purpose of pro forma 990 is to maintain transparency among tax-exempt organizations, ensuring they report their financial activities, even if those activities are minimal. It also helps the IRS monitor compliance with tax-exempt status requirements.

What information must be reported on pro forma 990?

Pro forma 990 typically requires reporting of basic organizational information, a summary of revenue and expenses, a description of the organization's mission and activities, and any other relevant compliance information mandated by the IRS.