Get the free Form 990 - The McGaw YMCA - mcgawymca

Information about Form 990 and its instructions is at www.irs.gov/form990. ... b Net unrelated business taxable income from Form 990-T, line 34. ... 1000 GROVE STREET, EVANSTON, IL 60201. 20,715,853.

How to fill out form 990 - form

How to fill out form 990 - form:

1. Gather necessary information: Before starting the form, gather all the required information such as the organization's name, address, mission statement, financial details, and any other relevant data. This will help streamline the form-filling process.
2. Understand the sections: Form 990 consists of various sections that require specific information about the organization. Familiarize yourself with each section to understand what information needs to be provided.
3. Provide basic information: Begin by filling out the basic information section, which includes the organization's name, address, and employer identification number. Additionally, mention the tax year to which the form corresponds.
4. Describe the organization's mission: In this section, provide a concise description of the organization's mission and activities. Explain the purpose of the organization and how it contributes to society.
5. Report financial information: Form 990 requires comprehensive financial reporting. Provide details about the organization's revenue, expenses, assets, liabilities, and net assets. This includes information about donations, grants, program services, salaries, and more.
6. Answer governance-related questions: This section focuses on the organization's governance structure and policies. It may ask about the board of directors, conflict of interest policies, and other governance-related information.
7. Provide information about key employees: Form 990 asks for details about key employees and their compensation, such as officers, directors, and highest-compensated employees. Be sure to accurately report their salaries and benefits.
8. Complete additional schedules if necessary: Depending on the organization's activities and financials, additional schedules may need to be completed. These schedules provide more detailed information on topics such as foreign activities, fundraising events, and compensation.
9. Review and double-check: Once you have completed the form, review all the information provided. Ensure accuracy and completeness before submitting it to the appropriate tax authority.

Who needs form 990 - form:

1. Nonprofit organizations: The form 990 is primarily required for tax-exempt organizations, including charitable, religious, educational, and other nonprofit entities. It provides transparency and accountability regarding an organization's finances and activities.
2. Organizations with gross receipts above a certain threshold: Form 990 is generally required for organizations with gross receipts exceeding $200,000 or total assets above $500,000. However, certain smaller organizations may be eligible to file a simplified version, such as Form 990-EZ.
3. Public disclosure: Form 990 serves as a public disclosure document, meaning that it is available for public inspection. It allows donors, stakeholders, and the general public to gain insights into how a nonprofit organization operates and uses its resources.

Remember, it is essential to consult a tax professional or refer to the official IRS guidelines to ensure accurate completion of Form 990 based on specific organizational circumstances.

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