Tax and Finance: Filing 990 IRS Forms

Form 990, with its accompanying Schedule A, is the "Return of Organizations Exempt from Tax" - the nonprofit organization equivalent of the personal Form 1040. If your group has tax-exempt status and had gross income greater than $25,000 during the year, it must file this "informational return," which compiles financial information, program activities, names of board members, and other basic information. State regulations vary, but some states wish to see the 990 as well.

There is a simplified Form 990EZ, which your organization may be eligible to file. Generally, this form can be used by organizations whose gross income is between $25,000 and $100,000 and whose assets total less than $250,000. The Instructions form for 990/990EZ lists all these rules as well as tips for completing the return and definitions of the types of documents you should maintain in your records.

The 990 is due four and a half months after the end of your fiscal year. If you use the calendar year as your fiscal year (January 1 through December 31), then your 990 would be due May 15. If you cannot file in time, you may file for a 90-day extension (Form 2758), and while you may be able to get more time by showing evidence of need, the IRS does not grant extensions longer than 6 months. You will incur penalty fees if you file late without an extension application, at least on file (there is some grace on penalties for applications that are rejected).

Form 990 is a public document, and organizations must furnish copies of it on request. However, you need not include copies of the section of Schedule A that names your donors and the amounts they donated or of some other schedules you may be required to file with your 990. Your state may post 990s for nonprofits at its website, and this may meet the IRS requirement for disclosure.

You can find more information at the IRS Charities page.

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