It’s almost that time of year, again…time to start thinking about your non-profit’s Form 990 filing for the 2013 tax period. These information returns are due the 15th day of the 5th month after the end of an organization’s accounting period. For calendar year organizations, that date is May 15, 2014. You can obtain an automatic 3 month extension by submitting Form 8868. You can subsequently use the same form to apply for an additional 3 month extension if needed.
When completing your Form 990, keep in mind, readers other than the IRS, like potential donors, other non-profits, etc., may find interesting and helpful information in your Form 990. This information paints a picture of the activities and structure of the organization. So what are the big things one might look at in a Form 990 you might ask? Well, let’s highlight ten of the big points. When reviewing an organizations Form 990, you might look for information on:
1. The identification of the organization and its tax status.
2. The amount and sources of income the organization received.
3. The breakdown of aggregate expenses between programs, management, and fundraising.
4. The net assets of the organization.
5. What types of programs the organization operates and the funding for each program.
6. The identification of the board members and compensation for top staff members.
7. Whether the organization engaged in any new activity, changed any process for governance or engaged in any excess benefit transactions.
8. Whether the organization engaged in any self-dealing transactions during the tax period.
9. Whether the organization is classified as a private foundation.
10. Lobbying activities undertaken by the organization.
A fair amount of information can be obtained by reviewing an organization’s Form 990. When preparing your Form 990, the myriad of particular facts reported about your organization on the Form 990 and the picture this information paints of your mission and your accomplishments.
