On this episode of the pod, we’re going to walk you through the types of information you can get from a 990. You’ll hear how that information is helpful to a variety of individuals including: a new Executive Director, board members, the press, staff, job applicants, donors, and more. 

Our Attorneys for this Episode 

• Jen Powis
• Leslie Barnes
• Quyen Tu 

Shownotes 

• Why nonprofits are required to publicly disclose certain legal and financial information. 
• The different kinds of Form 990s including: 
  • Form 990 
  • Form 990 EZ 
  • Form 990-N 
  • Form 990-PF 

   

• When are Form 990s due? 
• What are the penalties and fines for not filing?   

• What can you find in a 990? 
  • Identity, Tax Status, and Tax Year 
  • How Much Income Did the Filer Receive and From What Sources? 
  • How Did the Filer’s Total Expenses Break Down?  
  • What Can You Tell from Net Assets? 

 

• Number of employees and board members, organization’s website, and EIN  
• What Kinds of Programs Does the Filer Run and How Much Does It Spend on Them? 
• Good Governance – Conflict of Interest, Whistleblower, Record Retention and Compensation Policies 
• Who Are the Filer’s Board Members, Officers, Key Employees, and How Much Does Its Top Staff Get Paid?   
• Did the Filer Initiate Some New Activity, Change Its Processes for Governing or Engage in Any Excess Benefit Transactions? 
• Did the Filer Engage in Any Self-Dealing Transactions During the Year?  
• Does the Filer Lobby? 

• When nonprofits must provide copies of financial documents to the public 
  • In-person requests 
  • Requests in writing 

• Charges for copying and mail must be arranged in advance
• Fines for noncompliance 
• Filers who share their 990s on their website are not obligated to produce copies upon request 

   

 As a reminder, this episode is just about the tax filing to the federal government (the 990) at the end of your fiscal year. Each state may also require a nonprofit public charity to file other types of forms, perhaps a copy of the 990, or some other tax filing. So make sure if you’re a staff person that you work with your bookkeeper to understand all the end of the year filings you need to provide.  

Resources  

• Guidance on how to complete a Form 990 from the IRS 
• Give Me Your 990  
• Keeping Track: A Guide to Recordkeeping for Advocacy Charities 
• Where to look for Form 990s:  
  • Nonprofit Explorer by ProPublica 
  • GuideStar  
  • IRS 
• Apply for an Employer Identification Number (EIN) Online