Nonprofit Accounting Basics

Form 990

Best Practices

Originally Posted: May 20, 2009

The Internal Revenue Service believes that promoting best practices in the areas of governance, management and disclosure will lead to a higher level of federal tax law compliance.

Charity Ratings: Why They Matter and Ways to Improve

Originally Posted: June 1, 2021

What are charity ratings?  Charity ratings are evaluations created by charity watchdog organizations who are also nonprofit entities.  The mission of charity watchdo

Definition of an Officer

Originally Posted: May 20, 2009

An officer is a person elected or appointed to manage an organization’s daily operations, such as a president, vice president, secretary, or treasurer.

Definition of Key Employee

Originally Posted: May 20, 2009

The definition of a key employee includes a three part test. To be a current key employee all three tests must be met:

The $150,000 Test

Form 990 (Core Form)

Originally Posted: April 2, 2010

The Form 990, Return of Organization Exempt from Income Tax, contains a twelve page “core” form with the following twelve parts:

Form 990 Schedules

Originally Posted: December 3, 2010

The following list notes the schedules that are part of the Form 990. Each schedule is completed only if the organization meets the requirements for filing the particular schedule.

Give Me Your 990!

Originally Posted: May 9, 2022

Public Disclosure Requirements for Tax-Exempt Organizations | 2022 Edition

Governance Review of the Form 990

Originally Posted: May 20, 2009

Form 990, Part VI, Line 11 relates to the organization’s process for filing the Form 990 prior to the form being filed with the IRS. Line 11 includes two parts.

Independent Voting Members of the Board

Originally Posted: May 20, 2009

The definition of an independent voting member of the Board of Directors includes four criteria that must be met for independence:

Key Considerations for Audit/ Finance Committee Review for Form 990

Originally Posted: October 8, 2012

With the transparency and public availability of the “new” Form 990, review of the Form 990 by audit or finance committees (and sometimes the entire governing body) has become a best practice adopt

Personal Information-It Doesn't Belong in your 990!

Originally Posted: January 13, 2016

With identity theft an ever-growing threat, it's never been more important for exempt organizations to make sure their filings contain no personal or private information that might expose to fraud

Reporting the Total Number of Volunteers on the Form 990

Originally Posted: April 25, 2022

Nonprofits have only a few touchpoints where a lasting impression can be made in the blink of an eye.

Which 990 Form to File

Originally Posted: April 16, 2012

There are threshold rules to consider when choosing the informational form an exempt organization should file. It should be noted that there are exceptions to each of these thresholds.

Subscribe to Form 990