- The New Form 990
- Impact on Smaller Nonprofits
- Form 990 Core Sections
- Form 990 Schedules
- Resources and Links
Core Sections of the New IRS Form 990 for Nonprofits
All organizations need to complete the core sections.
- Part I: Summary Information regarding the organization's mission, activities, and current and prior year's financial results.
- Part II: Signature Block Contains the signature of an officer of the organization and, if applicable, paid preparar.
- Part III: Statement of Program Service Accomplishments Reporting of new, ongoing and discontinued exempt achievements and related revenue and expenses
- Part IV: Checklist of Required Schedules Used to determine which schedules must be filed with the 990, based on questions related to various activities an organization may engage in.
- Part V: Statements Regarding Other IRS Filings and Tax Compliance To report compliance with other tax reporting and substantiation requirements, including employment taxes, backup withholding, unrelated business income, contributions, donor advised funds, etc.
- Part VI: Governance, Management, and Disclosure Information about the organization's governing body and management, policies and procedures, and disclosure practices, including number of voting members, whether or not there is a review process for determining compensation, a conflict of interest or whistle blower policy, how policies are monitored and enforced (some actual policies must be described in Schedule O), whether or not the organization maintains records of its board and committee meetings, etc.
- Part VII: Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors To report compensation paid such persons by the organization or related organizations that is reported on Forms W-2 and 1099-MISC (regardless of the organization's fiscal year), and certain other compensation
- Part VIII: Statement of Revenue, Part IX: Statement of Functional Expenses, Part X: Balance Sheet The financial statements. This is probably the only section that the average individual would think of as a tax return.
- Financial Statements and Reporting To report information regarding accounting methods and compiled, reviewed or audited financial statements.
Next: Form 990 Schedules
