Disclosure requirements for tax-exempt organizations
WHITE PAPER |
There are many important disclosure rules of which a tax-exempt organization’s management and board of directors need to be aware. The white paper, Disclosure requirements for tax-exempt organizations, provides a question and answer analysis that sets forth the important disclosure requirements that apply to tax-exempt organizations as they relate to (1) applications for recognition of tax-exempt status and (2) annual information returns.
Focus areas covered in the analysis include:
- General rules
- Application for exemption Form 1023
- Annual returns Form 990 and Form 990-EZ
- Unrelated business income tax returns
- Locations for allowing public inspection or providing copies
- Charges for copies
- Disclosure exemption for widely available documents
- Harassment campaign
- Penalties for failure to disclose required information
- Miscellaneous rules
It is important that all management team members and board members understand the disclosure rules as they apply to their organization. As can be seen in the analysis, failure to adhere to the disclosure rules can result in substantial penalties against the organization and also against those in the organization that disregard these rules.