What your nonprofit board members need to know about Form 990
WHITE PAPER |
There are many questions that come to board members’ minds when it is time to review their nonprofit’s Form 990. The white paper, What your nonprofit board members need to know about Form 990, is the first in a two-part series that can assist your board members in developing their broader understanding of the disclosure requirements for Form 990 by providing them the reasons behind certain disclosure requirements to enhance a global understanding and make the review process less stressful.
Focus areas for the deep dive into the core form include:
- Part I–Summary
- Part III–Statement of program service accomplishments
- Part IV–Checklist of required schedules
- Part V–Statements regarding other IRS filings and tax compliance
- Part VI–Governance, management and disclosure
- Part VII–Compensation of officers, directors, trustees, key employees, highest compensated employees and independent contractors
- Part VIII–Statement of revenue
- Part IX–Statement of functional expenses
- Part X–Balance sheet
- Part XI–Reconciliation of net assets
- Part XII–Financial statements and reporting
Stay tuned for part two of the series where we will examine the disclosures in the 16 schedules that may be attached to an organization’s Form 990 based on the activities it enters into during any given tax period.