United States

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 ISummary
  • Part IIIStatement of program service accomplishments
  • Part IVChecklist of required schedules
  • Part VStatements regarding other IRS filings and tax compliance
  • Part VIGovernance, management and disclosure
  • Part VIICompensation of officers, directors, trustees, key employees, highest compensated employees and independent contractors
  • Part VIIIStatement of revenue
  • Part IXStatement of functional expenses
  • Part XBalance sheet
  • Part XIReconciliation of net assets
  • Part XIIFinancial 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.

AUTHORS


CONTACT

Bob Billig
Partner
National Practice Leader
866.239.8790

 

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A bi-monthly publication dedicated to providing ideas and education to tax exempt organizations.