Tag Archives: 990 EZ

Monday Morning News

new-990-imageIn the third and final installment of my news and information updates that clean out my in-boxes (the last two are here and here), I will lead off with two time sensitive items.

1. 990, 990-EZ, 990-PF and 990-N

Is your organization on a calendar fiscal year?  Then your forms are do this Friday, May 15, 2009.  From the IRS:

Calendar year exempt organizations that file Forms 990, 990-PF, or 990-EZ are reminded that their annual information returns are due on May 15. An organization may request an initial automatic extension of time to file its annual information return by filing Form 8868 by the due date of the return. For more information, see Form 8868 and its instructions [a pdf].

Forms 990, 990-EZ and 990-PF for non-calendar year organizations are due on the 15th day of the 5th month following the end of their annual accounting period.

Form 990-N filers cannot get an extension to file.  Information about the 990-N can be found here.

Guidestar has a nice piece on what the governance aspects of the new forms are, you can read it here.

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What I Learned From the IRS, Part 1

No longer in draft form!Questions and Answers from the latest New Form 990 training I did:

For calculating our total assets to determine which form we use, do we exclude property, plant and equipment?

Nope, you use total assets for figuring out which form, either the 990, 990 EZ or the 990 N, to fill out.

When filling out the functional expense section and calculating the advertising expenses, do we include money we spent to advertise open positions within the organization?

Not as I read the instructions.  Here is what it says for line 12 in part IX:

Advertising expenses. Enter amounts paid for advertising. Include amounts for print and electronic media advertising. Also include Internet site link costs, signage costs, and advertising costs for the organization’s in-house fundraising campaigns. Do not include fees paid to independent contractors for conducting professional fundraising services or campaigns (these amounts must be reported on line 11e).

With the economic downturn and the decreased value of endowments and reserves, will more organizations be filling out Schedule N of the form 990?

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Final 2008 Form 990

No longer in draft form!On December 24 the IRS released the final versions of the 2008 Form 990, 990 EZ and the associated schedules and instructions. Perhaps not the most exciting Christmas present we could get from the IRS but the updated forms will still help 2009 be a very interesting year for nonprofit agencies.

The above link takes you to the new forms and instructions and also will guide you to the IRS’s own free trainings on the new 990’s as well as other compliance and governance issues. If you can’t make an in person training these are a great resource.

As a reminder, not everybody will have to start filing the updated form this year.  Check here for the phased in filing schedule.

Check your last 990 or financial statements and see where you may fall for your 2008 form. But remember, just because you may get a pass this year does not mean that you still don’t have to get ready. See this post for the things you should still be thinking about.