990 2015 PDF Template

[toc] Form 990 is one of the most complicated tax forms a company will ever have to file with the IRS. The official name of this document is the Return of Organization Exempt From Income Tax. You’ll need to provide a great deal of information about the organization and its tax liabilities, along with the exemptions it is able to claim from federal taxes.

Form 990 is designed to be used by tax-exempt organizations, political organizations that meet section 527 requirements, and nonexempt charitable trusts. The other form for tax-exempt organizations is the 990-EZ. A 990-EZ form is much less exhaustive and requires less information to fill out, but only certain small to medium-sized organizations meet the requirements to file it.

When an organization completes their Form 990, this form will be available to be inspected by the public, according to the guidelines outlined in section 6104. Additionally, a Schedule B form is made available for the public to inspect. It’s common for members of the public to use an organization’s Form 990 as their main source of information regarding a particular organization.

Because this is a publicly disclosed form, it’s important that nobody’s Social Security number be included. The Form 990 is a comprehensive information return that requires annual filling with the IRS. All organizations filing the form will need to explain what their exemptions are along with their other activities, governance, finances, and compliance with tax requirements. Additionally, this form is where these organizations will note what compensation has been paid to their staff members and any other people.

This form applies to the majority of organizations who claim an exemption from income taxes through the regulations outlined in section 501(a). The type of Form 990 that an organization is required to file will vary depending on their total assets and gross receipts. Organizations with a certain low range of assets might be able to file Form 990-EZ, while larger organizations will need to complete a full Form 990. Annual electronic notices might also be required, which are submitted through a Form 990-N.

A full Form 990 must be filled out by a tax-exempt organization if it meets the following qualifications:

The gross income for the year was greater than $200,000

Alternatively, they had total combined assets with a value in excess of $500,000

This applies to all organizations that are covered in the section 501(c)(3) guidelines, with the exception of private foundations. It also applies to any organizations that the other 501(c) subsection guidelines refer to, with the exception of benefit trusts for black lung.

In some cases, organizations aren’t required to file any kind of Form 990 even if they meet the eligibility requirements for filing. These organizations might include:

Churches and interchurch organizations

Organizations affiliated with churches

A school below university level that is operated by a religious order or affiliated with a church

A mission society organization affiliated with a church denomination

Religious activities performed by any kind of religious order

State institutions who have an exclusion from gross income

Certain political organizations

Certain organizations that have a limited number of gross receipts

If an organization meets the eligibility requirements, they will have to file Form 990 every year. It’s important to note that the information captured on Form 990 will be made available to the public. The form serves the purpose of informing both the IRS and the public about the detailed activity of the organization, with explanations for where all of the money is going.

If an organization fails to file this form when they’re required to, they could be subject to severe penalties, up to and including having their tax-exempt status revoked by the IRS.

First, you’ll give information about your organization: its name, address, and the name of the principal officer. You’ll need to complete the Part I Summary with information about the activities that the organization participates in, the revenue that they have from a great deal of different areas, and the total number of individuals involved in the organization.

In Part II, the main officer for the organization will need to provide their signature and the date. Paid preparers will give their information under the “Paid Preparer Use Only” section. The rest of the form is where you’ll give the in-depth details about the organization, which lead to the totals reported in Part I.

You’ll use Part III to describe the mission of the organization and the services it involves itself in. Part IV is the checklist of required schedules, which will help you determine what schedules you’re required to file in addition to your Form 990. These will vary depending on the organization and your financial data. Part V captures information about tax compliance and any other IRS filings.

For Part VI, you’ll provide information regarding the governance and management of the organization. Part VII is where you’ll explain the compensation that any individual involved in the organization received. In Part VIII, you’ll explain what revenue the organization generated, broken down by different categories and sections.

Part IX is where you will denote the functional expenses that the organization needed to pay over the tax year. Part X is a balance sheet that lays out all of the assets and expenses of the organization to give a comprehensive overview of its financial standing.[pdf-embedder url=”https://cdn-prod-pdfsimpli-wpcontent.azureedge.net/pdfseoforms/pdf-20180219t134432z-001/pdf/990-form-2015.pdf”]