Tag Archives: 990 N

Monday Morning News

Posted on May 11, 2009 | 1 Comment

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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Posted in Governance, IRS, Policies and Procedures, Risk Management, Tax Forms

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What I Learned From the IRS, Part 1

Posted on March 12, 2009 | Leave a comment

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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Posted in IRS, Nonprofit Accounting, Q&A, Tax Forms

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A Nonprofit News Roundup

Posted on February 12, 2009 | 1 Comment

roundupI’ve spent the better part of today catching up on my reading of blogs, email and newsletters and thought I would share some of the choice morsels I have found.

From the Ison Law Group’s blog comes an update on the Family Medical Leave Act regulations.  These updated regulations became effective January 16 and it is important that employers that fall under these regulations keep up with any changes that could affect them.

From the Nonprofit Leadership 601 blog comes a calendar of major conferences this year.  Heather also writes about an issue close to my heart, funders who ‘get’ nonprofits.  Her article lists a couple of funding organizations and how they look at funding the whole organization, not just programs.

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Posted in Governance, IRS, Policies and Procedures, Tax Forms

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