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Growth Exchange

Understanding Your Form 990 Return of Organization Exempt from Income Tax

Presentation Objectives

  1. Provide a General Overview
  2.  Feel comfortable asking for help/guidance
  3. Understand SKC’s workflow

**Disclaimer – This presentation is for 501c3 Form 990 Filing **

What is a Form 990?

  1. Is an informational return
  2. Is a powerful tool to influence public perception
  3. Is NOT a tax payment
  4. Is NOT a copy paste from your website/marketing material

Who files a Form 990?

  1. Tax‐exempt organizations
  2. Nonexempt charitable trusts
  3.  Section 527 political organizations
  4. Non‐filers
    1. Churches
    2. Other religious organizations
    3. Political organizations outside of section 527

Why is this important to a board member?

  1. Fiscal Responsibility
  2. Question on the Form
  3. It is your job

Which Form 990 do I file?

  1. 990N – If gross receipts are normally less than $50k
  2. 990EZ – If gross receipts are less than $200k and assets are less than $500k
  3. 990 – If gross receipts are greater than $200k or assets are greater than $500k

When is a Form 990 due to the IRS?

  1. On the 15th day of the 5th month following your fiscal year end (i.e. 5/15 for a 12/31 year end)
  2. 6 month extension

Form 990 Schedules

  1. Schedule A – Are you funded by the public?
    1. Over 33 1/3%
    2. 10% ‐ 33 1/3%
    3. Below 10%
  2. Schedule B – Who are your big donors?
  3. Schedule G – Tell me more about your special event.

SKC 990 Team

  1. 990 Preparer – Main Contact
  2.  CPA Internal Reviewer
  3. Bookkeeper & Payroll Processor
     
 

SKC 990 Questionnaire

  • By‐laws
  • Procedures
  • Term limits
  • Officer planning
  • Ensuring transitions
     
     

Board Relationships

State the name, address, and telephone number of the person who possesses the organization’s books and records.

Were the organization’s financial statements compiled or reviewed by an independent accountant?

Did the organization delegate control over management duties customarily performed by or under the direct supervision of officers, directors, trustees, or key employees to a management company or other person?

SKC 990 Questionnaire

Did the organization receive more than $25,000 in non‐cash contributions?

How many independent, voting members are on your board?

Did the organization regularly and consistently monitor and enforce compliance with the conflict of interest policy?

SKC WorkFlow

  1. Questionnaire
  2.  Year End Closed
  3.  Audit Completion
  4.  990 Preparation
  5.  Internal Revie
  6.  Client Review/Approval
  7.  Generate Signature Page
  8.  E‐filed with the IRS = DONE!

Questions?

Kendall Suhr

990 Coordinator

kendalls@supportkc.org

913.831.4752 x121

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