What You Need to Prepare for Filing the 990 Tax Form

990 Tax Form essentials for non profit 501c3 organizations

990 Tax FormIf your non profit is preparing to file your Form 990 with the IRS, especially if you have a tax professional doing it for you, you will need to pull together the following files and information.

Basic Organization Details

First and foremost, you will want to collect the pertinent information about your organization. This includes the following.

  • official organization name
  • address
  • website
  • EIN#
  • fiscal calendar
  • state and year of formation
  • 501 exemption section
  • whether the organization has members, chapters, branches, or affiliates

Organization Description

What are the mission and primary programs of the non profit organization? Describe the top program achievements for the past year.

Major Donations and Distributions

Gather the details on any donor who contributed $5,000 or more total to your organization during the year. Did your organization distribute any grants or donations to an individual or other organization during the year?

Board Loans

Were there any loans to or from Board Members? If so, provide details of who maintained the financial records for the loan(s).

Personnel

How many employees did the non profit have last year? How many volunteers? How many independent contractors?

Board of Directors

List the name, title, compensation (if any), and hours worked weekly of each Board Member and Officer.

Income Statement

Create an income statement for the year. Income should include fundraising, contributions, grants, income from programs or services, and in-kind donations. Expenses should include personnel, operations, fundraising expenses, and program-related expenses.

Balance Sheet

Create a balance sheet for the year. Assets should include all cash, investments, accounts receivable, and fixed assets. Liabilities should include accounts payable, accrued wages or compensation, mortgage payable and other long-term liabilities.

Previous 990

Obtain a copy of last year’s 990 or 990-EZ. If you did not file a 990 last year, create an income statement for each of the last 5 years.

Additional Information

Some organizations may need to provide the following additional details.

  • employer payroll tax filings
  • breakdown of all fundraising expenses
  • non-cash grants distributed to organizations
  • practices for determining compensation
  • copies of Articles of Incorporation or Bylaws
  • information on any new programs
  • donor reports for the most recent 5 years

Once you have gathered all of the above information, you are ready to complete and file your Form 990. Having all of this information at-the-ready will make the filing process go more smoothly and quickly.

Ready to move forward in non profit compliance?

For more information regarding our 990 tax form services, visit our Form 990 Tax Preparation page or Contact Us at 407-857-9002

 

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