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IRS 990 requirements

IRS 990 requirements. Small tax-exempt organizations whose gross receipts are normally $25,000 or less may be required to electronically submit Form 990-N, also known as the e-Postcard.

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IRS 990 requirements

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  1. IRS 990 requirements • Small tax-exempt organizations whose gross receipts are normally $25,000 or less may be required to electronically submit Form 990-N, also known as the e-Postcard. • The Pension Protection Act of 2006 added this filing requirement to ensure that the IRS and potential donors have current information about your organization. • The first e-Postcards are due in 2008 for tax years ending on or after December 31, 2007. The e-Postcard is due every year by the 15th day of the 5th month after the close of your tax year. • http://www.irs.gov/charities/article/0,,id=96103,00.html

  2. They’ll Be Looking For… • Record Keeping & Document Retention: minutes, policies, procedures. • Board review of 990 prior to filing. • Disclosure of any current compensation, benefits, or loans paid on behalf of any officer, director, trustee, or key employee who ever served in that capacity with your organization. • Knowledge and disclosure of any current officers, directors, trustees, and key employees have any family or business relationship with each other. • Adoption of whistleblower and conflict-of-interest policies. • Transparency.

  3. Implications for… • Financial practices • Governance structures • Business practices • Interaction with other non-profits • Record keeping

  4. Your Turn: Whistle While You Work? • How many of you joined NAMI just so you could do administrative work? • How many of you came into NAMI expecting there to be some guidelines for how to do this stuff? • What did you find most useful? • What couldn’t you believe we didn’t have lined up for you?

  5. "It is not necessary to change. Survival is not mandatory.” ~ W. Edwards Deming

  6. Your Turn: Ch-Ch-Change! • What do we value and don’t want to lose? While maintaining our values… • What change(s) would make us a more effective organization? • What old habits do we need to shed? • What new habits do we need to develop?

  7. What to Expect • Culture of mutual accountability • Clarity of roles & responsibilities • Some degree of standardization in membership…dues…bylaws…etc. • Process for periodic “re-chartering” • Greatness!

  8. Homework • Visit NAMILand and CLD; attend Leadership Institute sessions here in Orlando. • Subscribe to Friday Facts and update your contact information online. • Complete the online surveys. • Keep thinking – and send us your thoughts via Governance@nami.org • Check up on us. • Support change.

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