Document retention policies help ensure necessary documents are properly stored and protected. A document retention policy should contain a list of documents or document categories and the length of time nonprofit organizations should retain such documents. The document retention policy should also include electronic documents and digital storage. The development…
Income Thresholds for Filing Form 990 Also read Amie Stevenson’s related post – The Value of a Well Prepared 990 Form 990 is an annual tax return filed by nonprofit organizations in the United States to the IRS. It provides a comprehensive overview of a nonprofit’s financial activities, governance,…
Also read Joshua Drake’s related post What Form 990 Does my Nonprofit Need to File? For tax-exempt organizations, a tax return is far more than just an annual filing requirement. It serves as a crucial tool for demonstrating transparency, financial stewardship, and governance practices. Whether your organization files…
Although not technically required, the IRS recommends nonprofit board members be provided with a copy of the organization’s Form 990 before it is filed. Why is This Considered a “Best Practice?” Assists in fulfilling board responsibilities for oversight of financial reporting. Exhibits strong governance practices. Enhances donor confidence –…
A nonprofit board members’ review of Form 990 is not required, but the form encourages board participation and may provide several benefits to an organization. A draft of the form should be provided to board members, whether it is to everyone on the board or a select few, for review…
Your story is more than just your numbers! Most of us think of a tax return as a regulatory requirement, but nonprofits have a unique opportunity to tell their story through their Form 990. Surveys show that donors, grantors, and potential board members seek out online information about your organization…
