Form 990 is the Return of Organization Exempt From Income Tax - the annual information return filed by most tax-exempt organizations under section 501(a) of the Internal Revenue Code. It reports the organization's finances, governance, programs, key personnel, and executive compensation to the IRS. Unlike most tax returns, Form 990 is open to public inspection: donors, watchdog groups, and the press can read every organization's filing.
Most public charities, private foundations, social welfare organizations, business leagues, and other entities recognized under section 501 must file an annual return in the Form 990 series. The specific version depends on size: organizations with gross receipts of $200,000 or more, or total assets of $500,000 or more, file the full Form 990. Smaller organizations file Form 990-EZ or the postcard Form 990-N. Private foundations file Form 990-PF regardless of size.
Have the organization's financial statements (revenue, expenses, balance sheet), program service accomplishments, list of officers, directors, trustees, and key employees with compensation, governance policies (conflict of interest, whistleblower, document retention), and details of any related organizations, transactions with insiders, fundraising activities, and grants made during the year. Most of Form 990 requires substantive disclosure - not just numbers.
Form 990 is due on the 15th day of the fifth month after the organization's accounting period ends - May 15 for calendar-year organizations. All Form 990 series returns must be filed electronically through an IRS-authorized e-file provider. A six-month extension is available by filing Form 8868. Failure to file for three consecutive years results in automatic revocation of tax-exempt status.
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