Form 990 & Compliance Calendar Flashcards
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Read the first 7 Form 990 & Compliance Calendar flashcards as text
Under IRS rules, a nonprofit must make Form 990 available for public inspection for how many years after filing?
Answer: 3 years
Organizations must make their three most recently filed Form 990s available for public inspection upon request.
When a member of the public requests a copy of Form 990 in person at the organization's office, the organization must provide it:
Answer: Immediately during regular business hours
Organizations must provide copies immediately upon in-person request during regular business hours, though they may charge a reasonable copying fee.
An organization that posts its Form 990 on its own website is exempt from which requirement?
Answer: Providing copies in response to written requests
If an organization makes its Form 990 widely available on the internet, it is not required to provide paper copies in response to written requests.
Form 990 Part VII requires disclosure of compensation for which individuals?
Answer: Officers, directors, trustees, and highest-compensated employees over $100,000
Part VII requires listing current officers, directors, and trustees regardless of compensation, plus the five highest-compensated employees earning over $100,000.
Which of the following is a required governance disclosure in Form 990 Part VI?
Answer: Whether the board reviewed the Form 990 before filing
Part VI Section B asks whether the organization's governing body reviewed the Form 990 prior to filing, promoting board oversight of financial reporting.
GuideStar (now Candid) and similar platforms increase nonprofit transparency primarily by:
Answer: Providing free public access to nonprofit Form 990 filings
Platforms like Candid aggregate and publish Form 990 data, making public disclosure requirements more meaningful by centralizing access.
A nonprofit's Form 990 application for tax exemption (Form 1023) is subject to public disclosure for:
Answer: As long as the organization remains exempt
Form 1023 (application for recognition of exemption) must be made available for public inspection indefinitely as long as the organization holds tax-exempt status.