The Importance of 990 Filings

As a tax-exempt organization it’s important to remember that a 990 filing to the IRS is not a tax return, but an information return.  Many non-profits overlook the 990; concluding that their filing status exempts them from having to file.  Remember, that the only exemptions are for churches, state institutions, and organizations that are included in a group return.  For all others, the IRS requires that an organization keep them updated in order to verify that the organization is operating in accordance with their stated tax exempt purpose.  In addition, 990′s reassure the public as well; providing transparency and accountability to community stakeholders and funders.  In a bad economy, any reassurance that an organization can provide funding bodies is worth the effort.  For help with the process, call upon Brakeman Consulting Group, Inc.

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