Homework Question on Nonprofit Form 990
Please answer the following questions regarding Form 990:
- What organizations are required to file Form 990? Provide some examples.
- Register for your GuideStar account using your email:
Once you register, GuideStar will give you the access to Form 990 and other data regarding tax-exempt organizations.
- Log in to your GuideStar account. Find 2010 Form 990 of the organizations in THREE out of the following sectors (one per sector):
- Art, History
- Human Services
- Prepare a list of differences that you observe by comparing the content of the Form 990s in the three different sectors that you choose.
- You should be able to see the difference in resource flows and maybe other interesting aspects of contrasts in various sectors.
Homework Answer on Nonprofit Form 990
Form 990 is an annual report returns that various federally tax-exempt organizations should file with the IRS. The form provides information on the organization’s programs, mission, and finances. It is an annual information return to be filed by organizations that are exempted from income tax under section 501(a). Certain political organizations and nonexempt charitable trusts are also expected to file Form 990.
Tax-exempt organizations that earn less than $50,000 in gross receipts file form 990-N. Those that make less than $200,000 in Gross receipts with a total asset base of less than $500,000 file form 990-EZ (Molly F. Sherlock, 2009). Private foundations are expected to file form 990-PF regardless of their financial status. Examples of particular organizations that file form 990 are Missionsafe A New Beginning Inc., Community Human Services Corporation, and Massachusetts Higher Education Assistance.
Missionsafe A New Beginning Inc. is an organization operating in the art/history sector. Its mission is stated as at risk youth services (Missionsafe A New Beginning Inc., 2010). This means the organization undertakes to offer youths an opportunity at life. The individuals offered this opportunity are those who are at a high risk of not having opportunities at excelling in life. The organization assists identified youths to gain the skills and confidence needed for them to thrive and give back to their community.