Please locate the Alabama Giving and you will find a list of foundations to select from. Please select one from the list provided and then log into GuideStar. Type the name of your foundation into the search bar and select it.
On the right hand slide of the landing page there is a button to “Show 990 Forms.” Click on it and a new box will open. Select the most recent 990 form for this task. Take a look at what the 990 form contains and summarize the importance of the information that can be obtained. What information did you find helpful from the 990? Be sure to include the following information, which I have included the section or line number of where it can be found on the form 990: name of selected foundation, net assets (part III, line 6), total granted or "contributions, gifts, and grants paid" (line 25), number of employees and compensation of their highest employee (Part VIII), number of trustees and their compensation (Part VIII), five grants include the name and amount (located on Form 990 attachment).
Submissions should be 1-2 pages.
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BACKGROUND INFORMATION
Form 990 (officially, the "Return of Organization Exempt From Income Tax") is a United States Internal Revenue Service form that provides the public with financial information about a nonprofit organization. It is often the only source of such information. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. Certain nonprofits have more comprehensive reporting requirements, such as hospitals and other health care organizations (Schedule H). Form 990 is due on the 15th of the 5th month after the fiscal year, with up to 6 months of extensions.
The Form 990 disclosures do not require but strongly encourage nonprofit boards to adopt a variety of board policies regarding governance practices. These suggestions go beyond Sarbanes-Oxley requirements for nonprofits to adopt whistleblower and document retention policies. The IRS has indicated they will use the Form 990 as an enforcement tool, particularly regarding executive compensation. For example, nonprofits that adopt specific procedures regarding executive compensation are offered safe harbor from excessive compensation rules under section 4958 of the Internal Revenue Code and Treasury Regulation section 53.4958-6.
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Fiduciary reporting
According to section 1223(b) of the Pension Protection Act of 2006, a nonprofit organization that does not file annual returns or notices for three consecutive years will have its tax-exempt status revoked as of the due date of the third return or notice. An organization’s tax-exempt status may be reinstated if it can show reasonable cause for the years of non-filing.
Who must file?
Form 990 is to be filed by tax-exempt organizations under section 501(a). This includes organizations in section 501(c)(3) (excluding private foundations) and most organizations in other subsections of 501(c). Tax-exempt organizations with annual gross receipts of $200,000 or more or assets of $500,000 or more must file Form 990. Churches (including houses of worship such as synagogues and mosques) and their integrated auxiliaries, associations of churches, and any religious order that engages exclusively in religious activity are not required to file.
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