2011 Form 990 and Instructions Adopt Changes in Areas of Joint Ventures, Investments, and Reporting of Compensation

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January 26, 2012

The final 2011 Form 990 and instructions, released by IRS January 12, includes several changes from 2010 reporting in many areas, including joint ventures and investment partnerships, activities and investments directed towards foreign countries, and reportable compensation.

In reporting required on joint ventures and investment partnerships, the instructions have been changed. They now specify that amounts reported on the 2011 Form 990 for distributive shares of assets from joint ventures or entities treated as partnerships will need to reflect the ending capital account reported on Form 1065 Schedule K-1 for the joint venture’s tax year ending with or within in the filing institution’s tax year.

The 2001 form also includes some clarifications and glossary changes in the area of governance, reporting of compensation, and functional expenses.