IRS Releases Draft of Redesigned Form 990
June 15, 2007
On June 14, the IRS released a discussion draft of the redesigned Form 990, Return of Organization Exempt from Income Taxation. According to the IRS, which plans to finalize the new form for the 2008 filing year (returns filed in 2009), the redesign:
- Enhances transparency into exempt organizations, for both the IRS and the public,
- Promotes compliance by accurately reflecting the EO's operations (as a measure for the IRS to check against for noncompliance); and
- Minimizes the filing burden on EOs.
The redesigned form consists of a 10-page core form--to be completed by every exempt organization--plus 15 schedules that require the reporting of information only from those organizations conducting particular activities.
Most colleges and universities will probably need to complete several of the new schedules, which in most cases will require the reporting of significantly additional amounts of detail and data from a variety of campus sources.
The separate schedules, for example, focus on fundraising, executive compensation, supplemental financial information (including endowments), hospitals, tax-exempt bonds, and non-cash charitable contributions. Another new feature is a summary page providing the organization's identifying information and a snapshot of key financial, compensation, governance, and operational information.
Comments on the draft form must be submitted to IRS by September 14, 2007. NACUBO will prepare comments based on your institution's concerns and reactions to the proposed new form. Please share your feedback: Mary M. Bachinger, director, tax policy, firstname.lastname@example.org.
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