IRS Form 990 and Audit Reports
IRS Form 990 Filings and Audit Reports
The IIT Bombay Heritage Fund files a Form 990 with the US Internal Revenue Service each year as required by law. Form 990 is an annual reporting return that certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization's mission, programs, and finances. In addition, IITBHF engages an external accounting firm to audit its financials, and the auditor's report is included in the table below.
What is a IRS Form 990?
Form 990 is an annual reporting return that certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization's mission, programs, and finances.
What organizations are required to file Form 990?
- With some exceptions, federally tax-exempt nonprofits that have incomes of more than $25,000
- All 501(c)(3) private foundations, regardless of income
Which organizations are not required to file Form 990?
- Nonprofits that have not received tax-exempt status from the IRS
- Most faith-based organizations
- Nonprofits with incomes of $25,000 or less
- Subsidiary organizations covered under a group return filed by the parent organization
- For specific exceptions, see the instructions for Forms 990 and 990-EZ
What is the difference between Form 990, Form 990-EZ, and Form 990-PF?
- Form 990-PF is the form that all 501(c)(3) private foundations and 4947(a)(1) non-exempt charitable trusts must file; only those types of exempt organizations use Form 990-PF
- Form 990-EZ is the "short form" for other 990 filers; exempt nonprofits with incomes between $25,000 and $1 million and total assets of less than $2.5 million may file Form 990-EZ, although they are allowed to file Form 990 if they prefer
- Form 990 is the "long form" that other 990 filers with incomes of more than $1 million or assets above $2.5 million must file
What is the deadline for filing a 990?
There is no one date on which all Forms 990 must be submitted to the IRS. Instead, a nonprofit's filing date is determined by the end of its fiscal year (the 12-month period for which the organization plans the use of its funds); each filing organization is required to file "by the 15th day of the 5th month after" its fiscal year ends. Organizations can also receive up to two 90-day extensions of time to file.
How to Read the IRS Form 990 and Find Out What it Means ...