In late December the IRS announced a new form 990, that charities, foundations and nonprofit organizations, including many hospitals, file with the IRS. It is for 2008, which means the first filings will be made in 2009.
The new form was announced after public comments were received on a draft. Guidestar was among those commenting. The Form 990 had not been revised since the late 1970s, when the nonprofit world was smaller in many ways. According to the IRS web site and some articles, the new 990 forms will help people better understand the workings of charities and no- profits and help the IRS find people and organizations violating not-for-profit laws and regulations.
There may be some Public Affairs and other students asking about this new form and the changes. Although the IRS has some information, some law firms' newsletters are offering some explanations, and the changes are being covered in articles such as from the The Chronicle of Philanthropy, on January 10, 2008 Thursday
IRS Unveils Final Version of New Informational Tax Form for Charities, available through numerous library databases.
If anyone would like to have an email of a Minneapolis law firm's general take on the new form, please let me know. (I was once a legal assistance at the firm, which does a lot of nonprofit work, and I'm on their email newsletters list.) A financial scandal in the late 1950s involving officers and directors a charity that provided help to polio victims helped launch Minnesota's non-profit laws and the political career of Walter Mondale.
It is also important to consider 990 forms for searching information about for-profit businesses as you can determine what companies and corporation foundations are providing funds to organizations,and also, through looking at expenses, sometimes how much specific companies are being paid for their services/products by the charity (such as pr firms, etc.)
Guidestar and the Foundation Center provide information about the 990s.
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