The New Form 990 Update - After One Year

The following are some highlights of the updates for the 2009 Form 990:

• Statement of Program Service Accomplishments: If an organization has made any significant changes in ther program services the organization should report the undisclosed new activities even if they started in a prior year on From 990. As well as add an explanation on Schedule O. In the past, organizations were required to send a letter to the Exempt Organizations Office.


• Compensation: Clarification of the current five highest compensated employees to be reported on the core form section A table do not include officers, directors, trustees, or key employees.


• Compensation: Clarification that the entire compensation for the calendar year ending with or within the tax year must be reported for an individual who is a key employee for only part of the tax year.


• Attachments: Free-form unstructured attachments are not permitted.


• Public Disclosure Documents: The organization's conflict of interest policy and audited financial statments are not open for public disclosure. In certain states, such as California, the Attorney General regulates charities and may require that an exempt organization under 501c3 make the audited financial statements and notes to the statements available for public disclosure.

Below is a link to the IRS website which has a complete listing of the changes to the 2009 Form 990 and related Form 990 schedules in table form.

http://www.irs.gov/charities/article/0,,id=218938,00.html