The Form 990 provides the public with financial information about a given organization, and is often the only source of such information. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. In June 2007, the IRS released a new Form 990 that requires significant disclosures on corporate governance and boards of directors. These new disclosures are required for all nonprofit filers for the 2009 tax year, with more significant reporting requirements for nonprofits with over $1 million in revenues or $2.5 million in assets. In addition, certain nonprofits have more comprehensive reporting requirements, such as hospitals and other health care organizations (Schedule H).
The Form 990 disclosures do not require but strongly encourage nonprofit boards to adopt a variety of board policies regarding governance practices. These suggestions go beyond Sarbanes-Oxley requirements for nonprofits to adopt whistleblower and document retention policies. The IRS has indicated they will use the Form 990 as an enforcement tool, particularly regarding executive compensation. For example, nonprofits that adopt specific procedures regarding executive compensation are offered “safe harbor” from excessive compensation rules under section 4958 of the Internal Revenue Code and Treasury Regulation section 53.4958-6.
Valley United Way follows all the regulations and posts the forms on our website for public inspection, and has been doing it long before there were any requirements to do so. We encourage the public to fully read the form to get a clearer picture of what any organization does as a starting point to evaluate an agency.
OUR FORM 990’s:
2015 (Fiscal year ending June 30, 2016)
2014 (Fiscal year ending June 30, 2015)
2013 (Fiscal year ending June 30, 2014)
2012 (Fiscal year ending June 30, 2013)