Nonprofits Under the Gun

This morning, the Columbus Dispatch perhaps provided a valuable service to people involved in nonprofits. The article Charities up against IRS deadline also likely caused some hand wringing among these same people who probably finished their cup of coffee and dashed off to their computer to see if their nonprofit was on the list of charities in danger of losing their tax-exempt status with the IRS. The statistics from the article came from the National Center for Charitable Statistic website. The website is a very good source and is now marked as one of my "favorites". I imagine the website might be running a little slow today due to a large amount of traffic. The Dispatch article indicates that approximately 8,900 charities have a filing requirement with most of those having a filing deadline of Monday, May 17.

The good news is that gives most charities enough time to become compliant. If the charity's gross receipts are less than $25,000, all it needs to do is file a Form 990-N (e-postcard) that consists of eight easy questions. If the charity's gross receipts are over $25,000, a Form 990 return is required to be filed. It is possible to get an extension on filing the Form 990.

Recommended Website: GuideStar

We regularly come across websites or web-based products that we find highly useful. One particular website that we have used for years is GuideStar. This website covers nonprofit organizations like no other. The site permits you to search for nonprofits by name and/or location. The information that you can access depends on whether you pay for a premium subscription. With a premium subscription, you can access the organization's IRS form 990, find out about executive compensation, and much more. Even without a premium subscription, it is a valuable tool. We receive the GuideStar Newsletter via email and it frequently contains useful information.

Filing Deadline For Private Foundations

If your private foundation’s fiscal year is the same as the calendar year, tomorrow, May 15, 2009, is the deadline for filing IRS Form 990-PF.

Ohio Charitable Trusts Need to be Registered

All charitable trusts established or active in Ohio are required to register with the Ohio Attorney General’s Charitable Law Section.  The registration form is filed with a copy of the instrument creating the charitable organization and the IRS letter granting exempt status.

In addition to the registration requirement, the charity must file an annual report, attaching a copy of IRS Form 990.  The filing deadline is the same date as the Form 990 filing deadline, i.e., the fifteenth day of the fifth month following the close of the fiscal year end.  If the Form 990 is on extension, the registration deadline is automatically extended.  One does not want to file the financial report late.  The Attorney General assesses a $200 late fee.