Do you know the proper terminology for nonprofits and boards of directors? The glossary contains important terms that will help you navigate your responsibilities as a board member. Learn more about essential documents used by nonprofits such as articles of incorporation, Form 990, and the difference between a mission and vision statement; legal obligations for board members including conflicts of interest; and governance committees, executive committees, and more common committees within boards of directors. (BoardSource)
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Form 990
This document serves as a sample for constructing bylaws.
Annual Filing and Forms - Exempt organizations are required to file annual returns, although there are exceptions. If an organization does not file a required return or files late, the IRS may assess penalties. In addition, if an organization does not file as required for three consecutive years, it automatically loses its tax-exempt status.
About Form 990 - Tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations file this form to provide the IRS with the information required by section 6033. View the series of IRS documents for Forms 990, 990-EZ, and 990-PF, their schedules and instructions: Current Form 990 Series - Forms and Instructions. (IRS)
The Pension Protection Act of 2006 enacted numerous changes to the tax law provisions affecting tax-exempt organizations, including public disclosure of UBIT Returns. "An organization exempt under Internal Revenue Code section 501(c)(3) must make available for public inspection and copying any Form 990-T filed after August 17, 2006.
An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. It is a nine digit number that the IRS assigns to organizations in the following format: 00-0000000 (en español).