Several years ago, when the Form 990 was revamped, several questions were added regarding not-for-profit organization policies. Although the IRS does not require these policies, they consider them important enough to include in the annual tax return. The IRS is not being nosy; they simply want not-for-profits to understand the significance of these policies and encourage them to consider their necessity. Examples of policies asked about in the Form 990 include whistleblower policies, record retention policies, policies for reviewing executive compensation, and conflicts of interest policies. While it may seem daunting to create and implement these policies, with the assistance of a CPA, it can actually be relatively simple. It's important for not-for-profits to understand that donors, grantors, and potential funders review the tax returns, particularly these policy-related questions. Their answers could potentially impact funding. These policies hold great importance for not-for-profit organizations, and we can assist you in creating them and developing procedures for their implementation in your organization.
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Irs 990-pf 2023-2024 Form: What You Should Know
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