About Form 990 or Form 990-EZ

Form 990 or Form 990-EZ is filed annually by 501(c)(3) tax-exempt organizations to
the IRS and contains information about operations, activities and finances.

Why the forms are so important:
While filing accurately and timely is the law, view it as an opportunity to show
accountability, responsibility and present your organization’s programs and
accomplishments in the most accurate and positive way possible to establish
public trust and confidence. These forms will be a primary source of data by
potential donors, as well as legislators, government officials, the general public
and the media for information and decision making.

Who Must File:
All 501(c)(3) tax-exempt organizations must file their annual information return on Form 990, or Form 990-EZ. Form 990-EZ is for use by organizations with (1) gross receipts during the year of less than $100,000, and (2) total assets of less than $250,000 at the end of the year. If your organization fails to meet either of these conditions, you cannot file Form 990-EZ but must file Form 990.

What to File:
Schedule A (Form 990) – Section 501(c)(3) organizations must also file a
completed Schedule A (Form 990) with their Form 990 or Form 990-EZ.
Schedule of Contributors (not open for public inspection) - Attach a schedule
listing each contributor who gave the organization, directly or indirectly, money,
securities, or other property worth $5,000 or more during the year. Do not put the
names of the contributors on the Form 990, the Form 990-EZ, or the Schedule A
(Form 990). List the contributors on a separate schedule. If no one contributed
$5,000 or more, the organization does not need to attach a schedule. If someone
asks for your organization’s 990 and Schedule A, you are required by law to
give it to them (see below), but you do NOT need to give them this schedule of
contributors.

What must be disclosed:
IRS regulations, which became effective June 8, 1999, state that tax-exempt organizations must make (1) their application for recognition of exemption (including all supporting documentation) and (2) their last three complete Form 990s or 990-EZs (including schedules except the schedule of contributors) available for public inspection and copying upon request. Requests for public inspection or copies* must be granted without charge to anyone making the request in person on that day (except for unusual circumstances) at the principal, regional, or district offices of the entity during regular business hours. If the request is written, copies are to be provided within 30 days. A tax-exempt organization is not required to comply with a request for a copy of its application for tax exemption
or an annual information return if the organization has posted the documents
on the Internet and complies with posting and notice requirements. It must be clear
that the document is available and provide instructions for downloading. It
must allow individuals, at no charge, to access, download, view and print the
document except for information permitted to be withheld, such as the
schedule of contributors, in a format that exactly reproduces the image of the
document as it was originally filed with the IRS without special hardware or
software (except software available free to the public). An individual requesting
copies must be notified of any web site address immediately if requesting in
person or within seven days for a written request. The information must still be
available for public inspection.

* Copies of these documents must be provided upon request without charge (other than a reasonable fee for providing copies which is currently $1.00 for the first page and $.15 for each additional page, plus the actual cost of postage). If advance payment is required, notice is to be given to written requests within seven days. If prepayment is not required, an organization must receive consent from a requester if copying and postage costs exceed $20. Copies of Form 990s filed by organizations are also available from the IRS or visit the www.guidestar.org web site for information.

When to file:
File Form 990 or 990-EZ by the 15th day of the 5th month after the organization’s accounting period ends.

Penalties:
Failure to file, late, incomplete or incorrect filings or failure to comply with public disclosure requirements may result in the imposition of penalties against the organization and against responsible person(s).

IRS instructions and forms:
www.irs.ustreas.gov/bus_info/eo/file- req.html or phone help at 1-877-829-5500.

Common Errors on Form 990/990-EZ:
Failed to complete Schedule A.
Failed to obtain signature of any of the organization’s officers.
Should have filed Form 990 instead of Form 990-EZ.
Did not list the correct tax year.

State Reporting Requirements:
The State of Oklahoma Return of Organization Exempt From Income Tax or Form 512-E, the state’s equivalent to the 990, is to be used to file a return each year. For the form and instructions see: www.oktax.state.ok.us/oktax/99itform/51 2e99.pdf or call 405.521.4321.