The IRS Form 990 is titled “Return of Organization Exempt From Income Tax.” It is submitted by tax-exempt organizations and non-profit organizations to provide the Internal Revenue Service with annual financial information. A short version, Form 990-EZ, may be used by organizations with gross receipts of less than $100,000 and total assets of less than $250,000.
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 governance and boards of directors.
The Form 990 disclosures 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.
IRC 6104(d) regulations state that an organization must provide copies of its three most recent Form 990s to anyone who requests them, whether in person, by mail, fax, or e-mail.
The 2010 financial records of the Lawrence Hopewell Trail Corporation (LHT) will be posted as soon as they are available, reviewed and certified by our accountants, Mercadien, P.C., CPAs.