The Nonprofit Incubator

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01(c)(3) Tax Exempt and Government Entities EXEMPT ORGANIZATIONS 01(c)(3) Compliance Guide for 501(c)(3) Public Charities, Inside: Activities that may jeopardize 01(c)(3) a charity’s exempt status, Federal information returns, tax returns or notices that must be filed, Recordkeeping—why, what, when, Governance considerations, Changes to be reported to the IRS, 01(c)(3) Required public disclosures, Resources for public charities,
Contents What Activities May Jeopardize a Public Charity’s Tax-Exempt Status? ......................................................................................4 Private Benefit and Inurement ......................................................................................................4 Political Campaign Intervention ...................................................................................................4 Legislative Activities .....................................................................................................................7 What Federal Information Returns, Tax Returns and Notices Must be Filed? ...............................................................................8 Form 990, Return of Organization Exempt From Income Tax, Form 990-EZ, Short Form Return of Organization Exempt From Income Tax and Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required To File Form 990 or 990-EZ ..............................................................................................................8 Form 990 and Form 990-EZ ....................................................................................................... 10 Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ ........................................................................................ 11 Form 990-T, Exempt Organization Business Income Tax Return ............................................. 12 1 Employment Tax Returns ........................................................................................................... 13 Why Keep Records? .....................................................................................................................14 Evaluate Charitable Programs .................................................................................................... 15 Monitor Budgetary Results ........................................................................................................ 15 Prepare Financial Statements .................................................................................................... 15 Prepare Annual Information and Tax Returns ............................................................................ 15 Identify Sources of Receipts ...................................................................................................... 15 Substantiate Revenues, Expenses and Deductions for Unrelated Business Income Tax (UBIT) Purposes ............................................................... 15 Comply with Grant-Making Procedures (Grants to Individuals) ............................................... 16 Comply with Racial Nondiscrimination Requirements (Private Schools) ................................. 16 What Records Should be Kept? ...............................................................................................16 Accounting Periods and Methods ............................................................................................. 18 Supporting Documents .............................................................................................................. 18 How Long Should Records be Kept? .....................................................................................18 Record Retention Periods .......................................................................................................... 19
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