The Nonprofit Incubator

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Governance and Management Policies Although the IRC does not require charities to have governance and management policies, the IRS does encourage boards of charities to consider whether the implementation of policies relating to executive compensation, conflicts of interest, investments, fundraising, documentation of governance decisions, document retention and whistleblower claims may be necessary and appropriate. Further, if a public charity has chapters or affiliates, it is encouraged to have procedures or policies in place to ensure consistency in operations. Financial Statements and Information Reporting Board members are encouraged to regularly review the organization’s financial statements and information returns, and consider whether an independent auditor is appropriate. Transparency Public charities are encouraged to adopt and monitor procedures to ensure that information about their mission, activities, finance and governance is made publicly available. How Should Changes be Reported to the IRS? 20 Reporting Changes on the Annual Information Return A public charity that is required to file Form 990 or Form 990-EZ must report name and address changes, significant program changes and changes to its organizing or enabling document or to its rules governing its affairs (commonly known as bylaws) on its annual information return. For information about informing the IRS of a termination or merger see Publication 4779, Facts About Terminating or Merging Your Exempt Organization. Determination Letters and Private Letter Ruling Requests A public charity may request a copy of a lost exemption letter or an updated exemption letter that reflects a name or address change from the IRS Exempt Organizations (EO) Determinations office. A public charity may file Form 8940, Request for Miscellaneous Determination under Section 507, 509(a), 4940, 4942, 4945, and 6033 of the Internal Revenue Code, to request a determination letter for an exemption from Form 990 filing requirement, advance approval that a potential grant or contribution constitutes an “unusual grant,” reclassification of foundation status and other miscellaneous determinations.
If a public charity is unsure about whether a proposed change in its purposes or activities is consistent with its status as an exempt organization or as a public charity, it may want to request a private letter ruling. The IRS Office of Chief Counsel issues private letter rulings on proposed transactions and on completed transactions — if the request is submitted before the return is filed for the year in which the transaction was completed. The IRS generally does not issue rulings to public charities on any other completed transactions. The IRS will issue letter rulings to public charities on matters involving a public charity’s exempt status, its public charity status, as well as other matters including issues under Sections 501 through 514, 4911, 4912, 4955, 4958, 6033, 6104 and 6115. Consult www.irs.gov/charities-non-profits for the appropriate procedures for preparing and submitting a request for a determination letter, replacement exemption letter, a letter reflecting a new name and address or private letter ruling. For general information about reporting changes, you may contact EO Customer Accounts Services at 877-829-5500. What Disclosures are Required? There are several disclosure requirements for public charities. Detailed information on federal tax law disclosure requirements for 501(c)(3) tax-exempt organizations can be found in Publication 557. 21 Public Inspection of Annual Returns and Exemption Applications A public charity must make the following documents available for public inspection and copying upon request and without charge (except for a reasonable charge for copying). The IRS also makes these documents available for public inspection and copying. A public charity may place reasonable restrictions on the time, place and manner of in-person inspection and copying, and may charge a reasonable fee for providing copies. It can charge no more for the copies than the per page rate the IRS charges for providing copies. The copy fees are listed in the Freedom of Information Act (FOIA) fee schedule. Although the IRS charges no fee for the first 100 pages, the organization can charge a fee for all copies. The organization can also charge the actual postage costs it pays to provide copies. A tax-exempt organization does not have to comply with individual requests for copies if it makes the documents widely available. This can be done by posting the documents on a readily accessible website. For details on disclosure rules and procedures for public charities, see Life Cycle of a Public Charity and the instructions to Forms 990 and 1023. Because certain forms, by law, must be made publicly available by the IRS and the filer, do not include any personal identifying information, such as Social Security numbers not required by the IRS, on these forms.
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The Nonprofit Incubator

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