IRS Released the Draft of the 2009 Form 990 | Plante Moran
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IRS Released the Draft of the 2009 Form 990

The IRS has released on its website an advance proof copy of Form 990, Return of Organization Exempt from Income Tax, and the form’s related schedules. Most of the changes, which would increase the core form to 12 pages, are minor. Changes include: 

Part I, Summary. Adding current so the column for total assets and liabilities reads Beginning of Current Year. 

Part IV, Checklist of Required Schedules. Adds similar funds to question 6 about donor advised funds:

  • Question 10 is clarified so that holding assets in a quasi-endowment is directly or through a related organization
  • Question 11 adds a question on whether the organization’s separate or consolidated statements for the tax year include a footnote that addresses the organization’s liability for uncertain tax positions under FIN 48
  • New Question 12A asks if the organization was included in a consolidated, independent audited financial statement for the tax year
  • Question 25b regarding excess benefit transactions with disqualified persons adds the requirement that the transaction not be reported on any of the organization's prior Forms 990 or 990-EZ
  • New Question 38 asks if the organization completed Schedule O and provided explanations for core form Part VI, regarding governance (providing a copy of the Form 990 to the board and how it makes governing documents, conflict of interest policy, and firm financial statements available to the public)

Part V, Statements Regarding Other IRS Filings and Tax Compliance. Changed the wording on question 7a from quid pro quo to receive a payment in excess of $75 made partly as a contribution and partly for goods and services. 

Part VI, Governance, Management, and Disclosure. Two questions, on local chapters and providing a copy of the Form 990 to the organization’s governing body, were moved from the Governing Body and Management section to the Policies section. 

Part XI, Financial Statements and Reporting. A question was added so that the organization must indicate if the financial statements for the year were issued on a consolidated basis, separate basis, or both. 

Schedule G requires reporting additional details for expenses related to fundraising events. 

Sections of Schedules H (hospitals) and K (bonds) that were optional in 2008 will be required in 2009. 

Schedule J (compensation) includes a new question asking whether the organization followed the procedures to establish the rebuttable presumption of reasonableness in setting compensation in an initial contract.

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