New Form 990

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Accountability. Transparency. Compliance. These three

principles form the bedrock of best practices in nonprofit

governance and are at the heart of a lively debate that has

unfolded over the past five years. But as the saying goes, the devil is in the details.

I would wager that most governing board members do not

associate the realization of these principles with the task of completing Form 990, the Internal Revenue Service

information return filed by most tax-exempt organizations. To most trustees, tax forms are best left to accountants, the chief financial officer, and the audit committee.

But with the introduction this year of an all-new IRS Form

990, the time has come to discard this detachment. This

means that board members will need to accept and embrace

their role in enabling their organization to prepare the form in a manner that demonstrates that the institution is well governed.

See full article for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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