Why the annual Form 990 filing is crucial to your nonprofit organization

Each month, TCF processes grant checks from our donors to area nonprofits. We review each organization’s 501(c)(3) status in an online database before mailing these checks and sometimes, we run into a problem.

Your organization’s tax-exempt status has been revoked because the required Form 990 has not been filed.

This means we cannot process the donation and must wait to send the donation until your organization’s status has been renewed. Sometimes our donors decide to give to a different organization because of this.

We know the IRS-required filings can be overwhelming, to say the least. There are so many different forms, and why are they all named by random numbers?

However, keeping up with these forms is crucial for your nonprofit organization to maintain its 501(c)(3) tax-exemption status, which impacts your eligibility for grants, but also for participation in TCF opportunities such as the Great Community Give, the Giving Back Guide, and our competitive grants (opening this summer for the 2025 cycle).

Here’s some more information on the Form 990.

What is the Form 990? 
This is an annual information return required by the IRS for most tax-exempt organizations.

Do I have to fill out a Form 990?

YES! If not, your organization will be at risk of losing its tax-exemption!

Are there different kinds of Form 990s? 

Yes!

• Organizations with $200,000 or more in gross receipts or total assets of $500,000 or more must fill out a Form 990.
• Organizations with gross receipts under $200,000 and total assets under $500,000 can fill out a 990-EZ, a shorter form of the 990.
• Organizations with $50,000 or less in annual gross receipts can submit a Form 990-N, which can be filled out within minutes online.

What happens if I do not file? 

If your organization does not file a 990 form for three consecutive years, your organization will automatically be put on the IRS’s Auto-Revocation List. This terminates your organization’s tax-exempt status, and you must reapply for your tax-exempt status.

When is the deadline?
The deadline  is the 15th day of the fifth month after the end of the organization’s tax year. For example, if your organization’s tax year ends on December 31, your 990 will be due on May 15; if your organization’s tax year ends on June 30, your 990 will be due on November 15. If you have questions about this, look at your organization’s Letter of Determination from the IRS and find where it says your accounting period ends.

What if I need an extension? 

Fill out a Form 8868 to receive an automatic 6-month extension.

Resources

IRS- Stay Exempt (video and written courses on maintaining 501(c)(3) status): https://www.stayexempt.irs.gov/home/existing-organizations/existing-organizations

IRS- Forms, instructions & publications (search engine to find forms like the 990, 8868, etc.): https://www.irs.gov/forms-instructions

IRS- Charities and nonprofits (home page of different resources for NPOs): https://www.irs.gov/charities-and-nonprofits