The IRS defines the purpose of the 990 Report as follows:
"Forms 990 and 990-EZ are used by tax-exempt organizations, nonexempt charitable trusts, and section 527 political organizations to provide the IRS with the information required by section 6033.
An organization's completed Form 990 or 990-EZ, and a section 501(c)(3) organization's Form 990-T, Exempt Organization Business Income Tax Return, are generally available for public inspection as required by section 6104. Schedule B (Form 990), Schedule of Contributors, is available for public inspection for section 527 organizations filing Form 990 or 990-EZ. For other organizations that file Form 990 or 990-EZ, parts of Schedule B (Form 990) can be open to public inspection. See Appendix D, Public Inspection of Returns, and the Instructions for Schedule B (Form 990) for more details.
Some members of the public rely on Form 990 or Form 990-EZ as their primary or sole source of information about a particular organization. How the public perceives an organization in such cases can be determined by information presented on its return."
(Instructions for form 990 return of organization exempt from Income Tax (2021): Internal Revenue Service. Instructions for Form 990 Return of Organization Exempt From Income Tax (2021) | Internal Revenue Service. (2021, December 16). Retrieved April 27, 2022, from https://www.irs.gov/instructions/i990)
CommunitySuite's fund accounting features can help gather the data needed to complete the form.
- Organization financial information
- Revenue breakdown
- Functional expenses
- Donor reports
- A list of donors who gave over $5000 can be generated.
- Public security details including security symbol, quantity of shares, and unit cost can be included.
- Grant reports
- A list of grantees who have received over a specified amount can be generated.
- Grantees can be listed as individuals or organizations.
- A list of grantees who have received over a specified amount can be generated.
- Financial Reports
- Other reports listed in Reports
- 990 Report
- Compensation reports for employees providing this data is recorded.