Although not-for-profit entities are generally exempt from paying federal income tax, they are not free from filing requirements with the Internal Revenue Service. Not-for-profits that normally have gross annual receipts of more than $25,000 must file a Form 990 with the IRS within 5 months of the close of the fiscal year. Form 990 contains information relative to revenue, expenses, assets, liabilities and fund balance. It includes statement of mission, description of significant activities and program services, disclosure of compensation, relationships and transactions of board members and key employees, and information on governance practices. The IRS requires the Form 990 be made available to the public.
