990 Red Flags: Spotting Errors Before the May Deadline

I. Introduction

• A. Welcome and Introductions (MNA Staff/Presenter).
• B. Overview of the Michigan Nonprofit Association (MNA).
• C. Importance of Nonprofit Compliance: Maintaining Public Trust and Operational Integrity.
• D. Webinar Objectives:

• Understanding the IRS Form 990.
• Navigating federal and Michigan state filing requirements.
• Ensuring ongoing compliance.

II. Understanding the IRS Form 990

• A. What is Form 990?

• Informational return for tax-exempt organizations.
• Purpose: Transparency and accountability.
• Different versions: 990, 990-EZ, 990-N.

• B. Who Must File Form 990?

• Gross receipts thresholds for
  each form.
• Exceptions and exclusions.

• C. Key Sections of Form 990:

• Financial information (revenue, expenses, assets).
• Compensation of officers and
  key employees.
• Program service accomplishments.
• Applicable Schedules.

III. Filing Requirements and Procedures

• A. Filing Deadlines and Extensions.

• Due date: 15th day of the 5th month after the end of the
  fiscal year.
• Applying for extensions
  (Form 8868).
• Importance of maintaining accurate financial records.
• Required supporting documentation.

IV. Michigan State Filing Requirements

• How do you obtain taxexempt status from the State of Michigan
• What are the annual filing requirements from the state of Michigan
• When is the deadline for Charitable Organization Annual Renewal and Annual Report?
• Are there any penalties for late filing of the annual report?
• How do I file an annual renewal form with the state of Michigan?
• How do I file an annual report form with the state of Michigan?

V. Importance of Compliance

• A. Benefits of Compliance:

• Maintaining tax-exempt status.
• Building donor trust and credibility.
• Avoiding penalties and fines.

VI. Common Misconceptions and Q&A

• A. Addressing Common Misconceptions:

• "Small nonprofits don't need to file."
• "Filing the 990 is just a formality."
• "We don't need to keep financial records if we are small."

• B. Open Q&A Session:

• Addressing specific participant questions.
• Providing additional resources and contact information.

VII. Conclusion

• A. Tax990 filing information.
• B. MNA Resources and Support.
• C. Closing Remarks and Thank You.