Nonprofit Reporting Law Passes

New Law Brings Conformity to State and Federal Public Reporting Requirements

St. Paul, Minn., May 23, 2011 – Nonprofit organizations across Minnesota will see more uniform reporting requirements, thanks to a bill signed into law by Governor Dayton this week.

House File 786, signed into law on May 18, 2011, changes the way Minnesota nonprofit organizations report compensation information on the Annual Report to the Attorney General’s office. The changes were designed to bring Minnesota into conformity with federal nonprofit reporting requirements on the IRS Form 990.

The Minnesota Council of Nonprofits (MCN) sought this change to reduce the reporting burden on Minnesota charitable organizations when calculating and reporting employee compensation for state and federal purposes.

“Achieving conformity on the definition of compensation as well as the threshold for reportable compensation gains a more efficient use of resources and greater clarity for both nonprofits and their supporters,” Sondra Reis, MCN’s associate director said. “We thank the Minnesota Council on Foundations, the Charities Review Council, and the Minnesota Society of CPAs for their support. We are especially grateful to the bills chief authors, Re.p Greg Davids and Sen. Ted Daley, for their strong support of this proposal.”

The law goes into effect on August 1, 2011. MCN will continue to work with nonprofits and the Attorney General’s Office as it is implemented.
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