Steps to Forming a Nonprofit: Annual Filing

Step 15: File Annual Registrations

Annual reporting ensures nonprofits are held accountable for their charitable fundraising and annual expenditures. Qualifying organizations must submit the following three types of documentation annually.

  1. IRS Form 990, Return of Organizations Exempt from Income Tax. This is the most detailed and most misunderstood filing for nonprofits. It is a complete documentation of an organization’s financial history and is often used to hold the organization accountable for its past actions and future decisions. Recent rulings by the IRS state that nonprofit organizations must make their Form 990 and applications for tax-exempt status widely accessible and available to anyone upon request. The Form 990 is available on the IRS website.
  2. IRS From 990EZ, Short Form - Return of Organization Exempt From Income Tax. This filing is for nonprofits with gross receipts less than $200,000 or total assets that are less than $500,000 at the end of the year.
  3. IRS Form 990N, e-postcard. This filing is for nonprofits with gross receipts less than or equal to $50,000.
  4. Charitable Organization Annual Report Form. The Charitable Solicitation Act states that an Annual Report Form must be filed with the Attorney General by the 15th day of the 7th month after the close of the organization's fiscal year. An organization must also include a copy of IRS Form 990 and an audited financial statement, if applicable.
  5. Nonprofit Corporation Annual Registration. After an organization has filed for incorporation, it must continue to file an online Annual Registration with the Minnesota Secretary of State. If any information has changed since the last annual filing, the organization will need to amend its articles of incorporation. Failure to register by December 31 each year will result in the dissolution of the organization, and a $25 fee will apply to reinstate the organization’s corporate existence. Nonprofits can file their Annual Business Renewal online.
 
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Comment by Zoe Massaquoi on Saturday, April 2 2016 at 5:58 AM

 
Comment by Zoe Massaquoi on Saturday, April 2 2016 at 5:58 AM

 

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