New Form 990 Disclosure Requirements

Congress enacted two important changes that went into effect on August 17, 2006:

  • Form 990-T, used to report unrelated business income tax, has been designated a public record (for 501(c)(3) organizations only).
  • Parent organizations that control subsidiary corporations (as defined by IRC Section 512(b)(13)) have new disclosure requirements on Form 990 pursuant to IRC Section 6033(h):
    • List the amount of any interest, annuities, royalties, or rents received from each controlled entity;
    • List any loans made to each controlled entity; and
    • List any transfer of funds between the controlling organization and each controlled entity.

Click here for the IRS article explaining the changes.