ERIC Number: EJ822793
Record Type: Journal
Publication Date: 2008
Reference Count: 0
New Form 990 Will Follow Your Functions
Hyatt, Thomas K.
Trusteeship, v16 n1 p14-18 Jan-Feb 2008
Accountability, transparency, and compliance, are three principles which form the bedrock of best practices in nonprofit governance and are at the heart of a lively debate that has unfolded over the past five years. However, most governing board members do not associate the realization of these principles with the task of completing Form 990, the Internal Revenue Service information return filed by most tax-exempt organizations. To most trustees, tax forms are best left to accountants, the chief financial officer, and the audit committee. With the introduction this year of an all-new IRS Form 990, the time has come to discard this detachment. This means that board members will need to accept and embrace their role in enabling their organization to prepare the form in a manner that demonstrates that the institution is well governed. In this article, the author talks about the new Form 990 and provides eight things board members should know about the new form. He suggests that a board should embrace the exercise of completing the new Form 990 as an opportunity to more fully understand and give needed direction to the institution it serves.
Descriptors: Governing Boards, Higher Education, Accountability, Governance, Financial Audits, Trustees, Compliance (Legal), Nonprofit Organizations, Colleges, Universities
Association of Governing Boards of Universities and Colleges. 1 Dupont Circle Suite 400, Washington, DC 20036. Tel: 800-356-6317; Tel: 202-296-8400; Fax: 202-223-7053; Web site: http://www.agb.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Authoring Institution: N/A