Part Vii Form 990 In Massachusetts
Description
Form popularity
FAQ
Yes. Institutions and organizations, such as hospitals, schools, churches and cultural facilities, may qualify for exemption from local taxes on real and personal property they own on July 1, the beginning of the fiscal year. These exemptions are found in G.L. c.
Part VI asks for information regarding an organization's members, if any, and any local chapters, branches or affiliates. Much of Part VI focuses on who is responsible for governing the organization. In most organizations, this includes a governing body such as a board of directors, or trustees.
Part VII requires reporting of two types of compensation: 1) reportable compensation (amounts reportable on a person's Form W-2 (box 5) or Form 1099 (box 7)) and 2) other compensation.
Column (F) asks for the amount of “other compensation” which generally includes any compensation that is not included in box 1 or 5 of Form W-2, in box 1 of Form 1099-NEC or in box 6 of Form 1099-MISC.
Although they are exempt from income taxation, exempt organizations are generally required to file annual returns of their income and expenses with the Internal Revenue Service. Small tax-exempt organizations with gross receipts under a certain threshold may be required to file an annual electronic notice.
The mission—the most important information in the form. Narrative and financial information on the three largest (by amount spent on them) activities to carry out the mission.
Reportable compensation generally means compensation reported in Box 1 or 5 (whichever amount is greater) of the employee's Form W-2 PDF, or in Box 1 of a non-employee's Form 1099-NEC. Other compensation PDF generally means compensation that is not reportable compensation.
Program Service Revenue – This is revenue from sales of goods or services, directly related to mission. Other Revenue – A catch-all with lines for investment income, rental income, fundraising income from events, gaming, and more.
Part III of Form 990 provides an opportunity for a political organization to describe its activities and how they further its exempt purpose. In some cases, this will be fairly straightforward. For example, a candidate committee's program service accomplishment would be conducting the campaign to elect X to Congress.
