The IRS released the final revised Form 990 (PDF) on December 23, 2008. The revised Form 990, which goes into effect for reports on fiscal years beginning on or after January 1, 2008, is much more than a financial document -- it’s the primary source of information about your governance, operations, and programs available to government regulators, the press, and the public.

What Forms Should You File?
Your organization must file the revised 990 in 2009 (for fiscal years beginning in 2008) if:

• You have annual receipts of $1 million or more, or total assets of $2.5 million or more.
• You maintain any donor advised funds.
• You are recognized as a tax-exempt organization under section 512(b)(13) (controlling organizations).

Private foundations (as described under section 509(a) of the tax code) file Form 990-PF. There have not yet been any changes to the Form 990-PF.

If your annual receipts are between $25,000 and $1,000,000, you may file the Form 990-EZ in 2009, although some states in which you are required to file a copy of your federal return may require that you file the full Form 990. 

If your annual receipts are under $25,000, you must file the new electronic postcard (Form 990-N).

These thresholds will change for returns filed in 2010 for fiscal years beginning in 2009.  At that time, public charities with annual receipts of $500,000 or more, or total assets of $1.25 million will be required to file the new 990.  The following year (2011), these thresholds drop to receipts of $200,000 and assets of $500,000.

For more information about the revised Form 990, please refer to the following resources.

• Background on the redesign of the Form 990
• Questions and Answers about differences of pre and post 2009 Form 990 (IS Member Password Required)
• Are You Ready for the New Form 990?(PDF) (IS Member Password Required)
• What Nonprofits Need to Know about the post 2008 Form 990 and Form 990-EZ (IS Member Password Required)