The Internal Revenue Service has released the final Form 990 and related schedules, more than 18 months after the first draft of the revised federal financial-disclosures forms were submitted for public comment.
The new forms are the first overhaul of the 990 in nearly 30 years and will require tax-exempt groups to reveal much more information about how organizations govern and pay their key employees and directors and earn unrelated business income.
The new forms include a schedule of 16 accompanying forms that probe details of lobbying, business transactions with insiders, and international activities. There is also a special form just for tax-exempt hospitals that asks about the amounts of charity care, Medicare reimbursements, debt collections, and any joint business ventures that hospitals engage in.
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