The new Form 990

The Chronicle of Philanthropy has a great article that breaks down the brand new, ink-still-wet Form 990. The highlights:

• Lots of new schedules following a 10 page "core" form that all groups fill out
• Supplemental compensation information for the highly-paid executives of nonprofits (>$150k)
• A narative section for the most significant accomplishment for the year
• A new schedule devoted to fundraising

There's a lot more... check out the Chronicle's article for the summary.

This is not the final form... the IRS is taking comments through September 14. If you're interested in checking out the draft, or in making comments go to the IRS draft 990 site and fire away. I'm still digesting the proposed changes... clearly the new form asks for more information, and I'm unsure what the practical utility is for some of these adds.

One last note... the proposed form will not go into effect until the 2008 tax year, so none of this really hits until 2009. Seems like it's far away, but it will be here before you know it!