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Form 990 (Schedule J) online PA: What You Should Know
Form 990 is not tax or accounting, but more like a “roadmap” or “policymaking” manual for not-for-profit organizations. The 990 is the “accounting return” of a corporation for the calendar year in which it completes their 990 Form and files it with the IRS. Form 990 is not tax or accounting, it's a road map showing what money comes in, and what money comes out of the organization. Understanding the Form 990 to Understand an Organization (A) Description of the organization. Most organizations have a description of the organization on their 990, but some organizations have one or more detailed financial statements. Some financial statements may be from one year to the next, while others may be from one time period to the next. (A1) What is the “current fiscal year” in Form 990 for this not-for-profit? In order to figure out what the current fiscal year is for a not-for-profit (as opposed to an organization that has a fiscal year), we have to know what the fiscal year is (see paragraph (12) below)(13). (A2) What is the “first current fiscal year”? The first current fiscal year” in Form 990 for a not-for-profit organization means the fiscal year that starts when the 990 is written and ends before the organization files Form 990 with the IRS. Form 990 for a not-for-profit organization is usually dated on or before its fiscal first quarter. If an organization files Form 990 for its fiscal year ending in the last few months of 2016, it would be dated in April 2017, for example. See (A2) below. (A3) What is the “last fiscal year” to the current fiscal year? The last fiscal year to the current fiscal year” in Form 990 means the fiscal year that starts when Form 990 is written and ends before the organization files Form 990 with the IRS. In most cases this was just called the fiscal year, but it could be part of a different year, such as a number of fiscal years between fiscal years. (A4) What is the “current fiscal year” to the last fiscal year? If a tax return for an organization is in a calendar year, the fiscal year in which it is originally filed is the fiscal first quarter.
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