What Board Members and Management Need to Know
A Board’s review of IRS Form 990 is a best practice to help ensure fulfillment of the Board’s fiduciary responsibilities. Studies show that tax-exempt organizations that have an established Board review process are more likely to be in compliance with tax laws and regulations. What’s more, Board and management involvement traditionally results in greater transparency, accountability and promotes the proper stewardship of resources. With Form 990 available to the general public, it is important that the Board ensures the organization’s mission and activities are accurately reflected. The presenters in this podcast speak to significant areas of the Form 990 that the Board and management should focus on. These areas are categorized into three broad areas: governance, tax compliance and financial management.