IRS Form 990 for your Animal Rescue

February 13, 2012

The IRS has formed a whirlwind for Animal Welfare Organizations by accumulating the new IRS Form 990 and instituting regulations with consequences for extreme compensation for CEO’s and charity tax exemptions. Needless to state, the boards are being observed narrowly and must look into how well they are communicating their good governance policy. If you chose “no” to having a governance policy on the New 990, you are expected to be audited, however if “yes” is chosen you must visibly explain how the policy is put into practice. What are correct governance practices in accordance with the New 990? You should include a mission statement, a depiction of executive compensation, review the 990 before filling it out, create a conflict of interest policy, and have the 3 most recent 990s close by.

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