Accounting FAQs

Is my organization required to have an annual financial audit?

Minnesota nonprofit organizations with $750,000+ in gross receipts are required to complete annual financial audits through a certified public accountant.

What is Form 990?

The Internal Revenue Service requires that all corporations in the United States file an annual income tax return. This includes nonprofit corporations. Form 990 is the tax return form that nonprofits use to report their gross annual receipts for the year.

How do we know which 990 to submit?

The IRS requires different 990 forms for different organizations.  The 990-N, for example, is the simplest form, for organizations with less than or equal to $50,000 in gross annual receipts.

When do we submit our 990?

Your 990 is due the 15th day of the fifth month after your fiscal year ends. For example, if your fiscal year ends Dec. 31, your 990 is due May 15.

What other reporting requirements exist?

In Minnesota you are required to renew your registration as a nonprofit corporation with the Secretary of State by Dec. 31 each year.

Your annual report to the Minnesota Attorney General (charitable organizations only) is due the 15th day of the seventh month after your fiscal year ends.