5956 Sherry Lane, Suite 610
Dallas, TX  75225-8017
214-363-9000
info@summerlee.org

IMPORTANT! New IRS Requirements

 

ATTENTION!  Beginning in 2008, all not-for-profit organizations must file a Form 990 information return with the Internal Revenue Service.  Even if your organization has never filed a return in the past, it must begin filing a Form 990 in 2008, or risk losing its exempt status.  Note that the regular Form 990 has had major revisions and now requires more and different kinds of information.  To review the new Form and begin preparing to file it, go to the IRS Web site at www.irs.gov and search on the words “Form 990.”  Not-for-profit organizations should begin now to gather information and review their policies and procedures to make sure they can successfully complete the new Form 990.

 

See the following table for the information returns required for different sized organizations:

Organizations by Size

Required Returns

Comments

Organizations with gross receipts of less than $25,000 per year.

Must file Form 990N every year beginning in 2008

This simple return must be filed electronically.  To locate the Form, go to the IRS Web site at www.irs.gov and search on “Form 990N.”  You will receive instructions on how to file the Form, which takes only a few minutes to complete.  Failure to file the Form 990N for 3 consecutive years may cause a nonprofit organization to lose its exempt status.

Organizations with gross receipts of more than $25,000, but less than $200,000 and with assets of less than $500,000

In 2008, 2009 and 2010 file Form 990-EZ

This simplified Form is available at the IRS Web Site www.irs.gov.  Search on the words “Form 990 EZ”

Organizations with gross receipts of more than $200,000, but less than $500,000 and with assets of less than $1,250,000

In 2008 and 2009, file Form 990 EZ.  In 2010, file Form 990.

These organizations get a break for the first two years, and can file the Form 990 EZ.  Beginning in 2010, they must begin filing the Form 990.

Organizations with gross receipts of more than $500,000, but less than $1,000,000 and with assets of less than $2,500,000

In 2008, file Form 990 EZ.  In 2009 and 2010, file Form 990.

These organizations get a break for the first year, and can file the Form 990 EZ.  Beginning in 2009, they must begin filing the Form 990.

Organizations with gross receipts of more than $1,000,000, or with assets of less than $2,500,000

These organizations must begin filing the newly revised Form 990 in their first fiscal year beginning after December 31, 2007. 

The new Form 990 and draft instructions are available at the IRS Web site www.irs.gov.  Search on the words “Form 990.” 

Principal Office

The Summerlee Foundation

5956 Sherry Lane, Suite 610, Dallas, Texas 75225-8017 USA

Phone: 214-363-9000 Faxline: 214-363-1941 • Toll Free 1-888-363-9003

E-mail: info@summerlee.org

 

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