Updated Form 990 Guidance and Analysis Now Available

The IRS recently released the updated 2009 Form 990, schedules and instructions, which apply to fiscal years that begin in 2009. The 2009 changes address several critical areas including the governance, compensation and interested person transaction sections. These updates to the recently revised Form 990 provide additional direction on key governance and compensation questions, reporting items and disclosures. The changes give further evidence that the IRS continues to reinforce the need for better transparency and good governance.

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IRS further clarifies the requirements for independence on boards, business relationships between board members, who is to be included in the Form 990 and distribution of the 990 to board members.

You can now download a copy of the Sullivan, Cotter and Associates Compensation Insight newsletter focusing on the changes to the Form 990 by clicking here (pdf).

Questions on this analysis and Form 990 can be directed to Jim Nelson, managing principal at Sullivan ,Cotter and Associates, at jimnelson@sullivancotter.com.

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