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Form Instructions 990 online Bexar Texas: What You Should Know
OF Form 990 Nonprofit Income Tax Return for United Way of San Antonio Foundation and the United Way of Bexar County For those not familiar with what a Form 990 is, Form 990, an annual tax return, is a return required by the IRS by law; a report of the income and deductions of a 501(c)(3), (4), or (5) organization; and a record of nonprofit financial transactions for purposes of filing a tax return.” It “contains information from Form 990 reports filed by all major United Way of America (U.W.A.) chartered chapters and affiliate groups across the nation, and it provides a general accounting of the organization's financial health, revenues, expenses, assets, liabilities, taxable income, and tax status.” Here is an overview of the U.W.A. (United Way Of America) form 990. The organization maintains its records for six years (see the Schedule B, Itemized-Expenses, Table I.10 of the Form 990). From the form 990 returns, this page includes: A statement of its net assets, which must be at least 50,000 if the tax year in which it filed a Form 990 is a calendar year (May 1st to December 31st). Net assets must be in excess of expenses. Net assets are a dollar amount less than the liabilities. An explanation of each expense item on the form (see page I.7 of the return) A list of the gross and net income and deductions from the returns: These are the amounts of money the organization received from the United Way for charitable donations (see pages I.7 of the tax return and I.7 for more information on the itemized-deductions, see page I.10 of the Form 990) in the past year. This type of returns are a requirement of the IRS. A statement of: The percentage of the gross income received from the United Way that has been received previously in the previous six-year period (see pages I.7 of the tax return). The percentage of gross income received from the United Way, the total gross income (gross assets + gross income — expenses of the group). Other financial statements (including a discussion of what is deductible), which are required to be filled out on a Form 990 each year. This is also a requirement of the IRS.
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