• Brian R. Schobel, CPA

Important Nonprofit Compliance Requirements


Nonprofit Form 990 Filing Requirements

Organizations with annual revenue of $50,000 or more and required to file as an exempt organization must file a 990 or 990 EZ. Many organizations under the $50,000 threshold may still be required to file an electronic return or 990 N. Less than $200,000 in annual revenue and less than $500,000 in total assets may file the 990 EZ but may file the 990 if they choose. For nonprofit entities over these thresholds, the 990 is the form to file.

https://www.irs.gov/charities-non-profits/form-990-series-which-forms-do-exempt-organizations-file-filing-phase-in

Code of Virginia

58.1-609.11. Exemptions for nonprofit entities

A nonprofit entity with gross annual revenue was at least $750,000 in the previous year, then the entity must provide a financial review performed by an independent certified public accountant. However, for any entity with gross annual revenue of at least $1 million in the previous year, the Department may require that the entity provide a financial audit performed by an independent certified public accountant. If the Department specifically requires an entity with gross annual revenue of at least $1 million in the previous year to provide a financial audit performed by an independent certified public accountant, then the entity shall provide such audit in order to qualify for the exemption under this section, which audit shall be in lieu of the financial review.

https://law.lis.virginia.gov/vacode/title58.1/chapter6/section58.1-609.11/