Nonprofit Resources
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Board Review and Approval of Form 990-series Returns
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Every board of directors or trustees should review the Form 990 and have at least enough information to:
- Protect the institution from losing its exempt status
- Protect the institution from potential financial penalties
- Protect board members from potential penalties that they may owe personally
Download the white paper to learn 20 questions board members should be informed enough to answer, as well as detailed information on the potential penalties for incorrect Form 990 filing. (Note that while the white paper focuses on issues relevant to higher education institutions, the information on board review of Form 990-series returns is applicable to all tax-exempt organizations.) This information starts on page 5, but we encourage you to read the full white paper for data and insight on a variety of key tax reporting issues.