Disclosure of Information
Edward J. McMillan CPA, CAE · 2010
A not-for-profit organization’s disclosure of information policies are arguably the most important policies to formalize because it is inevitable that the organization will have records requested for review by members, contributors, the media, staff, researchers, or the general public. For the majority of not-for-profit organizations required to disclose information, the law addresses the following, all of which are discussed in this chapter: effective date, who has the right to inspect records? Which records must be made available for inspection? Group returns, which records are exempt from inspection? Place of inspection, requests made in person and requests made in writing. The chapter also discusses penalties for noncompliance, reimbursement of expenses, and inspection of records through the Internal Revenue Service (IRS), state requirements and exemptions. It describes sample policies, disclosure of records, Board of Directors’ Examination of Records and Form 990-T. Controlled Vocabulary Terms Board of directors; Form 990; Internal revenue service; Tax noncompliance