Form 990, Return of Organization Exempt from Income Tax
Form 990 is an IRS form that every nonprofit organization must file annually. The form collects financial information of the nonprofit and helps the IRS ensure that nonprofits do not exploit their tax-exempt status. Once filed with the IRS, Form 990 becomes a public record, allowing individuals and other organizations to look up a nonprofit’s finances.
Form 990 provides a snapshot of the entire cooperative by summarizing the income statement and balance sheet. It also provides a description of the mission or most significant activities. Form 990 is an opportunity for the cooperative to clarify its mission and provide details of the previous year’s accomplishments.