On April 23, the U.S. Department of the Treasury and IRS announced a Form 990 transparency initiative that proposes to revise reporting for non-profit 501(c)(3) organizations related to government contracts, government grants, and fiscal sponsorship arrangements. The Form 990 is the annual information return that most tax-exempt organizations must file with the IRS, publicly disclosing their finances, governance, compensation, and activities. The Treasury noted in its press release that the changes are intended to detect misconduct and hold wrongdoers accountable.
The U.S. Department of the Treasury and the IRS expect to publish proposed regulations and provide an opportunity for public comment before any reporting changes are finalized. AHCA/NCAL will keep its members updated as further information comes out on this matter.