On January 21, 2012, the Internal Revenue Service (IRS) released
a revised version of Form
990 and accompanying instructions and schedules for tax year 2011.
Notable changes to Form 990 and its associated schedules relate to
joint ventures, investment partnerships, compensation disclosure
and hospitals. In addition, the instructions to the revised form
include many clarifications that were lacking in previous
guidance.
Most organizations that are exempt from federal income tax under
section 501(a) of the Internal Revenue Code must file an annual
information return (Form 990 or Form 990-EZ) or submit an annual
electronic notice (Form 990-N). Generally, an organization's
gross receipts and total assets determine which filing the
organization must make, although different filing criteria apply to
certain organizations; for example, private foundations must file
Form 990-PF and supporting organizations do not have the option to
file Form 990-N. Organizations with either
