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In June 2007, the IRS
released a draft redesigned Form 990 (Return of
Organization Exempt from Income Tax). This was the
first major overhaul of the form in almost 30 years.
On December 20, 2007, the IRS released a final Form 990.
There are areas in the new form that will impact your
institution. For example, there are significant
changes (1) requiring substantial additional information
in the disclosure of executive compensation and
benefits, (2) affecting transactions with interested
parties, (3) relating to corporate governance, and (4)
for hospitals in particular, community benefit
information reporting.
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