In the wake of accounting scandals at public, for-profit companies, the IRS announced this week that it wants more detailed information on the Form 990s filled out by non-profit organizations.
The forms, which function as annual financial reports for charities, do not currently go into as much detail as public company reports, and have been criticized in the past for not offering the public enough information.
Charities will now have to report the gross amount they received from fundraising, pledge that they haven’t lumped their fundraising expenses into the program area, and the IRS has added a check box for an organization to indicate whether it accounts for joint costs in accordance with the AICPA's statement of position in this area.
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