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Nonprofit Financial Statements

Question:

Do 501(c)(3) non-profit corporations have to make their financial statements available to the public?

Answer:

Yes. Non-profit corporations must submit their financial statements, which include the salaries of directors, officers and key employees to the IRS on Form 990. Both the IRS and the non-profit corporation are required to disclose the information they provide on Form 990 to the public. This means that non-profits must make their records available for public inspection during regular business hours at their principal office.

In addition, a number of websites make these financial statements available including GuideStar and the Foundation Center. Finally, you can request a Form 990 from a specific non-profit corporation by writing to the IRS, including the name of the organization and the tax year you wish to review:

Commissioner of Internal Revenue
Attn: Freedom of Information Reading Room
1111 Constitution Avenue, NW
Washington, DC 20224

Next Steps
Contact a qualified business organizations attorney to help you
choose the best formation for your business.
(e.g., Chicago, IL or 60611)

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