PTO Today

Hi folks -

I am just needing some clarification on this matter. We incorporated on 12/27/07 and received 501c3 status as well. Our fiscal year ended 7/31/08. So, do I need to file the postcard or the 990EZ?? Do I need to get the receipts for the whole tax year which would be 8/1/07 - 7/31/08 or do I just record from 12/27/07 - 7/31/08?? It may not make a difference since our receipts for the whole year were $24,991 and roughly $8,000 for the partial year.

Next year it looks like we may be very close to the $25,000 threshold. If we go over, then will I have to file the 990EZ?

Thanks for any and all help! This is our first time doing this and I definitely don't want to screw anything up!

I can't give you the answer on what to file but I also just got our 501(c)(3) status this last school year. I worked closely with our District Assistant Superintendant of Business on all the tax paperwork. That would be a great place to ask and get answers to those questions. I filed a 990EZ form for our school for the whole year. I used our PTSO Income Statement for the forms.
I hope this helps.

We're all new to the 990N, so it may be a good idea to call the IRS and confirm the answer to this. (Toll free 877-829-5500)

However, your situation seems pretty straightforward. I believe that:

1) Your organization was created at the point of incorporation. As a legal entity, it doesn't exist before then to have history on which to report. So your reporting cycle this first year is 12/27/07 - 7/31/08.

2) You file the postcard version.

The thresholds table for Postcard vs 990 state:

990-N (Postcard)
Gross receipts normally ≤ $25,000

990EZ or 990
Gross receipts > $25,000 and < $100,000, and Total assets < $250,000

990
Gross receipts ≥ $100,000, and/or Total assets ≥ $250,000

Note the table changes over the next few years, but it's primarily the upper end of the Gross receipts, which won't affect most of us much. In 2010, the min amount changes from $25K to $50K.