Information about the IRS Form 990

EVANSTON, IL – As a reminder this academic year, tax-exempt organizations with gross receipts of $25,000 a year or less are required to remind the IRS of their tax-exempt status by filing a Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or 990-EZ. The change affects most Sigma Alpha Epsilon undergraduate chapters, alumni associations and house corporations and is in response to the enactment of the 2006 Pension Protection Act (PPA). These organizations will be required to electronically submit a Form 990-N, also known as the e-Postcard, to the IRS annually.

The new filing requirement took effect in 2008, and the due date is the 15th of the 5th month following the end of your fiscal year. For example, if your fiscal year ends on June 30, then your Form 990-N is due on November 15. Organizations that are required to file a Form 990-PF and those required to file a standard Form 990 or 990-EZ tax return are exempt from this requirement.

The PPA requires the IRS to revoke the tax-exempt status of any organization that fails to meet all filing requirements for three consecutive years. This means that any organization that fails to comply with the new filing requirements as specified above will lose its tax-exempt status on the filing date of the third year. The organization will then be required to reapply for tax-exempt status and comply with the new filing regulations.

For more information, you are encouraged to visit the IRS website at www.irs.gov or call the IRS at (877) 829-5500.The e-Postcard (Form 990-N) is available on the IRS website.

If you have questions or inquiries about the IRS Form 990, please contact Coordinator of Finance Juan Faria at jfaria@sae.net or at (847) 424-3022.

Note: Each chapter, house corporation and alumni association will file an electronic Form 990-N under its own Federal Tax ID number using Sigma Alpha Epsilon’s group ruling number. The group ruling number for chapters and alumni associations is 0228. The group ruling number for house corporations is 5312.

Form 990 & Convention Credentialing

In an effort to track and oversee the completion in accordance with IRS requirements, and as approved by the 157th Anniversary Convention, copies of all 990 filings must be submitted to the Fraternity Service Center on an annual basis by each chapter, house corporation and alumni association. Groups with less than $50,000 of gross receipts that qualify to file a 990-N return must provide a copy of the confirmation of completion received from the IRS. Convention credentialing requires this as part of the right to vote. If your group’s exempt status has already been “revoked,” proof of progress and planned timeline toward reinstatement must be submitted.

Forms 990 must be filed by the 15th day of the fifth month after the end of your organization’s fiscal year. For example, if your organization’s fiscal year ends on June 30, the Form 990 is due by November 15 but can be filed earlier. Failure to file with the IRS can result in late fees and penalties and can put your exempt status in jeopardy. For additional information, CLICK HERE.

If the Form 990 process is new to you, and you cannot work through it yourself or call upon your tax adviser, please call or e-mail Coorindator of Finance Juan Faria at jfaria@sae.net or at (847) 424-3022.

Submissions to fulfill the Fraternity Laws requirement can be made electronically using the e-mail address listed above or by traditional mail to the Faria's attention at 1856 Sheridan Road, Evanston, IL 60201. Alumni associations that do not maintain an Employer Identification Number (EIN) and operate out-of-pocket for activities will not be able to file a 990. Without the ability to file a 990, any such alumni associations will need to directly petition the Convention Credentialing Committee on site at the convention for the right to vote. To file your petition, CLICK HERE.

 

 

 
 

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