IRS Releases 2020 Form 990 Statistics & Updates Process for Requesting EO Docs
First, it posted on the SOI Tax Stats – Charities & Other Tax-Exempt Organizations Statistics webpage the tables summarizing data from 2020 Forms 990. Highlights include:
- Section 501(c)(3) organizations reported total assets of $5.5 trillion, including $2.6 trillion in investments, and net assets of $3.5 trillion. This compares with $920 billion in total assets for section 501(c)(4) to (9) organizations, including $590 billion in investments, and net assets of $563 billion in net assets.
- Section 501(c)(3) organizations reported total revenue of $2.7 trillion, including $696 billion in contributions, gifts, and grants. Total revenue for section 501(c)(4) to (9) organizations was $390 billion, of which only $30 billion was contributions, gifts, and grants.
- Section 501(c)(3) organizations reported total expenses of $2.4 trillion, including $2.1 trillion for program services. Total expenses for section 501(c)(4) to (9) organizations was $362 billion. Section 501(c)(4)s reported $105 billion in program service expenses, as compared to total expenses of $115 billion; program services expenses are not required to be separately reported for section 501(c)(5) to (9) organizations.
Second, the IRS updated the procedures for obtaining copies from the Service of not only annual returns (Form 990 series) but also determination letters and exemption applications. I tried out the Form 4506-B process to request exemption applications for several organizations for a research project. The form was easy to complete, and clicking on a button at the bottom of the form automatically created an email from my gmail account to the IRS, submitting the form. Now I am waiting to see if and when I actually receive a copy of the application from the IRS.
Lloyd Mayer