Skip to main content
Form 990
Search
Search Trust Tax (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Trust Tax
  • Return type: 990 Exempt Organization

Reviewing Information Specific to Form 990

Exempt organizations filing Form 990 must include all required schedules for the return to be complete. Schedule O is a required schedule. In addition to Form 990, an exempt organization may be required to file Form 990-T to report unrelated trade or business income. See Reviewing Information Specific to Form 990-T for details.
In the account binder, the Form 990 page is accessible from the
Tax Review-990
 main topic when the
990
 check box is selected on the Account Information page. Selecting the
Tax Review-990
 main topic selects the
Form 990
 subtopic and displays the Form 990 page. On the Form 990 page, the collapsible sections are closed so that you can find and access (rather than scroll to) the information you want to review. Selecting a section heading opens the section and displays its details.
The following graphic shows that the
Form 990
 subtopic is selected and that the collapsible sections on the Form 990 page are closed:
In addition to the
Form 990
 subtopic, the
Tax Review-990
 main topic includes separate subtopics for:
  • Form 990-T (if the
    990 T
     check box is selected on the Account Information page).
  • Each Schedule applicable to Form 990.
  • Income items, such as capital gains/losses and ordinary gains/losses.
  • Rent and royalty assets.
  • Partnership or S corporation K-1 input (which is entered and updated like 1041 Schedule K-1 input).
  • Depreciation.
  • Form 4797 (for sales of business properties).
  • Form 4720 (for excise tax liability).
  • Tax return footnotes (which are entered and updated like tax return footnotes for 1041 returns).
  • Tax return extensions (for entering or overriding information for Form 8868).
Generally, the collapsible sections on the Form 990 page are arranged like the Parts of Form 990. Some Form 990 Parts, however, are separated into more than one collapsible section. For example, there are multiple collapsible sections that apply to Parts VI, VII and VIII. For Part VI, there are three collapsible sections (
Part VI, Governing Body and Management
,
Part IV, Policies
 and
Part VI, Disclosure
) that correspond to Sections A, B and C respectively. For Part VII, the
Part VII, Compensation of Officers, Directors, Trustees Etc.
 and
Officers, Directors, Key Employees and Independent Contractors
 collapsible sections allow you to review, enter and update compensation information. For Part VIII, there are four collapsible sections. As shown in the following graphic, the titles for three of the collapsible sections indicate in parenthesis the lines they apply to:
note
Much of the information on the Form 990 page rolls from one year to the next. This means that, for example, you will answer the questions that determine the schedules to complete the first year you use ONESOURCE Trust Tax to process the account. Each subsequent year, you will review then update only those questions that require updating.

Reviewing General Information

The
General Information
 collapsible section on the Form 990 page allows you to review, enter or update:
  • Information reported in the heading area of Form 990. This includes selecting the procedure (Not Applicable, Revenue Procedure 85-58, or Form 1128) by which the organization obtained IRS approval for a change in its accounting period.
  • Books and records information (reported in Part VI, Section C, line 20).
  • Some state-related information.
  • Affiliate information for organizations that are exempt under a group exemption letter.

Reviewing the Mission Governance and Operational Information Summary

The
Summary
 collapsible section on the Form 990 page corresponds to Part I on Form 990. Since the information reported in Part I on Form 990 originates from the other Parts of Form 990, the
Summary
 collapsible section should be one of the last collapsible sections that you review.
When you access the
Summary
 collapsible section, you will notice a number of read-only fields. These fields are read-only because the information originates from a field in another collapsible section. Including the information from the originating field in the
Summary
 collapsible section allows you to review the information and keeps the information consistent throughout Form 990. If, during your review, you want to update the information in a read-only field, access the originating field, make your change and save it, then process the account. After processing completes, the field under the
Summary
 collapsible section will show the updated information.

Reviewing Program Service Accomplishments

Part III of Form 990 is used to describe the organization's program services, which are those activities forming the basis for the organization's tax-exempt status. The information in Part III also supplements the expenditures in Part IX. On the Form 990 page, the Part III, Program Service Accomplishments collapsible section is used to review, enter or update:
  • The organization's approved mission statement.
  • The answers to the questions regarding new or changed program services.
  • The program service information for the three largest program services. Program services include grants or allocations paid to recipients. If there are program services that were comparable to the three largest program services, then the totals for those services can be entered as other program services. Other program services are reported on line 4d in Part III, and described in Schedule O.
The graphic below shows the
Part III, Program Service Accomplishments
 collapsible section for the fictional ABC Charities. Notice that the
Expense
 column includes the total amount of expenses incurred for each of the three largest program services, and that the
Including Grants
 column includes the grant amount paid to recipients throughout the year.
note
You can review transaction level detail and enter transaction level overrides for program service revenue using the
Part VII, Statement of Revenue, Contributions/Program Service
 collapsible section. To review the transaction level detail, select the
Transaction Detail
 link for
Five largest program service revenue sources
 or
All other program service revenue sources
. To enter transaction level overrides, select the
Override
 link for
Five largest program service revenue sources
 or
All other program service revenue sources
.

Reviewing Questions about Required Schedules, Other IRS Filings and Tax Compliance, Governance, Management and Disclosure

Parts IV, V and VI on Form 990 ask several questions that should be answered rather than leaving blank. These questions determine whether a particular Schedule must be completed, serve as a checklist for other IRS compliance that may be required by the organization, and provide information about the organization's governing body, management, governance policies and disclosure practices. Answers to the questions in Parts IV, V and VI can be provided using registers or the account binder. The registers that can be used to provide answers include:
  • Form 990 Accounts with Part IV Questions
  • Form 990 Accounts with Part V Questions
  • Form 990 Accounts with Part VI Questions
In the account binder, the questions are listed under the following collapsible sections on the Form 990 page:
  • Part IV, Checklist of Required Schedules
    -Determines whether a particular Schedule must be completed. Answering
    Yes
     indicates that the applicable Schedule (or Part or line on the Schedule) needs to be completed. See Cross Reference for Part IV Questions and Required Schedules for details.
  • Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    .
  • To access the page for the applicable Schedule, select the corresponding subtopic from the
    Tax Review-990
     main topic. For example, to access the Schedule O page, select
    Tax Review-990
     then
    Schedule O
     in the topic list panel.
  • Part V, Statements Regarding Other IRS Filings and Tax Compliance
    -Provides a checklist for other IRS compliance that may be required by the organization. Answering
    Yes
     to a question or entering the requested information may indicate that there are potential compliance requirements that are not necessarily related to Form 990. See Cross Reference for Part V Lines and IRS Compliance Requirements for details.
  • Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    .
  • Part VI, Governing Body and Management
    -Corresponds to Section A, which provides information regarding the policies and procedures related to the organization's governing body and management. Answer each question and enter the requested information. Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    .
  • Part VI, Policies
    -Corresponds to Section B. The questions determine whether specific policies have been adopted and what procedures are in place for monitoring compliance. Answer each question or enter the requested information. Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    .
  • Part VI, Disclosure
    -Corresponds to Section C. Answer each question or enter the requested information. Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    .
    • The books and records information is under the
      General Information
       collapsible section on the Form 990 page.
    • ONESOURCE Trust Tax does not support register fields for the questions in Parts IV, V and VI.
Cross Reference for Part IV Questions and Required Schedules
The table below provides a cross reference for the questions in Part IV of Form 990, the Schedule that applies when the answer to the question is
Yes
, and where to find the information in ONESOURCE Trust Tax. To access the page for an applicable Schedule, select the corresponding subtopic from the
Tax Review-990
 main topic.
note
Schedule O is required for all Form 990s.
Part IV Line
General Subject of the Question
Applicable Schedule
Where to Find Schedule Data in ONESOURCE Trust Tax
1
Public charity status
Schedule A
General Information
 collapsible section on the Form 990 page.
note
The public charity status is automatically reported on Schedule A based on the Tax-Exempt Status selection.
2
Schedule B
Schedule B
The Schedule B page.
3
Political campaign activities for a Section 501(c)(3) organization
Schedule C, Part I
Part I, A-C
 collapsible section on the Schedule C page.
4
Lobbying activities
Schedule C, Part II
One of the following collapsible sections on the Schedule C page:
  • Part II-A to be completed by all organizations exempt under section 501(c)(3) that filed Form 5768(election under section 501(h))
  • Part II-B to be completed by organizations exempt under section 501(c)(3) that have Not filed Form 5768 (election under sections501(h))
5
Membership dues or assessments for Section 501(c)(4), 501(c)(5) or 501(c)(6) organizations
Schedule C, Part III
One of the following sections on the Schedule C page:
  • Part III-A to be completed by organizations exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6)
  • Part III-B to be completed by organizations exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) if BOTH Part III-A questions 1 and 2 are answered "No" or if Part III-A question 3 is answered "Yes".
6
Donor advised funds
Schedule D, Part I
Part 1, Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts
 collapsible section on the Schedule D page.
7
Conservation easements
Schedule D, Part II
Part II, Conservation Easements
 collapsible section on the Schedule D page.
8
Maintenance of works of art or historical treasures
Schedule D, Part III
Part III, Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets
 collapsible section on the Schedule D page.
9
Escrow accounts and custodial arrangements
Schedule D, Part IV
Part IV, Trust, Escrow and Custodial Arrangements
 collapsible section on the Schedule D page.
10
Endowment funds
Schedule D, Part V
Part V, Endowment Fund
 collapsible section on the Schedule D page.
11a
Land, buildings and equipment
Schedule D, Part VI
Part VI, Land, Buildings and Equipment
 collapsible section on the Schedule D page.
11b
Investments classified as other securities
Schedule D, Part VII
Part VII, Investments-Other Securities
 collapsible section on the Schedule D page.
11c
Program related investments
Schedule D, Part VII
Part VIII, Investments-Program Related
 collapsible section on the Schedule D page.
11d
Assets classified as other assets
Schedule D, Part IX
Part IX, Other Assets
 collapsible section on the Schedule D page.
11e
Liabilities classified as other liabilities
Schedule D, Part X
Part X, Other Liabilities
 collapsible section on the Schedule D page.
11f
Financial statement footnotes addressing liability for uncertain tax positions
Schedule D, Part X
Part X, Other Liabilities
 collapsible section on the Schedule D page.
12a and 12b
Audited financial statements
Schedule D, Parts XI and XII
Parts XI and XII are optional if the answer to 12a is No but the answer to 12b is Yes.
The following collapsible sections on the Schedule D page:
  • Part XI, Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
  • Part XII, Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
13
Private schools
Schedule E
Part I Questions
 on the Schedule E page.
14b
Activities outside the United States
Schedule F, Parts I and IV
The following collapsible sections on the Schedule F page:
  • Part I-General information on activities outside of the United States
  • Part IV-Foreign Forms
15
Grants and other assistance to organizations outside the US
Schedule F, Parts II and IV
The following collapsible sections on the Schedule F page:
  • Part II-Grants and Other Assistance to Organizations or Entities Outside of the United States
  • Part IV-Foreign Forms
16
Grants and other assistance to individuals outside the US
Schedule F, Parts III and IV
The following collapsible sections on the Schedule F page:
  • Part III-Grants and Other Assistance to Individuals Outside of the United States
  • Part IV-Foreign Forms
17
Professional fundraising services
Schedule G, Part I
Part I, Fundraising Activities
 collapsible section on Schedule G page.
18
Fundraising events
Schedule G, Part II
Part II, Fundraising Events
 collapsible section on the Schedule G page.
19
Gaming activities
Schedule G, Part III
Part III, Gaming
 collapsible section on the Schedule G page.
20
Hospital facilities
Schedule H
note
Schedule H is not supported by ONESOURCE Trust Tax.
21
Grants and other assistance to organizations or governments in the US
Schedule I, Parts I and II
The following collapsible sections on the Schedule I page:
  • Part I, General Information on Grants and Assistance
  • Part II, Grants and Other Assistance to Governments and Organizations in the United States
22
Grants and other assistance to individuals in the US
Schedule I, Parts I and III
The following collapsible sections on the Schedule I page:
  • Part I, General Information on Grants and Assistance
  • Part III, Grants and Other Assistance to Individuals in the United States
23
Compensation of current and former officers, directors, trustees, key employees, highest compensated employees and independent contractors
Schedule J
Schedule J, Questions
 collapsible section on the Schedule J page.
24
Tax-exempt bonds
Schedule K
note
Schedule K is not supported by ONESOURCE Trust Tax.
25a and 25b
Excess benefit transactions for a Section 501(c)(3), 501(c)(4) or 501(c)(29) organization
Schedule L, Part I
Part I, II-Excess Benefits or Loans to and/or from Interested Persons
 collapsible section on the Schedule L page.
26
Loans to and/or from interested persons
Schedule L, Part II
Part I, II-Excess Benefits or Loans to and/or from Interested Persons
 collapsible section on the Schedule L page.
27
Grants or other assistance benefiting interested persons
Schedule L, Part III
Part III, IV-Grants/Assistance Benefiting or Business Transactions Involving Interested Persons
 collapsible section on Schedule L page.
28a through 28c
Business transactions involving interested persons
Schedule L, Part IV
Part III, IV-Grants/Assistance Benefiting or Business Transactions Involving Interested Persons
 collapsible section on Schedule L page.
29
Noncash contributions
Schedule M
The following collapsible sections on the Schedule M page:
  • Amounts
  • Additional Information
30
Noncash contributions classified as works of art or historical treasures
Schedule M
The following collapsible sections on the Schedule M page:
  • Amounts
  • Additional Information
31
Liquidation, termination, dissolution or ceasing operations
Schedule N, Part I
Part I-Liquidation, Termination, or Dissolution
 collapsible section on the Schedule N page.
32
Significant disposition of net assets
Schedule N, Part II
Part II-Sale, Exchange, Disposition, or Other Transfer of More Than 25% of the Organization's Assets
 collapsible section on the Schedule N page.
33
Disregarded entities
Schedule R, Part I
Part I-Identification of Disregarded Entities
 collapsible section on the Schedule R page.
34
Related tax-exempt organizations
Schedule R, Part II, III or IV, and Part VI, line 1
One of the following collapsible sections on the Schedule R page:
  • Part II-Identification of Related Tax-Exempt Organizations
  • Part III-Related Organizations and Unrelated Partnerships
  • Part IV-Identification of Related Organizations Taxable as a Corporation or Trust
And, the
Part VI-Unrelated Organizations Taxable as a Partnership
 collapsible section on the Schedule R page.
35b
Transactions with related organizations
Schedule R, Part V, line 2 (if the answers are Yes to 35a and 35b)
Part V-Transactions with Related Organizations
 collapsible section on the Schedule R page.
36
Transactions with related organizations
Schedule R, Part V, line 2
Part V-Transactions with Related Organizations
 collapsible section on the Schedule R page.
37
Unrelated organizations taxable as partnerships
Schedule R, Part VI
Part VI-Unrelated Organizations Taxable as a Partnership
 collapsible section on the Schedule R page.
38
Schedule O
Schedule O
note
Schedule O is required for all Form 990s.
Cross Reference for Part V Lines and IRS Compliance Requirements
The table below is a cross reference between the lines in Part V of Form 990 and other IRS compliance requirements that may not necessarily be related to Form 990. Answering
Yes
 to a question or providing information in a field may indicate that other IRS compliance requirements apply to the organization.
Part V Line(s)
Potential IRS Compliance Requirement
1a-2b
Payroll
3a-3b
Unrelated business income
4a-4b
Foreign financial accounts
5a-5c
Tax shelter transactions
6a-7h
Contributions received
8-9b
Donor advised funds
10a-10b
Section 501(c)(7) organizations
11a-11b
Section 501(c)(12) organizations
12a-12b
Non-exempt charitable trusts
13a-13c
Section 501(c)(29) organizations
14a-14b
Indoor tanning services
15-16
Excise taxes
17
Section501(c)(21) organizations

Reviewing Compensation and Benefit Information

Compensation is reported in Part VII, Sections A and B of Form 990. Section A is used for current and former officers, directors, trustees, key employees and the five highest compensated employees whose compensation exceeds $100,000, and includes compensation from related organizations. Section B is used for the five highest compensated independent contractors, but does not include compensation from related organizations.
On the Form 990 page, you can review, enter and update compensation information using the following collapsible sections:
  • Part VII, Compensation of Officers, Directors, Trustees Etc.
    -This collapsible section generally corresponds to the check boxes and questions in both Sections A and B.
  • Officers, Directors, Key Employees and Independent Contractors
    -This collapsible section has two grids for reviewing, entering and updating compensation information. The first grid applies to the table in Section A, and is used for current and former officers, directors, trustees, key employees and the five highest compensated employees whose compensation exceeds $100,000. The second grid applies to the table in Section B, and is used for the five highest compensated independent contractors.

Reviewing Revenue and Functional Expenses

Revenue and functional expenses are reported by line in Parts VIII and Part IX of Form 990. The following collapsible sections on the Form 990 page show the total taxable amounts for the transactions that were mapped as revenue or expense items:
  • Part VIII, Statement of Revenue, Contributions/Program Service
    -Includes revenue amounts classified as:
    • Voluntary contributions (cash and noncash), gifts, grants and other similar amounts received by the organization.
    • Program service revenue.
  • You can review and override the total taxable amount for revenue classified as voluntary contributions (cash and noncash), gifts, grants and other similar amounts. For program service revenue, you can review transaction level detail and enter transaction overrides. To review transaction level detail, select the
    Transaction Detail
     link for
    Five largest program service revenue sources
     or
    All other program service revenue sources
    . To enter transaction overrides, select the
    Override
     link for
    Five largest program service revenue sources
     or
    All other program service revenue sources
    .
  • Part VIII, Statement of Revenue, Other Revenue (3-6)
    -Includes revenue amounts classified as:
    • Investment income.
    • Rental income.
    • Royalties received by the organization.
  • You can review and override the total taxable amount for these revenue classifications. For investment income and royalties received by the organization, you can select the
    Detail
     link to review the transaction level detail.
  • Part VIII, Statement of Revenue, Other Revenue (7-8)
    -Includes revenue amounts classified as:
    • Sales of assets other than inventory.
    • Income from fundraising activities or events.
  • You can review and override the total taxable amount for these revenue classifications.
  • Part VIII, Statement of Revenue, Other Revenue (9-11)
    -Includes revenue amounts classified as:
    • Income from gaming activities.
    • Sales of inventory.
    • Miscellaneous revenue.
  • You can review and override the total taxable amount for revenue classified as income from gaming activities and sales of inventory. For sales of inventory, you can select the
    Detail
     link to review the transaction level detail. For miscellaneous revenue, you can review the transaction level detail and enter transaction level overrides. To review transaction level detail, select the
    Transaction Detail
     link for the three largest miscellaneous revenue sources or all other miscellaneous revenue sources. To enter transaction level overrides, select the
    Override
     link for the three largest miscellaneous revenue sources or all other miscellaneous revenue sources.
  • Part IX, Statement of Expense
    -Includes fields for reviewing and entering joint cost allocations (reported in line 26 of Part IX), and a grid for reviewing and overriding the different functional expenses included in lines 1 through 24e of Part IX. For many of the functional expenses, you can select the
    Detail
     link in the
    Detail
     column to review the transaction level detail.

Reviewing the Balance Sheet

The balance sheet items listed in Part X of Form 990 are included under the
Part X Balance Sheet
 collapsible section on the Form 990 page. The first year you use ONESOURCE Trust Tax to process the Form 990 return for the account, you must enter the beginning book and ending book values. Each year thereafter, the ending book values from the prior year are used as the beginning book values for the subsequent tax year.
Schedules D and L are used to provide supplemental information to the balance sheet. When applicable to a balance sheet item, the
Detail
 column in the balance sheet grid includes a
Schedule D
 or
Schedule L
 link. Selecting this link displays the Schedule D or Schedule L page as a pop-up window. Entering and changing Schedule D or L information is the same regardless of whether you use the pop-up window or the page. Selecting
Save
 saves the information on both the pop-up window and the page.
note
Some states (but not the IRS) require FASB ASC 958 (formerly SFAS 117) reporting. If the exempt organization complies with FASB ASC 958, select
Yes
 from the
Does the organization follow SFAS 117
 drop-down list, and be sure to review and, if necessary, override the beginning book and ending book values for the
Unrestricted net assets
,
Temporarily restricted net assets
 and
Permanently restricted net assets
 rows under
Organizations that follow SFAS 117
 in the balance sheet grid. If the exempt organization does not comply with FASB ASC 958, you can select
No
,
Leave Blank
 or
N/A
 from the
Does the organization follow SFAS 117
 drop-down list. Use the fields under
Organizations that do not follow SFAS 117
 in the balance sheet grid, to review and, if necessary, override the beginning book and ending book values.

Reviewing the Reconciliation of Net Assets

Part XI of Form 990 is used to reconcile an exempt organization's beginning and ending net assets or fund balances for the year. On the Form 990 page, the
Part XI Reconciliation of Net Assets
 collapsible section identifies the items that are automatically calculated by ONESOURCE Trust Tax, and allows you to review, enter and update the following amounts:
  • Any net unrealized gains (losses) on investments (reported on line 5).
  • The value of any donated services and use of facilities (reported on line 6).
  • Investment expenses (reported on line 7).
  • Adjustments that relate to prior periods (reported on line 8).
You can also use the
Part XI Reconciliation of Net Assets
 collapsible section review, enter and update the line 9 explanation for other changes in net assets or fund balances, which is reported on Schedule O.

Reviewing Financial Statements and Reporting

Part XII of Form 990 is used to explain the level of involvement by an independent accountant and any audits required for organizations that receive federal grants under the Single Audit Act and OMB Circular A-133. On the Form 990 page, you can use the
Part XII, Financial Statements and Reporting
 collapsible section to:
  • Indicate or change the accounting method used to prepare the Form 990, and enter an explanation if the organization changed its method of accounting from a prior year or used an accounting method other than the cash or accrual method. The accounting method is reported in line 1, and the explanation is reported on Schedule O.
  • Answer the financial statement questions and enter an explanation if the organization changed its process for overseeing the compilation, review or audit of financial statements and the selection of the independent contractor who complied, reviewed or audited the statements. Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    .
  • The answers to the financial statement questions are reported in lines 2a through 2c, and the explanation is reported on Schedule O.
  • Answer the audit questions and enter an explanation if the organization has not undergone any required audit or audits. Questions displaying
    Required
     as the answer indicate that you must change the answer to
    Yes
     or
    No
    .
  • The answers to the financial statement questions are reported in lines 3a and 3b, and the explanation is reported on Schedule O.