Tax Information

Sound financial management begins with complete transparency

We recognize that good governance practices provide safeguards to help ensure that our funds are consistently used in accordance with our mission, tax-exempt purpose, and donor intent.

To that end, we encourage you to learn about the filing process and review the completed form.

What is Form 990?

Form 990 provides a comparison of the current year’s revenues, expenses, assets, and liabilities with those of the prior year.

We also provide a description of IUF’s program and service accomplishments, along with in-depth information regarding IUF’s tax compliance, good governance practices, compensation data, and policies.

We are responsible for filing Form 990 annually with the Internal Revenue Service (IRS).

How is the form prepared?

Preparing the form is a multi-step process that involves many people within our organization.

First, staff members prepare Form 990 and submit it for review to our management group. Our Audit Committee is kept up to date with our progress by way of status reports given to them at various committee meetings.

Once Form 990 is reviewed and approved by the Audit Committee, it is signed by our President and CEO, and then provided to the full board prior to its filing with the IRS.

View Form 990

Form 990 and corporate governance

One of the public objectives of Form 990 is to make the policies and practices of nonprofit organizations more transparent. Form 990 includes disclosures regarding conflicts of interest and related party transactions.

Effective boards usually include individuals who have relationships and affiliations that may raise questions about perceived conflicts of interest. Although many such potential conflicts are ultimately deemed inconsequential, every IUF representative (director, officer, employee, or agent) has the responsibility to ensure that the board is made aware of situations that involve personal, familial, or business relationships that could create a real or perceived conflict of interest.

Every year, we make a written request to our officers and directors to disclose known conflicts of interest, as outlined in our Conflict of Interest Policy, and related party transactions, as defined by the IRS. These disclosures are reviewed by our staff and the Audit Committee. The board and all relevant board committees are notified of any action required based on the disclosures received.

While the IRS only requires that we report related party transactions which exceed $100,000, we believe good governance requires full accountability regardless of dollar amounts. Therefore, we are providing an additional disclosure of all known related party transactions that fall below the IRS reporting threshold.

See the related party transaction report