Semi-Annual Audit Due/IRS Form 990

Date: July 1, 2018
Author: Dave Torebka

It’s audit season again!  The semi-annual audit of councils for the period January 1 to June 30 is due on August 15 to Supreme Council.  The form is available via Officers Online which Grand Knights and Financial Secretaries have access to, or via the Supreme Council website:  http://www.kofc.org/un/en/members/resources/forms/council.html

Speaking of audits, it time again to file your IRS Form 990 (or 990-EZ, or 990-N)  If your reporting year ended on June 30, councils have until November 15 to file Form 990, et al.

Excerpts below are from the IRS Website:

Most small tax-exempt organizations whose annual gross receipts are normally $50,000 or less can satisfy their annual reporting requirement by electronically submitting Form 990-N if they choose not to file Form 990 or Form 990-EZ instead.

To file Form 990-N online:  https://www.irs.gov/charities-non-profits/annual-electronic-filing-requirement-for-small-exempt-organizations-form-990-n-e-postcard

Form 990:  Must be filed by an organization exempt from income tax under section 501(a) (including an organization that
has not applied for recognition of exemption) if it has either (1) gross receipts greater than or equal to $200,000 or (2) total assets greater than or equal to $500,000 at the end of the tax year.
Form 990-EZ:  If an organization has gross receipts less than $200,000 and total assets at the end of the tax year less than $500,000, it can choose to file Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, instead of Form 990.
 
Remember, the Knights of Columbus IS NOT a 501(c)(3) organization.  The Knights are a 501(c)(8) Fraternal Benefit Society