WASHINGTON–CUNA has asked the credit union community for its views on the proposed redesign of the IRS' Form 990, which CUNA and many credit unions file.
The new draft has a core form, according to CUNA, and 15 schedules to be completed as appropriate. Information on the composition of an organization's board, governance and financial statement practices would be required on the main form that must be completed by all filers.
Credit unions would have to report summary information regarding officer, director, trustee and certain employees' compensation on the form. More detailed information would be required on Schedule J for organizations with highly compensated employees or complicated compensation arrangements.
Federal credit unions are exempt from filing the Form 990 but some state charters have to file though certain leagues have been approved as conduits for group filings.
Comments are due to CUNA by Aug. 27 and the IRS by Sept. 14.
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