WASHINGTON — IRS Form 990 may not be appropriate for state chartered credit unions CUNA and NASCUS wrote in separate comment letters to the IRS in response to a request for comments on a new proposed form.
The proposed form is 10 pages long with an additional 15 schedules as needed. The summary page asks for key financial information, compensation, and governance and operational data.
Given the member controlled, volunteer-run nature of credit unions and their high level of regulatory oversight, NASCUS Vice President of Regulatory Affairs Brian Knight suggested "a generic approach to Form 990 might no longer be practical."
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