The IRS Form 990 is titled "Return of Organization Exempt From Income Tax." It is submitted by tax-exempt organizations and nonprofit organizations to provide the Internal Revenue Service with annual financial information. The Form provides the public with financial information about a given organization, and the disclosures do not require, but strongly encourage, nonprofit boards to adopt a variety of board policies regarding governance practices.
A determination letter is the most important legal document an organization possesses. The IRS issues this letter after an organization has successfully applied for the recognition of tax-exempt status. In this document the IRS indicates under which section of the Internal Revenue Code the organization is qualified. The determination letter is the only official document and proof that an organization is recognized as a tax-exempt organization.