What are the requirements concerning disclosure of financial information by a nonprofit?

In Washington, nonprofit organizations must disclose certain financial information in order to remain in compliance with the law. This information needs to be made available to the public in an accurate and timely manner. The first requirement is that nonprofits must report their assets, liabilities, fund balances, financial activity and other financial information to the Washington Secretary of State. This includes details of cash received, expended and balances on hand, investments, and any grants or loans received. Nonprofits must also make their financial statements available to the general public. This includes annual statements like income statements and balance sheets, as well as detailed notes and disclosures. Additionally, they must provide copies of their audited financial statements upon request. Nonprofits must also make their Form 990 - which outlines their organization’s activities and accomplishments, as well as its income and spending - available to the public. This must include the organization’s completed IRS Form 990, plus a statement of executive compensation, disclosure of any lobbying activities, and a list of the organization’s board of director members. Finally, nonprofits must disclose all major funders as well as any other contributions received. This includes individuals, foundations, and other organizations. By following these requirements, nonprofits in Washington can ensure they are following the law and providing the public with the information they need to make an informed decision about the organization.

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What are the requirements concerning disclosure of financial information by a nonprofit?

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