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

In Washington, nonprofit organizations must comply with state and federal disclosure regulations outlining financial information that must be made available to the public. This includes submitting an annual filing to the Secretary of State, which includes a detailed statement of assets, liabilities, and financial activities. Nonprofits must also provide potential donors with a copy of their financial statement upon request. This should include information about the organization’s income, expenditures, assets and liabilities. If the nonprofit has received financial contributions, they must disclose these amounts as well. In addition, nonprofits must keep detailed accounting records of all transactions and maintain a separate bank account. They should also save documents and receipts related to spending and income, and prepare annual financial reports to present to their Board of Directors. Finally, all nonprofits must provide a copy of their Internal Revenue Service Form 990 (which relates to their taxes) upon request. This report must include information such as their mission, program accomplishments, and financial position. By following these requirements, nonprofits in Washington can ensure that their financial information is made available to the public, which enables potential supporters to make informed decisions about donating to the organization.

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

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