What are the reporting requirements for nonprofit organizations?

In Vermont, nonprofit organizations are required to submit financial statements and other reports to the Vermont Department of Taxes and the Attorney General’s Office. Nonprofits must file an IRS Form 990, Return of Organization Exempt from Income Tax, or Form 990-EZ, Return of Organization Exempt from Income Tax, annually if they have gross receipts or assets greater than $25,000. Nonprofit organizations must also file a Personal Property Tax Return with the Department of Taxes, if applicable. The financial statements submitted to the Department of Taxes should include the nonprofit’s income and expenses, and should be verified by a CPA. The Attorney General’s Office also requires nonprofit organizations to submit annual reports that include a detailed description of the nonprofit’s activities since the last report and any changes in its board of directors, officers, or bylaws. Nonprofits are also required to submit copies of any contracts or agreements they enter into with vendors, and any annual or special reports required by their governing documents. Additionally, they may be required to submit to the Attorney General’s Office any disclosure statements or other documents related to their activities. Finally, all nonprofits must provide notice to the Attorney General’s Office within 10 days of any changes in their name, address, board of directors, officers, or bylaws. They must also provide notice if they dissolve or terminate their activities.

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