How to read a Form 990
Free, no login. Checks IRS recognition, deductibility, revocation history and filing recency.
Part I — the whole return in one page
Part I carries current and prior-year totals for revenue, expenses, and net assets. Two columns side by side means you can see direction of travel immediately: is revenue growing, is the organization running a surplus, are net assets rising or being drawn down? If you read nothing else, read this page.
Part IX — the functional expense split
This is where the famous overhead numbers come from: every expense allocated across program services, management and general, and fundraising. It is also the most judgment-laden page in the return, because organizations decide how to allocate shared costs. Treat the split as directional, not precise.
Part VII and Schedule J — compensation
Officers, directors, key employees, and the highest-paid contractors. The question is not whether a number looks large in isolation but whether it is proportionate to the organization's size and sector, and whether the board set it through a documented process — which Part VI asks about directly.
Part VI — governance
Board size and independence, conflict-of-interest policy, whistleblower policy, document-retention policy, and whether the board reviewed the 990 before filing. These are yes/no answers, and the pattern of 'no' answers tells you more about organizational maturity than any ratio.
What the 990 will not tell you
Whether the programmes work. The 990 is a tax return, not an evaluation. It is self-reported, unaudited, and typically published 12–18 months after the year it covers. It is a starting point for questions, not a substitute for asking them.