Congress enacted two important changes that went into effect on August 17, 2006:
- Form 990-T, used to report unrelated business income tax, has been designated a public record (for 501(c)(3) organizations only).
- Parent organizations that control subsidiary corporations (as defined by IRC Section 512(b)(13)) have new disclosure requirements on Form 990 pursuant to IRC Section 6033(h):
- List the amount of any interest, annuities, royalties, or rents received from each controlled entity;
- List any loans made to each controlled entity; and
- List any transfer of funds between the controlling organization and each controlled entity.
Click here for the IRS article explaining the changes.