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CUNA Warns Small CUs To Be Ready To File 990s

WASHINGTON -- CUNA is warning state chartered credit unions with "gross receipts" of less than $25,000 to be ready to file a form 990 or form 990EZ with the Internal Revenue Service.

By David Morrison | Updated on February 07, 2008

WASHINGTON — CUNA is warning state-chartered credit unions with “gross receipts” of less than $25,000 to be ready to file a form 990 or form 990EZ with the IRS.

In prior years these credit unions would not have had to file, but the reform of the Service’s 990 procedures changed the rules. According to an analysis of the rule the IRS considers “gross receipts” to be the total amount an organization receives from all sources during its annual accounting period before subtracting any expenses.

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