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.
CUNA said that credit unions that will have to file should have received a post card to that effect from the IRS. The association estimated that about 350 credit unions may have to file for the first time under the new rule.
Federally chartered credit unions and state-chartered credit unions which file 990s in a group will not have to file under the new rule.
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