For the privilege of keeping their federal tax exemption and providing public transparency about their financials, operations and governance, nonprofits, including state-chartered credit unions, are required to submit a 990 form every year to the IRS.

But for two of Michigan’s largest credit unions, their privilege of maintaining their tax-exempt status could be at risk or they could face stiff fines and come under IRS audit scrutiny for filing inaccurate and incomplete 990 forms over several years.

One of the key parts of the 990 form requires credit unions to fully reveal specific information about executive compensation, including the executive’s name, title, the amount of his or her W-2 compensation, W-2 compensation from related organizations and estimated amount of other compensation from the credit union or related organization. This information must be listed in this manner in Part VII of the 990 form. Additionally, in Schedule J of the 990 form, credit unions are required to report the names and titles of executives, including their base salary, bonus and incentive compensation, deferred and retirement compensation, nontaxable benefits and other reportable compensation.

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