Public Disclosure Rules Require That a Tax-Exempt Not-For-Profit Organization

question 42

Multiple Choice

Public disclosure rules require that a tax-exempt not-for-profit organization:

• A) Make available a copy of its Form 990 to the public for a period of up to three years.
• B) Post a copy of its articles of incorporation and by-laws on its website.
• C) Provide a copy of the minutes to all board meetings to any person who requests the minutes within 90 days of the board meeting.
• D) Make available a copy of its Form 990-T, but not its Form 990, to the public for a period of up to two years.

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Definitions:

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, detailing net profit or loss.

Variable Manufacturing Costs

Costs that change in proportion to the level of production output, such as raw materials and direct labor costs.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overheads - in the cost of a product.

Product Costs

Costs that are involved in acquiring or manufacturing a product, typically including direct materials, direct labor, and manufacturing overhead.