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

question 20

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 Web site.
• 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:

Creditor Litigation

Legal proceedings initiated by a creditor to collect debts owed by a debtor who has failed to make payments.

Chapter 7 Bankruptcy

A chapter of the Bankruptcy Code that provides for the liquidation of a debtor's non-exempt assets to pay off creditors.

Automatic Stay

A legal provision that temporarily stops lawsuits, foreclosures, garnishments, and all collection activity against a debtor the moment a bankruptcy petition is filed.

Secured Creditors

Creditors who have a legal right to seize specific assets of the borrower if the borrower fails to repay the debt as agreed.