The IRS has released new instructions for the Form 990 form used by not-for profits to report financial performance and detail charitable activities. This version of the form comes as the result of an update that improved and expanded executive compensation and disclosure details. The new form also requires hospitals to report free and discounted care and other subsidized services on a related questionnaire, Schedule H, which is intended to create a national standard for disclosing community benefits and hasn't existed until this point. Important changes incorporated in the new document include rules narrowing the definition of key employees whose compensation details must be reported, including employees with more than $150,000 compensation, those who have influence comparable to an officer or board member, and those who are among the 20 highest-paid employees. The new form also clarifies that physician clinics and skilled-nursing facilities are eligible to be classified as subsidized health services.
To learn more about the update:
- read this Modern Healthcare article
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