Is additional reporting needed for an organization that has financial accounts in a foreign country?

Yes, if your organization had an interest or an authority over some financial accounts (bank account, securities account or other financial accounts) in a foreign country whose combined value exceeds $10,000 at any time during the tax year, then you must check ‘Yes’ in line 42b, PartV, Other Information of Form 990-EZ.

Also, the organization must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), electronically with the Department of the Treasury using FinCEN's BSA E-Filing System. 

Note: Filing of FinCEN Form 114 must be done individually and not along with Form 990-EZ.