How to complete assets section in Form 990?

The Assets Section in Form 990 (Part X of the Balance Sheet) is where an organization reports everything it owns that has financial value at the beginning and end of the tax year. This includes cash, investments, receivables, property, equipment, inventory, prepaid expenses, and any other assets. It shows the IRS the organization’s financial position and helps verify that total assets match liabilities and net assets.

The Assets section of Form 990 captures everything your organization owns at the beginning and end of the tax year. To complete it correctly:

1. Use your organization’s balance sheet
   Start with your accounting records. The “beginning of year” column should match the prior year’s ending balances, and the “end of year” column should reflect the current year’s financials.

2. Report assets at book value
   Enter asset amounts based on how they are recorded in your books—not fair market value—unless your accounting method requires otherwise.

3. Include all types of assets
   Make sure the section reflects all assets your organization owns, such as cash, investments, receivables, property, equipment, prepaid expenses, inventory, and any other items of value.

4. Be consistent with your accounting method
   Use the same valuation and reporting method you use in your financial statements (cash basis or accrual basis).

5. Ensure totals match across the form
   The total assets must equal the sum of total liabilities plus net assets/fund balances. If they don’t, review your entries for errors.

6. Provide additional details when required
   If certain assets require explanations (like significant “other assets”), you may need to complete the relevant sections in Schedule D.

7. Review for accuracy
   Double-check that all figures are correct, properly categorized, and supported by your financial records.