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Houston Institute for Culture
STATUS: 501(c)(3) educational and charitable organization
EIN: 13-4204068
FINANCIAL
Fiscal Year: January 1 through December 31.
IRS forms due May 15.
Our public IRS documents are available on CD-ROM. Mailing or delivery charges apply. Several of these documents are available on line.
From: Andrew Campbell
To: Mark Lacy
Subject: State of Texas non-profit rules
A non-profit incorporated in Texas does not have to file any annual financial info with the state. If the organization raises $10k or more from sources other than members of the organization, then the organization must prepare annual financial statements that need to be approved by the board. These statements do not need to be filed with the state, but they must be available to the public.
I attached the relevant passages from the TX Dept. of State FAQ and the law, in case you want it for your records.
Andy
From a FAQ:
14. Are the books and records of a nonprofit corporation available for inspection?
The Texas Nonprofit Corporation Act, in art. 1396-2.23, requires that nonprofit corporations maintain complete books and records of account, minutes of the proceedings of its members, boards of directors, and committees having the authority of the board of directors. These books and records should be available for examination and copying by members of the corporation.
In addition the Act, in art. 1396-2.23A, provides that nonprofit corporations should maintain accurate financial records including records relating to all income and expenditures. Based on these records, the board of directors shall prepare or approve an annual report of the financial activity of the corporation. All records, books, and annual reports of the financial activity of the corporation shall be available for inspection or copying by the public.
There are numerous exceptions to this provision. It does not apply to corporations that solicits funds only from its members or a corporation that does not intend to solicit and does not actually receive contributions from sources other than its members in excess of $10,000 during a fiscal year. Nor does the provision apply to proprietary schools; religious institutions; trade associations or professional associations whose principal income is from dues and member sales and services; insurers; charitable organizations concerned with conservation and protection of wildlife, fisheries, and allied natural resources; and alumni associations.
Additionally, there are some circumstances when the books and records of a nonprofit corporation are available under the Texas Open Records Act (chapter 552 of the Government Code). The Act defines governmental body, in section 552.003(1)(A), to include the "part, section, or portion of an organization, corporation, commission, committee, institution, or agency that spends or that is supported in whole or in part by public funds."
15. Does a nonprofit corporation file the IRS form 990 with the Secretary of State?
The form 990 or 990-PF is not filed with the Secretary of State. There may be special circumstances when a nonprofit corporation files the 990 with the Charitable Trust Section of the Attorney General. Please check with the Attorney General regarding the necessity for your corporation to file the report.
The actual law:
Art. 1396-2.23A. Financial Records and Annual Reports
A. A corporation shall maintain current true and accurate financial records with full and correct entries made with respect to all financial transactions of the corporation, including all income and expenditures, in accordance with generally accepted accounting practices.
B. Based on these records, the board of directors shall annually prepare or approve a report of the financial activity of the corporation for the preceding year. The report must conform to accounting standards as promulgated by the American Institute of Certified Public Accountants and must include a statement of support, revenue, and expenses and changes in fund balances, a statement of functional expenses, and balance sheets for all funds.
C. All records, books, and annual reports of the financial activity of the corporation shall be kept at the registered office or principal office of the corporation in this state for at least three years after the closing of each fiscal year and shall be available to the public for inspection and copying there during normal business hours. The corporation may charge for the reasonable expense of preparing a copy of a record or report.
D. A corporation that fails to maintain financial records, prepare an annual report, or make a financial record or annual report available to the public in the manner prescribed by this article is guilty of a Class B misdemeanor.
E. This article does not apply to:
(1) a corporation that solicits funds only from its members;
(2) a corporation which does not intend to solicit and receive and does not actually raise or receive contributions from sources other than its own membership in excess of $10,000 during a fiscal year;
(3) a proprietary school that has received a certificate of approval from the State Commissioner of Education, a public institution of higher education and foundations chartered for the benefit of such institutions or any component part thereof, a private institution of higher education with a certificate of authority to grant a degree issued by the Coordinating Board, Texas College and University System, or an elementary or secondary school;
(4) religious institutions which shall be limited to churches, ecclesiastical or denominational organizations, or other established physical places for worship at which religious services are the primary activity and such activities are regularly conducted;
(5) a trade association or professional society whose income is principally derived from membership dues and assessments, sales, or services;
(6) any insurer licensed and regulated by the State Board of Insurance;
(7) an organization whose charitable activities relate to public concern in the conservation and protection of wildlife, fisheries, and allied natural resources;
(8) an alumni association of a public or private institution of higher education in this state, provided that such association is recognized and acknowledged by the institution as its official alumni association.
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