Free Char500 Nys Form in PDF

1. What is the CHAR500 form used for?

   The CHAR500 form is an annual filing requirement for charitable organizations registered with the New York State Office of the Attorney General's Charities Bureau. It is designed to provide the state with updated information on the charity's financial health, activities, and changes in organizational details, ensuring transparency and regulatory compliance for organizations operating or soliciting donations within New York State.

2. Who needs to file the CHAR500 form?

   Charitable organizations registered under either the Article 7-A of the Executive Law (7A), the Estates, Powers and Trusts Law (EPTL), or both (DUAL), as well as EXEMPT organizations choosing to file, must submit the CHAR500 form annually. The requirement applies whether the charity is based in New York or is an out-of-state entity conducting charitable activities or fundraising within the state.

3. What are the deadlines for filing the CHAR500 form?

   The deadlines vary depending on the organization’s filing status. For 7A and DUAL filers, the form must be postmarked within 4 1/2 months after the end of the organization's fiscal year. EPTL filers have a deadline of 6 months post fiscal year-end, with an additional 180 day extension automatically granted. Complying with these deadlines avoids penalties and ensures continuous registration.

4. Are there any exemptions to filing the CHAR500 form?

   Yes, exemptions are available if your organization's financial activity falls below certain thresholds. If total contributions from New York State do not exceed $25,000 and the organization did not engage a professional fundraiser, a 7A filing exemption may be claimed. Similarly, for EPTL filers, if both gross receipts and the market value of assets were under $25,000 during the fiscal year, an exemption applies. Dual filers can claim exemptions under both categories if applicable.

5. How is the filing fee for the CHAR500 determined?

   The filing fee is calculated based on the organization's registration category (7A, EPTL, or DUAL) and its financial threshold. Fees vary, starting at $0 for those who qualify for exemptions under part 3 of the form, up to $1,500 for organizations with a net worth of $50,000,000 or more. The appropriate fee must accompany the form submission to ensure processing.

6. What schedules and attachments are required with CHAR500?

   • If your organization used a professional fundraiser, fundraising counsel, or commercial co-venturer, complete Schedule 4a.
   • Complete Schedule 4b if the organization received government grants.
   • Include IRS Form 990, 990-EZ, or 990-PF, and 990-T if applicable, along with all additional IRS Form 990 Schedules, except Schedule B for public charities, which is exempt from public disclosure.
   • For 7A only or DUAL filers, an independent certified public accountant's review or audit report is required if total revenue and support exceeds certain thresholds, unless an exemption applies.

   Providing accurate and complete schedules and attachments is crucial for the comprehensive review and approval of the filing.

Filling out the CHAR500 NYS form, a crucial document for charitable organizations in New York State, can be a complex process. Making errors on this form can lead to various consequences, ranging from processing delays to legal issues. Here are nine common mistakes people often make when completing this form:

1. Ignoring the required signatures. The CHAR500 needs to be signed by both the President or an Authorized Officer and the Chief Financial Officer or Treasurer. Overlooking this requirement can invalidate the submission.
2. Failure to accurately check the registration category. Whether your organization is 7A only, EPTL only, DUAL (7A & EPTL), or EXEMPT is crucial for determining which sections of the form you must complete.
3. Misunderstanding the annual reporting exemption. Organizations sometimes claim exemptions incorrectly because they do not fully understand the criteria under 7A or EPTL exemptions.
4. Incorrectly calculating the filing fee or submitting the wrong fee amount. This mistake can occur if the organization's net worth or received contributions are miscalculated.
5. Omitting necessary schedules and attachments. Depending on answers to questions in parts 4a and 4b, additional documents like Schedule 4a for professional fundraisers or Schedule 4b for government grants may be required.
6. Not utilizing the CHAR500 checklist for required attachments. This could lead to missing documents such as the IRS Form 990 and the Certified Public Accountant's Review or Audit Report, where applicable.
7. Providing incorrect or outdated contact information. The form asks for the best contact information to be publicly available in the Charities Registry, crucial for future communications.
8. Entering the wrong fiscal year dates. Organizations must provide the specific beginning and ending dates of the fiscal year being reported.
9. Overlooking the address and name change boxes when applicable. If your organization's address or name has changed since the last filing, marking these boxes is essential for updating the public record.

It’s crucial for organizations to approach the CHAR500 with attention to detail and an understanding of their specific obligations under the law. Utilizing resources like the CharitiesNYS website and seeking assistance when needed can also help avoid these common pitfalls.

Overall, filling out the CHAR500 NYS form accurately is important for remaining compliant with the New York State Attorney General’s office requirements. Avoiding these mistakes not only aids in processing your filing more efficiently but also helps in maintaining the integrity and accountability of your charitable organization.

When filing the CHAR500 with the New York State Office of the Attorney General, charitable organizations are often required to include various forms and documents to ensure a complete and compliant submission. Understanding these documents is crucial for a smooth filing process.

• IRS Form 990, 990-EZ, or 990-PF: These forms are the Internal Revenue Service (IRS) forms used by tax-exempt organizations to provide the IRS with annual financial information. The specific form used depends on the organization's financial activities and size.
• Schedule B (Schedule of Contributors): This is a schedule that accompanies the IRS Form 990, detailing information on contributors who have donated significant sums. Though required for IRS submission, it is not public information in New York State filings.
• IRS Form 990-T: If a tax-exempt organization generates income from business activities unrelated to its exempt purpose, this form is used to report and pay taxes on that income.
• Audited Financial Statements: Organizations with total revenue and support exceeding certain thresholds may be required to submit financial statements that have been audited by an independent certified public accountant.
• Independent Certified Public Accountant's Review Report: For organizations with total revenue and support within a certain range, a review report prepared by an independent CPA might be necessary. This is less comprehensive than an audit but still provides a level of assurance about the financial statements.
• Schedule 4a: Used by organizations that engage professional fund-raisers, fund-raising counsels, or commercial co-venturers. It details the information regarding these arrangements, including compensation and services provided.
• Schedule 4b: This schedule lists each government grant awarded to the organization. It requires details such as the name of the government agency and the amount of the grant.
• IRS 990-N e-Postcard: For smaller organizations that typically gross less than $50,000 annually, the 990-N e-Postcard fulfills federal reporting requirements, but for New York State purposes, an IRS Form 990-EZ must still be filed.
• Conflict of Interest Policy: While not always directly submitted with the CHAR500, having a written conflict of interest policy is required for certain filers and might need to be attested to within the CHAR500 or accompanying documents.
• Charitable Organization Annual Report: Some organizations, particularly those that do not need to file the full set of IRS 990 forms or those with specific exemptions, might complete a state-specific annual report form that summarizes their activities, finances, and governance.

Navigating these documents can be complex, requiring a thorough understanding of both state and federal guidelines for charitable organizations. Proper preparation and knowledge of these forms can help ensure that your organization remains in good standing and continues to operate transparently and effectively.

The CHAR500 form shares similarities with the IRS Form 990, known as the "Return of Organization Exempt from Income Tax." Both documents are used by tax-exempt organizations to provide the public with financial information. While the CHAR500 is specific to the New York State Charities Bureau, Form 990 serves a broader purpose, fulfilling federal requirements and offering insight into an organization's operations, including revenues, expenses, and compensation.

Similarly, the Form 990-EZ, "Short Form Return of Organization Exempt from Income Tax," aligns with the CHAR500 in its goal to report financial and operational details. It's a simplified version for smaller entities, mirroring the CHAR500's role for New York State's smaller charities, offering a less complex method for fulfilling reporting obligations and ensuring transparency to the public and government agencies.

The Form 990-PF, "Return of Private Foundation," is another comparative document, focusing on private foundations' financial activities. Like the CHAR500, it ensures compliance and transparency in financial dealings but caters to a specific segment of charitable organizations. This form is detailed, showcasing charitable distributions, investments, and more, akin to the in-depth financial disclosures on the CHAR500.

The CHAR500's exemption sections bear resemblance to the IRS 990-N "e-Postcard," designed for small tax-exempt organizations with annual receipts of $50,000 or less. Both allow simpler reporting mechanisms for eligible entities, reducing administrative burdens while keeping these organizations accountable for minimal financial information disclosure.

The Schedule of Contributors, known as Schedule B in IRS filings, is closely related to the CHAR500's need for similar disclosures. Organizations are required to list donors of significant gifts, ensuring transparency about sources of funding. This synchronization between state and federal requirements underscores the importance of accountability in charitable financing.

The CHAR410, "Registration Statement for Charitable Organizations," is essential for new charities, akin to the IRS's initial exemption application. It establishes a charity's eligibility to operate and solicit funds in New York, paralleling the IRS process that confirms an organization's tax-exempt status, setting the foundation for future reporting including through forms like the CHAR500.

The Schedule 4a attached to the CHAR500, focusing on "Professional Fund Raisers, Fund Raising Counsels, Commercial Co-Venturers," is mirrored by federal requirements to disclose the involvement of professional fundraisers. This ensures that donors understand who is asking for donations, and how much of their contribution goes to the charitable cause versus fundraising expenses.

The Schedule 4b, related to "Government Grants," is comparative to federal disclosures about grants received from governmental entities. Both state-specific and federal forms require detailed listings of grant sources and amounts, reflecting the necessity for transparent operations and the influence of public funding on charitable activities.

The "Annual Reporting Exemption" section of the CHAR500, which allows organizations to claim exemption from detailed reporting under certain conditions, can be compared to the federal counterpart where small organizations may be exempt from filing the full Form 990 or 990-EZ. This similarity underscores a broader regulatory attempt to reduce paperwork for smaller entities while maintaining essential oversight.

Last, the Annual Filing Checklist within the CHAR500 echoes aspects of the IRS form instructions and the necessity for certain schedules like the Audit Report. Both federal and state guidelines necessitate this kind of documentation for larger entities, emphasizing the demand for comprehensive financial scrutiny to ensure fiscal responsibility and the proper use of charitable funds.

When completing the CHAR500 NYS form for your charitable organization, there are certain practices to follow and others to avoid to ensure a smooth submission process. Here are 10 do's and don'ts to keep in mind:

• Do review the entire form and instructions before beginning to ensure you understand all requirements.
• Do double-check that your organization's contact information is current and accurate, including address, phone number, and email.
• Do confirm your organization's registration category (7A, EPTL, DUAL, or EXEMPT) via the Charities NYS website to accurately complete the form.
• Do make sure that the fiscal year beginning and ending dates are correctly entered in the General Information section.
• Do provide both required signatures for the certification section; one from the President or Authorized Officer and one from the Chief Financial Officer or Treasurer.
• Do check the box that corresponds to your situation, such as Address Change, Name Change, Initial Filing, Final Filing, or Amended Filing, if applicable.
• Do carefully review the schedules and attachments checklist to ensure all necessary documentation is included with your filing.
• Do not leave any required fields blank. Enter “N/A” or “None” where applicable if there's no information to provide.
• Do not submit the form without reviewing it for accuracy and completeness to prevent delays in processing.
• Do not forget to calculate and include the correct filing fee based on your organization's registration category and financial thresholds.

By diligently following these guidelines, organizations can ensure their CHAR500 NYS form is submitted accurately and efficiently, helping to maintain compliance with New York State requirements for charitable organizations.

• One common misconception is that the CHAR500 is only necessary for large charities. In reality, most charitable organizations operating in New York State must file this form, regardless of their size, unless they meet specific exemption criteria.

• Many believe that if they file the IRS Form 990, they do not need to submit the CHAR500. However, organizations are required to file the CHAR500 with the New York State Attorney General’s Office in addition to fulfilling federal reporting obligations to the IRS.

• Some think that the CHAR500 form is only about financial reporting. While financial information is a significant component, the form also collects details about changes in address or leadership, registration categories, and specific exemptions applicable to the organization.

• There's a misconception that once an organization files as "EXEMPT" on the CHAR500, it no longer needs to file in subsequent years. Actually, exempt organizations may be required to file annually to maintain their status and ensure compliance with state regulations.

• People often assume that filing the CHAR500 automatically updates an organization's information in the Charities Bureau Registry. Organizations need to actively check and update their profile information on the Charities Bureau’s website separately if there are changes.

• Some organizations believe that there is a flat filing fee for the CHAR500. The truth is, fees vary based on the organization's registration category and financial thresholds, such as net worth and total revenue.

• There's a belief that new organizations don't need to file the CHAR500 in their first year. New organizations must indeed file, potentially as “Initial Filing” if within the applicable reporting period for their fiscal year.

• Many assume that if they didn’t conduct any fundraising activities, they don't need to file the CHAR500. Even without fundraising activities, organizations may still need to file to report their financial status and maintain compliance.

• A misconception exists that all attachments and schedules are mandatory for every filer. The specific schedules and attachments required depend on the organization's activities, like fundraising in New York State or receiving government grants, and its registration category.

Filling out and using the CHAR500 form is a crucial annual task for charitable organizations in New York State, ensuring they remain in compliance with legal obligations. To simplify this process, here are four key takeaways:

• Check your organization's registration category: Before you begin, it's essential to know whether your organization is categorized as 7A, EPTL, DUAL, or EXEMPT. This determines the specific sections of the CHAR500 you must complete, the attachments required, and the fees you'll need to pay. The CharitiesNYS.com website provides a tool to confirm your Registration Category.
• Annual reporting exemptions can reduce your workload: If your organization's financial activity falls below certain thresholds, you might be eligible for reporting exemptions. For example, if total contributions from NY State did not exceed $25,000, you might not need to file the full slate of schedules and attachments or pay any fees, significantly simplifying your filing process.
• Correct certification is non-negotiable: The CHAR500 requires certification by two signatories to attest that the information provided is accurate and in compliance with New York State laws. This step is critical and serves as a legal affirmation of the report's completeness and accuracy. Improper certification could lead to legal ramifications, including penalties.
• Sending your filing correctly is crucial for compliance: Once completed, the CHAR500 form, along with all required schedules, attachments, and fees, should be sent to the specific address provided on the form. This ensures that your filing is processed in a timely manner and helps avoid any delays or penalties associated with late or incomplete filings.

Understanding these key aspects of the CHAR500 form can help charitable organizations in New York State navigate the filing process more effectively, ensuring compliance with state requirements and helping them continue their valuable work without interruption.