Finances Of Nonprofit Groups Rarely Reviewed By IRS Agents - from TBO.com

Finances Of Nonprofit Groups Rarely Reviewed By IRS Agents - from TBO.com: "Finances Of Nonprofit Groups Rarely Reviewed By IRS Agents

Published: Jul 17, 2005
Although most U.S. tax-exempt agencies are required to report their finances every year to the Internal Revenue Service in forms called 990s, most go unread because the IRS doesn't have enough people to review them.

Some nonprofit agencies knowingly take advantage of this and file 990s that are inaccurate, experts say.

As a result, nonprofit agencies in general have ``a serious accountability problem,'' said Daniel Borochoff, president of the American Institute of Philanthropy in Chicago, a watchdog organization that monitors charities."