FORM 990-T PUBLIC DISCLOSURE RULES

Section 501(c)(3) organizations generally must make copies of their federal tax return available to members of the public. Under the Pension Protection Act of 2006, this public disclosure has been extended to their Forms 990-T, relating to reporting of unrelated business taxable income incurred by Section 501(c)(3) organizations.

In Notice 2007-45, the IRS has advised taxpayers how to comply with the new requirement. Highlights of the Notice include:

· All charities that file Form 990-T are required to make the return public. For example, although churches are not required to file Form 1023 or Form 990 with the IRS, they are required to file the Form 990-T with the IRS to report unrelated business taxable income. Thus, churches are required, under this notice, to disclose Form 990-T to the public.

· Forms 990-T should be disclosed in the same manner as required under existing rules for Forms 990.

· Proper internet posting of the Form 990-T will absolve the organization from having to provide copies directly to persons that request a copy.