Form 990 is the IRS information return that 501(c) organizations above a small size threshold file every year. It discloses revenue, expenses, the names and pay of top officers and contractors, lobbying expenditures, and large grants the group made to others. The 990 is a public document — anyone can pull it from ProPublica's Nonprofit Explorer or the IRS's own search tool.
What the public can't see is Schedule B, which lists donors contributing more than $5,000. The IRS gets that schedule, but a 1976 regulation lets the agency redact donor identities before releasing the 990 publicly. Treasury regulations in 2020 went further, eliminating the Schedule B filing requirement entirely for many 501(c)(4) and 501(c)(6) groups.
Form 990 still matters because it shows grant flows between nonprofits — letting researchers trace how Foundation A's money reached Think Tank B even when the original donor stays hidden. That paper trail is how "dark money" networks become partially visible despite donor anonymity.
Form 990 is the main public window into nonprofit finances — but the redaction rule on Schedule B is why a $10 million political-research grant can show up as coming from "DonorsTrust" rather than from a named billionaire.
People often think nonprofit tax returns reveal who funded them. In practice, only the grant-making intermediary appears publicly — original donors are redacted by rule.
Form 990 is the main public window into nonprofit finances — but the redaction rule on Schedule B is why a $10 million political-research grant can show up as coming from "DonorsTrust" rather than from a named billionaire.
People often think nonprofit tax returns reveal who funded them. In practice, only the grant-making intermediary appears publicly — original donors are redacted by rule.