Reporting requirements of other not-for-profit entities (ONPOs)are similar to those of which of the following entities?
A)A public university
B)A voluntary health and welfare organization
C)An enterprise fund of a state or local government
D)A hospital operated by a county government

Question

Quizplus · Accepted Answer

ONPOs, like voluntary health and welfare organizations, are exempt from federal income tax and are required to file an annual information return (Form 990) with the IRS, disclosing financial and operational information. Both also have similar reporting requirements for contributions and grants received. Public universities, enterprise funds, and hospitals operated by county governments have different reporting requirements and are not as similar to ONPOs.

Reporting Requirements of Other Not-For-Profit Entities (ONPOs)are Similar to Those