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Form IRS-990 Minnesota Hennepin: What You Should Know

The Form 990 must detail the organization's taxable income, expenses, and assets. As a nonprofit institution, the U.S. Internal Revenue Service grants nonprofits tax-exempt status that lets them operate the same as for-profit businesses. As with for-profit companies, nonprofits operate under restrictions on financial activity: While corporations may use some profit-producing activities as a deduction on taxes, nonprofits must show their activities are for a charitable interest and not a for-personal profit. They also must disclose their finances in annual reports to the IRS. That document, known as IRS Form 990, is often used to show whether a group is worth the tax break it has been granted. The latest release from the group, Hennepin Schools, shows its 2023 tax-exempt income was nearly 2 million, with more than 75 percent going toward salaries, benefits, and interest on its debt.  The 990 is the main documentation that the IRS maintains about the group.  It is not clear from the forms what Hennepin Schools' finances are like and what they spent on. It says only that there are four employees, that it is a for-profit school, and that it receives substantial private and state support.  (See also: 10 Top Charities and Where They Spend Their Money) One tax expert, Robert Will ens, said he was struck by that description of the nonprofit's financial position. “They are basically spending money to keep themselves afloat at the moment,” he said, but that the group may be able to return more than 100,000 to the state if it goes bankrupt. Will ens, who runs the website Analysts.org, said a bankruptcy filing would be unusual, though it was not an improbable option, given the high level of debt it still had outstanding despite cutting costs to make them more manageable.  With interest and other revenues, the state has “a very good chance, I'd say about 99 percent, of recouping what we paid in,” he said, adding that the state should not have expected the group not to be able to repay the money, especially if it had been struggling financially. It was part of a state effort led by Republican Gov. Mark Dayton to help fund schools, said Michael Sacks, who oversees the Minnesota Department of Education's division that administers the tax exemption.

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