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Content Overview

In Wisconsin, charitable organizations that solicit contributions are required to navigate through specific filing protocols to maintain transparency and accountability. Form #1952, as designated by the State of Wisconsin Division of Corporate and Consumer Services under the Department of Financial Institutions, serves as a critical tool in this process. Aimed at organizations registered to solicit contributions in Wisconsin, this form couples with IRS filings 990, 990EZ, or 990-PF to constitute an annual report pivotal for continued operation within the state's regulatory framework. Charitable entities are urged to include a comprehensive suite of information, encompassing organizational details, financials, and listings of directors and states where they're authorized to solicit contributions. Special conditions apply regarding financial reporting, with thresholds established to determine the need for either audited or reviewed financial statements. The form neither stands in isolation nor operates as a mere bureaucratic hoop through which to jump. Instead, it embeds within a broader mandatory disclosure regime, intended to bolster organizational transparency and protect both contributors and the public interest. Filing this form requires careful attention to deadlines, with submissions due within 12 months after the fiscal year-end, and meticulous adherence to provided instructions ensures compliance and facilitates the smooth operation of charitable endeavors within Wisconsin's borders.

Preview - Wisconsin Form

DO NOT STAPLE

Chapter 202, Wis. Stats.

STATE OF WISCONSIN

Division of Corporate and

 

 

Subchapter II

Department of Financial Institutions

Consumer Services

 

 

 

E-Mail To:

 

Mail To:

DFICharitableOrgs@wi.gov

 

PO Box 7879

 

 

Madison, WI 53707-7879

Call: (608) 267-1711

FORM #1952I – WISCONSIN

Fax: (608) 267-6813

www.wdfi.org

FILING INSTRUCTIONS

 

TO FINANCIAL REPORT

 

 

 

WHO SHOULD FILE

A charitable organization registered to solicit contributions in Wisconsin must file an annual report with the Department of Financial Institutions – Division of Corporate and Consumer Services.

A charitable organization who files an IRS 990, 990EZ or 990-PF must use form #1952.

OIf the organization files an IRS 990, 990EZ or 990-PF you must complete form #1952. (Note: If you file an IRS Form 990-N, you cannot use this form. You must complete Form #1943 or Form #308 instead.)

Please refer to the definitions set forth in Wis. Stat. §. 202.12 when completing registration and report forms.

WHEN TO FILE

An annual financial report must be filed with the division within 12 months after the organization’s fiscal year-end.

WHAT TO INCLUDE

(No part of submission should be stapled)

฀Form 1952 WISCONSIN – Supplement to Financial Report.

฀IRS 990, 990EZ or 990-PF plus all schedules (except B) and attachments.

฀A full list of the organization’s board of directors, officers and trustees. Please include the individual’s name, address and title.

฀A list of states that have issued a license, registration, permit or other formal authorization to the organization to solicit contributions.

DFI/DCCS/1952I (R 01/20) CO WI SUPPLEMENT TO FINANCIAL REPORT

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If applicable:

฀An audited financial statement conducted according to Generally Accepted Accounting Principles for an organization that has received $500,000 or more in contribution during its fiscal year.

OR

฀A reviewed or audited financial statement conducted according to Generally Accepted Accounting Principles for an organization which has received $300,000 - $499,999 in contributions during the fiscal year.

HOW TO FILE

Email to: DFICharitableOrgs@wi.gov

Mail to: WDFI/Charitable Orgs PO Box 7879 Madison, WI 53707-7879

Phone: 608-267-1711

Fax: (608) 267-6813

DFI/DCCS/1952I (R 01/20) CO WI SUPPLEMENT TO FINANCIAL REPORT

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DO NOT STAPLE

 

Chapter 202, Wis. Stats.

STATE OF WISCONSIN

Division of Corporate and

 

 

 

 

Subchapter II

Department of Financial Institutions

Consumer Services

 

 

 

 

 

 

 

 

E-Mail To:

 

Mail To:

DFICharitableOrgs@wi.gov

 

PO Box 7879

 

 

 

Madison, WI 53707-7879

 

Call: (608) 267-1711

FORM #1952 - WISCONSIN

Fax: (608) 267-6813

 

www.wdfi.org

SUPPLEMENT TO FINANCIAL

 

 

 

REPORT

 

 

 

 

 

 

 

 

 

 

 

 

 

ORGANIZATION INFORMATION - SECTION A

 

 

1.Name of charitable organization and any trade names or DBA (doing business as) names the organization uses.

2.WI Charitable Organization Number:

3.Federal Employer Identification Number:

-800

4.Provide the name and contact information of the individual the Department should contact about this form:

First Name:

 

Last Name:

 

 

 

 

 

 

 

Street Address:

 

City:

State:

 

 

 

 

 

 

Zip Code:

Phone:

Email:

 

 

 

 

 

 

 

 

 

 

 

 

 

5. Did your organization use a professional fund-raiser or fund-raising

 

Yes

 

No

counsel during the fiscal year in Wisconsin?

 

 

 

 

 

 

 

 

If YES, provide contact information for each fund-raiser(s), fund raising counsel(s), or person. Attach additional pages, if necessary.

Name:

 

 

 

 

 

 

 

Fund-Raiser:

Fund-Raising Counsel:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Street Address:

 

 

 

 

City:

 

State:

 

 

 

 

 

 

 

 

 

 

 

 

 

Zip:

Telephone Number:

Does this fund-raiser/fund-raising counsel/person have custody of

contributions at any time:

 

 

 

 

Yes

 

 

No

 

 

 

 

DFI/DCCS/1952 (R 01/20)

CO WI SUPPLEMENT TO FINANCIAL REPORT

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6.Has any of the information your organization previously submitted to the division changed? (i.e. name of the organization, address of the

principal office, address of any Wisconsin branch officers, accounting period, articles, by-laws, etc.)

If YES, attach an explanation and a copy of the amended document.

Yes

No

FINANCIAL INFORMATION - SECTION B

7.Organization’s Fiscal Year End Date (month, day, and year). Enter the accounting period for the following financial information.

mm

dd

yyyy

1. Contributions ........................................................................................................................................................

("Contribution" means a grant or pledge of money, credit, property, or other thing of any kind or value, except used clothing or household goods, to a charitable organization or for a charitable purpose. Bequests received directly from the public and indirect public support, such as contributions received through solicitation campaigns conducted by federated fundraising agencies like United Way should be included in this amount. "Contribution" does not include:

Income from bingo or raffles conducted under ch. 563, Wis. Stats.

Government grants

Bona fide fees, dues, or assessments paid by a member of a charitable organization, except that, if initial membership in a charitable organization is conferred solely as consideration for making a grant or pledge of money to the charitable organization in response to a solicitation, that grant or pledge of money is a contribution.)

1

2. Other Revenues ....................................................................................................................................................

2

3. Total Revenue (line 1 plus line 2) .........................................................................................................................

3

4.Expenses:

a. Expenses Allocated to Program Services .................................................

4a

b. Expenses Allocated to Management and General .....................................

4b

c. Expenses Allocated to Fund-raising .........................................................

4c

d. Expenses Allocated to Payments to Affiliates ..........................................

4d

e. Total Expenses .............................................................................................................................................

5.Excess or Deficit (line 3 minus line 4e) ................................................................................................................

6.Net Assets at Beginning of Year ..........................................................................................................................

7.Other Changes in Net Assets or Fund Balances (See 990, part XI).......................................................................

8.Net Assets at End of Year (Total of lines 5,6 &7) ..................................................................................................

4e

5

6

7

8

DFI/DCCS/1952 (R 01/20)

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ATTACHMENTS

Check the box next to the items that are attached to your annual report. Items A., B., and C. are required. Item D. or E. (or Waiver Application of D. or E.) is required if the contributions received by your organization fall into the described ranges. (Note: If you are submitting this form with your initial application, DO NOT submit the following attachments. Submit the attachments cited in the application form instead).

A.List of all officers, directors, trustees, and principal salaried employees – The list must include each individual’s name, address, and title. Please note that “principal salaried employees” refers to the chief

administrative officers of your organization, but does not include the heads of separate departments or

Rsmaller units within the organization. (You can disregard this item if you are attaching an IRS 990 that

Ealready includes the requested information.)

Q

U B. A list of states that have issued a license, registration, permit, or other formal authorization to the

I

R

organization to solicit contributions. (You can disregard this item if you are attaching an IRS 990 that

 

Ealready includes the requested information.)

D

C H E C K

O N E

I

F

A P P L I C A B L E

C.IRS Form #990, 990EZ, or 990-PF. Do not include Schedule B of the 990.

(Note: If you file an IRS Form 990-N, you cannot use this form. You must complete a Form #1943 or Form #308 instead.)

D. Audited Financial Statements if the organization received contributions in excess of $500,000 during its fiscal year. The financial statements must be prepared in accordance with generally accepted accounting principles and be accompanied by the opinion of an independent certified public accountant.

OR

Apply for Waiver of “D. Audited Financial Statements” if (1.) the organization’s contributions were, during each of the past 3 fiscal years, less than $100,000; and (2.) during the fiscal year for which the waiver is being requested, the organization received one or more contributions from one contributor that exceeded $400,000. Include documentation to support (1.) and (2.).

E. Reviewed Financial Statements if the organization received contributions in excess of $300,000, but not more than $500,000 during its fiscal year. The financial statements must be prepared in accordance with generally accepted accounting principles by an independent certified public accountant. Audited financial statements are also acceptable.

OR

Apply for Waiver of “E. Reviewed Financial Statements” if (1.) the organization’s contributions were, during each of the past 3 fiscal years, less than $100,000; and (2.) during the fiscal year for which the waiver is being requested, the organization received one or more contributions from one contributor that exceeded $200,000. Include documentation to support (1.) and (2.).

DFI/DCCS/1952 (R 01/20)

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CERTIFICATION - SECTION C

This document MUST be signed by the chief fiscal officer and another officer. Two different officer signatures required. Completion of this form is required under Section 202.12, Wisconsin Statutes.

We, the undersigned, state and acknowledge that we are duly constituted officers of this organization, and that, under penalties of perjury, we have reviewed this report, including all attachments, and to the best of our knowledge and belief, they are true, correct and complete in accordance with the laws of the State of Wisconsin applicable to this report.

Name (Print)

Signature of Officer

Date

AND

Name (Print)

Signature of Chief Fiscal Officer

Date

This document can be made available in alternate formats upon request to qualifying individuals with disabilities.

RETURN MATERIALS TO:

Department of Financial Institutions

Division of Corporate and Consumer Services

Mailing Address:

PO Box 7879

Madison, Wisconsin 53707-7879

Or

E-mail:

DFICharitableOrgs@wi.gov

Phone Number: 608-267-1711

Notice: Completion of this form is required under Section 202.12, Wisconsin Statutes. Failure to comply may result in further action by our Department. Personal information you provide may be used for secondary purposes.

DFI/DCCS/1952 (R 01/20)

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Click for Wisconsin

Form Specifications

Fact Name Description
Governing Law Chapter 202, Wis. Stats.
Form Purpose Annual report filing for charitable organizations soliciting contributions in Wisconsin.
Required Filers Charitable organizations registered to solicit in Wisconsin and filing IRS 990, 990EZ, or 990-PF.
Submission Contents Form #1952, a supplement to financial report, IRS forms, board of directors list, and a list of states where authorized to solicit contributions.
Financial Reporting Requirements Audited financial statement for contributions over $500,000, or a reviewed statement for contributions between $300,000 and $499,999.
Filing Deadline Within 12 months after the fiscal year-end.
How to File Submissions can be made via email, mail, phone, or fax.
Waiver Provisions Available under specific conditions for audited or reviewed financial statement requirements.

Detailed Instructions for Using Wisconsin

Preparing and submitting the annual financial report for a charitable organization in Wisconsin is crucial for compliance with state requirements. Each step should be executed with care to ensure that all the information provided is accurate and complete. The form necessitates detailed information about the organization's financial activities and governance, which is vital for maintaining transparency and public trust. Here's a step-by-step guide to help you navigate through the process of filling out Form #1952.

  1. Start with the organization information in Section A. Fill in the name of the charitable organization, including any trade names or DBA (doing business as) names.
  2. Enter the Wisconsin Charitable Organization Number and the Federal Employer Identification Number (FEIN).
  3. Provide the contact information of the individual the Department should contact about this form, including their name, street address, city, state, zip code, phone, and email.
  4. Indicate whether your organization has used a professional fund-raiser or fundraising counsel during the fiscal year in Wisconsin. If yes, include their contact information.
  5. Check if there have been any changes to the information your organization has previously submitted and, if so, attach an explanation and a copy of the amended document. Check the appropriate box for yes or no.
  6. In Section B, specify your organization’s fiscal year-end date.
  7. Under Financial Information, input the amounts for contributions, other revenues, and allocate expenses according to the categories provided (Program Services, Management and General, Fund-raising, Payments to Affiliates).
  8. Calculate and enter the totals for total revenue, total expenses, excess or deficit, net assets at the beginning of the year, other changes in net assets or fund balances, and net assets at the end of the year.
  9. Ensure all required attachments are included:
    • A list of all officers, directors, trustees, and principal salaried employees with their contact details, unless this information is included in the IRS 990 form attached.
    • A list of states that have issued a license, registration, permit, or other formal authorization to solicit contributions.
    • IRS Form #990, 990EZ, or 990-PF (excluding Schedule B).
    • Depending on the contributions received, attach either audited financial statements or reviewed financial statements, or apply for a waiver if applicable.
  10. Choose your submission method, either by emailing DFICharitableOrgs@wi.gov, mailing to the provided address, or through fax. Remember, do not staple any parts of the submission.

Completing this form accurately is imperative for avoiding potential issues or delays with the Department of Financial Institutions. Make sure all information is current and correct before submitting.

Listed Questions and Answers

Who needs to file the Wisconsin Form #1952?

Any charitable organization that is registered to solicit contributions in Wisconsin and files an IRS 990, 990EZ, or 990-PF must file an annual report using Form #1952. Organizations that file IRS Form 990-N must use Form #1943 or Form #308 instead.

When is the annual financial report due?

The annual financial report must be submitted within 12 months after the organization's fiscal year-end. This ensures that the Department of Financial Institutions has current information on the organization's financial status and activities.

What documents should be included with Form #1952?

Along with Form #1952, organizations should include their IRS 990, 990EZ, or 990-PF (excluding Schedule B) with all schedules and attachments, a complete list of the board of directors, officers, and trustees with their contact information, and a list of states where the organization is authorized to solicit contributions. Depending on financial thresholds, audited or reviewed financial statements may also be required.

How can Form #1952 be submitted?

There are several submission methods for Form #1952. Organizations can email the form to DFICharitableOrgs@wi.gov, mail it to the Department of Financial Institutions at the given PO Box address, or fax it to (608) 267-6813. Do remember, whichever method you choose, do not staple any part of your submission.

What are the financial thresholds for requiring audited or reviewed financial statements?

Organizations that receive $500,000 or more in contributions during their fiscal year must attach an audited financial statement conducted according to Generally Accepted Accounting Principles (GAAP). Those receiving between $300,000 and $499,999 in contributions must attach either a reviewed or audited financial statement also conducted according to GAAP. Waivers for these requirements may be available under certain conditions.

What if my organization's information has changed?

If any information previously submitted to the division has changed, such as the organization's name, address, or structure, you must attach an explanation along with a copy of the amended document. This ensures that the Department of Financial Institutions has the most accurate and up-to-date information.

Common mistakes

When charitable organizations in Wisconsin prepare to submit their annual financial reports, a thorough understanding of the required documentation can ensure compliance and avoid common errors. Here are five frequently made mistakes during this process:

  1. Ignoring the need for completeness in form #1952I, particularly when detailing all required sections like organization information, financial details, and a comprehensive list of attachments.
  2. Failing to attach the full list of the organization’s board of directors, officers, and trustees, including each person's name, address, and title, contributes to a significant oversight that can delay the approval process.
  3. Omitting essential financial statements depending on the organization’s received contributions threshold. For organizations receiving $300,000-$499,999 in contributions, a reviewed or audited statement is necessary, while those receiving $500,000 or more must attach an audited financial statement adhering to Generally Accepted Accounting Principles (GAAP).
  4. Inaccurately reporting or not providing a list of states where the organization is authorized to solicit contributions. This list serves as proof of the organization's legitimacy and its compliance with varying state laws concerning charitable solicitations.
  5. Using incorrect forms based on the organization’s IRS filing status. Those filing an IRS 990, 990EZ, or 990-PF should specifically use form #1952. In contrast, entities filing an IRS Form 990-N must opt for Form #1943 or Form #308, as stipulated.

To mitigate these errors, organizations are encouraged to:

  • Review each section of the form carefully, ensuring no detail is overlooked.
  • Prepare all documents in advance, particularly financial statements, to ensure they meet GAAP standards and reflect the organization’s reporting period accurately.
  • Understand the eligibility criteria for each required document and attachment, adhering to specific financial thresholds and organizational characteristics.

By avoiding these common pitfalls, charitable organizations can streamline their filing process, uphold their compliance with the Wisconsin Department of Financial Institutions, and continue their vital contributions to society without legal or administrative interruptions.

Documents used along the form

When navigating the complexities of charitable organization regulations in Wisconsin, submitting the necessary form #1952 alone might not be enough. To ensure full compliance and to efficiently demonstrate the nature and operations of your organization, you may need to prepare and submit additional forms and documents alongside this form. Understanding these auxiliary documents will streamline the filing process and help in presenting your organization’s activities comprehensively.

  • IRS Form 990, 990-EZ, or 990-PF: These forms are critical tax documents that exempt organizations file annually with the Internal Revenue Service. They provide detailed information about the organization's financial activities, ensuring transparency and public accountability. While form #1952 requires parts of these IRS forms, excluding Schedule B, the full documents offer a more in-depth view of your financial status and operations.
  • Listing of Officers, Directors, and Trustees: This document is vital to show who is in charge and responsible for the governance of your organization. The list should include names, addresses, and titles, ensuring that there's clarity on who the decision-makers are within your organization.
  • List of States with Formal Authorization: If you've been granted the license or registration to solicit contributions in other states, a document detailing these authorizations is necessary. It signifies compliance with the respective regions' regulations, showcasing your organization's broader reach and legitimacy.
  • Audited or Reviewed Financial Statements: Depending on your organization's total contributions within the fiscal year, audited financial statements (for contributions received exceeding $500,000) or reviewed financial statements (for contributions between $300,000 and $499,999) are required. These documents offer a certified account of your financial status, provided by an independent auditor or accountant, ensuring credibility and financial transparency.
  • Amendment Documentations: Changes happen, and when they do, your filing needs to reflect them. Any amendments to your organization's name, addresses, by-laws, or articles of incorporation should be documented and submitted. This ensures that your records with the Division of Corporate and Consumer Services remain up to date.
  • Professional Fund-raiser or Fund-raising Counsel Information: If your organization engages the services of a professional fund-raiser or fund-raising counsel, details of these arrangements including the name, address, and contact information of the individuals or entities need to be documented. This information demonstrates your fund-raising strategies and compliance with regulatory expectations.

Understanding and preparing these ancillary documents alongside form #1952 not only fulfill the legal requirements but also provide comprehensive insights into your organization’s operations, governance, and financial health. Keeping these documents well-organized and ready for submission will ensure a smoother regulatory filing process and contribute to the overall credibility and integrity of your charitable organization in Wisconsin.

Similar forms

The Wisconsin form shares similarities with various other documents required for regulatory or compliance purposes across different sectors and states. Each of these documents serves to ensure transparency, accountability, or financial integrity within its respective domain. Here are ten documents that are similar in purpose or content to the Wisconsin form:

The IRS Form 990, which is referenced in the Wisconsin form, is a principal document that nonprofit organizations use to provide the public with financial information about themselves. It is also used by government agencies to prevent organizations from abusing their tax-exempt status. Similar to the Wisconsin form, IRS Form 990 requires detailed financial data, lists of key employees and directors, and descriptions of an organization's activities and governance.

The California Statement of Information (Form SI-100) must be filed by corporations and LLCs in California. It includes information on the principal address, directors, officers, and agent for service of process, paralleling the requirements in the Wisconsin form for organizations to submit details on their trustees and directors.

New York's Charities Bureau Annual Filing for Charitable Organizations (Form CHAR500) mandates that charitable organizations provide financial reports along with a list of key personnel, similar to what the Wisconsin form requires. This ensures that charitable organizations operate transparently and in accordance with the law.

Florida's Solicitation of Contributions Act requires a similar annual financial report from organizations soliciting donations within the state. This report demands details of revenue and expenses, ensuring donors can understand where their contributions are going, akin to the financial declarations required in the Wisconsin form.

The Illinois Attorney General’s Charitable Organization Annual Report, akin to the Wisconsin form, requires charities to submit financial statements and information about their programs and activities. This helps the public and authorities to ascertain the legitimacy and effectiveness of charitable operations within the state.

Michigan’s Charitable Trust Section Annual Report asks for financial statements, details about fundraising activities, and information on governance, mirroring the Wisconsin form's requirements for a comprehensive overview of an organization’s financial health and operations.

The Pennsylvania Bureau of Corporations and Charitable Organizations Annual Registration Statement requires similar information to the Wisconsin form, including financial statements, organizational structure, and fundraising activities to ensure charities comply with state regulations.

The Texas Annual Unified Registration Statement, used by some charitable organizations to fulfill state charity registration requirements, collects detailed information on finances, governance, and fundraising practices, reflecting the comprehensive nature of the Wisconsin form's data requirements.

The Colorado Charitable Solicitations Act Registration Statement necessitates that charities provide financial documents, a list of officers and directors, and information on fundraising activities. This ensures transparency and accountability, much like the aim of the Wisconsin form.

Finally, the Georgia Charities Disclosure Form mandates detailed financial reporting and organizational information from charities operating within the state. This promotes transparent charity operations, reinforcing the objectives laid out in the Wisconsin form to ensure responsible financial management and openness.

Dos and Don'ts

Filling out forms, especially when they pertain to charitable organizations in Wisconsin, is a necessary task that requires attention to detail and a thorough understanding of the specific requirements. The following tips are designed to ensure accuracy and compliance during the form-filing process.

Things You Should Do

  1. Read the instructions carefully: Before diving into completing the form, take the time to read through the instructions provided. This step is crucial to understand what information is required and how it should be presented.
  2. Gather all necessary documents beforehand: Collect all relevant documents, such as the IRS 990 forms (excluding Schedule B), a list of the board of directors, and financial statements. Having these at hand will make the process smoother and more efficient.
  3. Include a complete list of officers, directors, and trustees: Ensure that you provide full names, addresses, and titles for each individual. This information is vital for the state’s recordkeeping and regulatory purposes.
  4. Provide accurate financial information: When detailing your organization's financial data, accuracy is paramount. Double-check your figures to prevent any discrepancies that could raise questions or lead to delays.
  5. Use the correct form: Make sure you are using Form #1952 if your organization files an IRS 990, 990EZ, or 990-PF. Choosing the wrong form can result in unnecessary complications.
  6. Submit the form in accordance with the division’s preferences: The form offers multiple submission options, including email and mail. Choose the method that is most reliable and convenient for you, but remember that email might be faster and can provide you with a sent receipt.

Things You Shouldn't Do

  1. Do not include Schedule B of the IRS 990: When submitting your IRS forms along with the Wisconsin form, omit Schedule B. The instructions specifically exclude this part of the IRS documentation.
  2. Do not staple any part of your submission: Stapling can cause physical damage to the documents and impede the scanning process. Keeping your documents unattached ensures they can be processed smoothly.
  3. Do not leave out the list of states where you’re authorized to solicit contributions: This list is a required part of your submission. Failing to include it could lead to your form being considered incomplete.
  4. Do not guess financial figures: Estimations can lead to inaccuracies in your reporting. Always use the actual figures from your financial documents to ensure the integrity of your submission.
  5. Do not file late: Submit your annual financial report within 12 months after your fiscal year-end. Late submissions can result in penalties or other regulatory actions.
  6. Do not use the form if your organization only files an IRS 990-N: If your organization files an IRS 990-N, you need to complete a different form designated by the Division of Corporate and Consumer Services.

Following these dos and don'ts will help streamline the form-filing process and ensure your organization complies with Wisconsin's regulatory requirements. Accurate and timely submissions not only reflect well on your charitable organization but also contribute to its smooth operation and financial transparency.

Misconceptions

When dealing with the intricacies of nonprofit regulation in Wisconsin, there are a few misunderstandings that frequently arise, especially regarding the requirement and handling of the Wisconsin Form #1952I. Clearing up these misconceptions can help charitable organizations navigate their reporting duties more effectively. Below are six common misconceptions:

  • Every nonprofit in Wisconsin must file Form #1952I. This is not entirely true. Only charitable organizations registered to solicit contributions in Wisconsin and who have filed an IRS Form 990, 990EZ, or 990-PF are required to use Form #1952I. Organizations filing an IRS Form 990-N must use a different form, indicating that not all nonprofits are subject to this filing requirement.
  • Attachments are optional with your submission. Actually, certain attachments are mandatory. Among these are a supplemental financial report, a complete list of officers, directors, and trustees with their information, and a list of states where the organization is authorized to solicit contributions. Depending on the organization's financial circumstances, audited or reviewed financial statements might also be required.
  • Government grants should be listed as contributions. This is incorrect. Within the context of this form, the definition of "contributions" excludes government grants. It's essential to correctly categorize and exclude such income from the contributions section of the report.
  • Schedule B of IRS Form 990 is required. In reality, when submitting IRS Form 990, 990EZ, or 990-PF along with Form #1952I, Schedule B is explicitly not required. This particular schedule lists donors and their contributions and is excluded from the filing requirements in Wisconsin.
  • There's no need to report changes in organizational details. On the contrary, if there have been any changes to the information previously submitted by the organization – such as changes in name, address, accounting period, etc. – an amended document along with an explanation of the changes must be attached to the form.
  • Stapling documents is acceptable. Despite this common practice, the instructions clearly state not to staple any part of the submission. This may seem minor, but adhering to such specific submission guidelines ensures the processing of documents goes smoothly and without unnecessary delays.

Understanding these details about Form #1952I filing requirements can significantly aid charitable organizations in maintaining compliance with the Wisconsin Department of Financial Institutions – Division of Corporate and Consumer Services. Clearing up misconceptions helps streamline the reporting process, ensuring organizations focus more on their mission rather than on correcting filing errors.

Key takeaways

When dealing with the process of filling out and using the Wisconsin financial report form for charitable organizations, there are several key points to keep in mind. These points are crucial for ensuring compliance with state regulations and for the successful submission of the form.

  • Who needs to file: Any charitable organization that is registered to solicit contributions in Wisconsin and files an IRS 990, 990EZ, or 990-PF must complete and submit form #1952. Notably, organizations filing an IRS Form 990-N are not eligible to use this form and must opt for Form #1943 or Form #308 instead.
  • Submission components: Along with Form 1952, organizations are required to include their IRS 990 (excluding Schedule B), 990EZ, or 990-PF, a comprehensive list of board directors, officers, and trustees with their full details, and a list of states where the organization is licensed to solicit contributions. Importantly, none of the submission materials should be stapled.
  • Filing deadline: The annual financial report must be submitted to the Division of Corporate and Consumer Services within 12 months following the end of the organization's fiscal year, ensuring timely compliance.
  • Financial thresholds for auditing: Charitable organizations receiving contributions of $500,000 or more during their fiscal year must include audited financial statements. For those receiving contributions between $300,000 and $499,999, reviewed or audited financial statements are necessary. This is critical for maintaining transparency and accountability.
  • Method of submission: The completed form and accompanying documents can be submitted via email or mail. The flexibility in submission methods is designed to accommodate different preferences and capabilities of the organizations.
  • Updating organizational information: If there have been any changes in the organization's information previously submitted to the division, such as changes in name, address of the principal office, or accounting period, these changes must be communicated. Including an explanation and a copy of the amended document with the submission is essential for keeping records current and accurate.

Adhering to these guidelines when completing and submitting the Wisconsin financial report form is crucial for charitable organizations. It not only ensures compliance with state regulations but also promotes transparency and accountability in their operations.

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