Background

Current members should submit financial statements and the IRS Form 990 with the Annual Membership Renewal (AMR) by the due date. However, occasionally members are unable to provide these two items on a timely basis for a variety of reasons. ECFA will evaluate the reason for the delay, balancing a desire to help an organization through a possibly difficult situation not of its own making, and the necessity of maintaining standards to protect the integrity of ECFA, through the timely submission of information.

Policy

1. Financial statements and IRS Form 990.

   Financial statements and IRS Form 990 should accompany the AMR when it is due. (This provides the member a minimum of four months from the end of their fiscal year-end to obtain the required items.)

2. Automatic extension.

   If all other AMR materials are submitted on time, an automatic extension to submit the financial statements and IRS Form 990 will be granted depending on the member’s fiscal year-end. The automatic extension is up to 9 months past the fiscal year-end for the member.

3. Additional extensions.

   Members unable to meet the automatic extended deadline will generally be granted an additional three-month extension but not to exceed 12 months from the end of the fiscal year. A request for this extension must include an explanation of the current status, the reason for the delay, and the expected date of completion.

4. Changing fiscal years (Financial statements).

   ECFA requires members to obtain audited, reviewed, or compiled financial statements without any gaps in the accounting periods. If a “short” fiscal period occurs because of a change in the accounting year, financial statements must cover the “short” fiscal period. Members may submit financial statements for this “short” period or include the financial activity of this period in its next financial statements. If the latter option is chosen, such financial statements must not exceed 18 months of activity.