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In Notice 96-30, dated April 30, 1996, the IRS announced that not-for-profit organizations covered by IRC Sec. 501 that change their accounting methods to comply with SFAS No. 116, Accounting for Contributions Received and Contributions Made, need not file Form 3115, Application for Change in Accounting Method. The change may be made for any year beginning after December 15, 1994, by properly reflecting the effect of the change on a timely filed (including extensions) Form 990-series return for the tax year of change.
The adjustments relating to the change in method should be reported on line 20 of Form 990 or 990-EZ or in Part II of Form 990-PF as a net asset adjustment made during the year the change is made.
For further information, the notice gave the name of John Roman Faron at (202) 622-7645 as a contact person. *
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