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ABOUT FORM RRF-1 Form RRF-1, basically an asset inventory form, must be filed annually by every California nonprofit corporation or trustee. Filing the RRF-1 is no big deal, except for a couple of gotchas. First, your RRF-1 is due no later than four months and 15 days after the end of your fiscal year, and there's no such thing as an extension on it, even if you receive an extension on your 990 or 199. Second, the penalty for late filing of an RRF-1 -- which is assessed at the discretion of the state government, but still -- is essentially $800, which is a bite for overlooking a single form. If your charity's assets or annual receipts are over $25,000, you have to pay a $25 filing fee. Even if your organization is too small to be liable for the fee, you still have to file the form. |