What financial data is requested by Form 1023? Part VI-A (Statement of Revenue and Expenses) requires the organization to provide actual or projected financial information (e.g., budgets) for three to five years (depending on how many years it has existed). Part VI-B requires a balance sheet for the organization's most recently completed tax year. A balance sheet is a snapshot of assets, liabilities and fund balances (net assets) on a particular date. If an organization has not completed a tax year, it should provide a statement of actual assets, liabilities and fund balances (net assets) based on its most current information.
