Agenda 01/09/2007 - Laserfiche WebLink

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calendar years. Also, in the event that such an organization was not required to file a Federal Form 990 in any of the previous calendar years, then the organization shall provide the Commissioner of the Revenue with information that would have been included in a Federal Form 990 for each of those years; (7) For each officer, director, trustee, key employee, employee, or independent contractor whose compensation is listed on any Federal Form 990 filed by the organization, the application shall include a statement that (a) describes the services provided by each such officer, director, trustee, key employee, employee, or contractor and (b) explains why such compensation was reasonable. In the event that such an organization was not required to file a Federal Form 990 in any of the previous calendar years, then the organization shall provide the Commissioner of the Revenue with comparable information for each of those years showing any compensation provided to a director, trustee, key employee, employee, or independent contractor and a statement explaining why such compensation was reasonable; (8) A copy of the most recent annual report for the organization, and if no such report was prepared, then an explanation of why no annual report has been prepared; (9) A copy of the most recent financial audit report for the organization, and if no such report was prepared, then an explanation of why no financial report has been prepared; (10) A statement describing whether the organization provides services for the common good of the public, with special emphasis on what benefits and services the organization provides to the residents of the City of Martinsville; (11) A statement describing why the requested property tax exemption is necessary to the local operation of the organization; (12) A statement describing whether a substantial part of the activities of the organization involves carrying on propaganda or otherwise attempting to influence legislation and whether the organization participates in, or intervenes in, any political campaign on behalf of any candidate for public office; and (13) Any other information required b-y Virginia Code S58.1-3651 and any other information that may be required by the Commissioner of the Revenue pursuant to Section 21-10.5. Sec. 21-11.6 Triennial application for exemption retention; periodic review by the Commissioner of the Revenue. A. Any entity except the Commonwealth, any political subdivision of the Commonwealth, or the United States, that has been granted tax-exempt status for its real or personal property, either by classification or designation, shall file triennially an application with the Commissioner of the Revenue as a requirement for retention of the exempt status of the property. The Commissioner of the Revenue shall provide 60 days' written notice to the entity of their filing requirement. The application shall show the ownership and