I'm the new treasurer of a mostly-volunteer nonprofit, and I just reviewed the 990 they filed last year (prepared by a contracted CPA tax preparer) and discovered that the net assets with and without donor restrictions were misstated in the balance sheet section.
If we submit a correct 990 for the following year, will it be rejected because the beginning of year balances for those two lines won't match the end of year balances reported the previous year?
If so, I assume filing an amended return for the previous year before filing for the next year is the only solution?
Thanks for any information!
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