Failed to File Form 990

Hello everyone, so I made a pretty huge mistake with my nonprofit and was hoping to get some input/advice.

I helped with the finances for a relatively new nonprofit (founded in 2018-2019) during it’s startup, helped to file form 1023, set things up with our state (Michigan), all the fun stuff. Unfortunately, life got in the way and I fell behind on things, particularly filing form 990 (our gross receipts were around 100,000 our first year, though our net was less than 10k). I am now realizing this was a major mistake.

For some reason in my research I failed to realize there was a rather dramatic penalty for missing a filing. As our net is quite low and most of it is used for deposits in the following year, our nonprofit will not be able to cover any penalties at least in the short term.

I was wondering if anyone has experience this and what the resolution is. My current plan is to file as soon as possible and include an explanatory letter, but beyond that, I’m not sure what else I should/can do or if it will do anything.

I appreciate any and all input!

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