Much has been made of the Internal Revenue Service's introduction of the completely revised Form 990 last year. The Internal Revenue Service's primary goals in implementing the revised form are to increase transparency and promote accountability and compliance. Indeed, the information required in the new form will offer the clearest picture to date of the governance practices and policies of tax-exempt organizations. The new Form 990 is no longer a document focused on financial data. It is now a governance-centric document that places its primary focus on the work of the governing body. The board must now be a partner with management and the organization's consultants to ensure that the organization's governance is effective, up-to-date, and properly explained to the public. A trustee's review of the 990 is no longer simply an exercise in examining pages of esoteric financial data. The new form demands review and critical analysis of the governance polices and practices that are at the very heart of effective board operation. In this article, the author offers guidance on the new IRS Form 990, the implementation of which is affecting boards of all independent institutions, as well as the foundations of public colleges and universities.