The first question is whether you are a private foundation or a public charity. Since you make reference to Section 509(a)(2) of the Tax Code, which is one of the ways to qualify as a public charity, and since you seem to have income from multiple members, you probably qualify as a public charity and are not classified as a private foundation. (See Ready Reference Page: “Calculating Public Support.”) As a public charity, you are required to file Form 990 or Form 990-EZ if you normally receive more than $50,000 in gross revenue a year. If you receive less than that, under the new provisions of the Pension Protection Act of 2006, you are required to file the new e-postcard Form 990-N. (See Ready Reference Page: “Small Nonprofits Must File E-Postcard to Retain Exemption.”)

 

If you are in fact a private foundation, which does not seem likely from your description, you are required to file the Form 990-PF without regard to the amount of income.