We examine whether voluntary IRS Form 990 filers attract higher donations, government grants, and total contributions. We define voluntary 990 filers as charities eligible to file a Form 990EZ but instead choose to file a more exhaustive 990. The 990 provides incremental financial information, including disclosures about functional expense classifications for administrative and fundraising, charity governing bodies and governance policies, and whether a charity has engaged in an audit. Our strongest evidence shows that total contributions are almost three times higher for charities that choose to voluntarily file a 990 instead of a 990EZ. We also provide limited evidence that voluntary 990 filers are positively associated both with donations and grants as compared to those mandated to file a 990. Our findings are consistent with signaling theory and show that disclosing additional information beyond what is required increases transparency and offers benefits to charities.

Data Availability: Data were collected from publicly available sources quoted in the text.

JEL Classifications: L31.

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