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NFP- postcard filing

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    NFP- postcard filing

    I don't prepare 990 returns, but I'm on the broad of a friends small NFP corp. Can someone who works w/ NFP check me on my understanding of postcard filing?

    Facts:
    - Has been in business for several years.
    - In 2013 and prior years receipts have been over 100K
    - 2014 receipts were 67K
    - 2015 and going forward receipts will be in the 20-25K range.

    From IRS site for postcard filing: "•Is at least 3 years old and averaged $50,000 or less in gross receipts for the immediately preceding 3 tax years (including the year for which calculations are being made)."

    My understanding is that even though 2015 receipts will be ~20K, they will still need to file a 990, but in 2016 they can switch to postcard filing? Am I correct?
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