Overview

8.0 Credits
ONLINE

Explore the tax information and not-for-profit organization issues to be mastered when adequately preparing the current Form 990. Cover the numerous reporting demands the 990 imposes, including how to respond to the Form’s demands for narrative answers. Gain an understanding of the tax and practical points essential to the proper completion of Form 990 and guidance on advising exempt clients on the Form’s complexities and diverse demands.

Objectives

  • Recognize and apply the following unique-to-Form 990 definitions: who is a "manager" required to be disclosed upon Part VII-A of the Core Form; required elements of manager’s compensation to be disclosed; and when third party entities are "related organizations" (necessary both for Part VII-A compensation reporting and for Schedule R).
  • Recognize the detail sought by the IRS in reporting on both program service accomplishments and changes in operations in Part III of the Core Form.
  • Appreciate the unique terminology employed in the Core Form’s key "Governance" Part (VI).
  • Appreciate 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX, and X).
  • Recognize the importance of making accurate and expansive disclosures via Schedule O relating to six priority governance inquiries made in Part VI.
  • Prepare for the "most common" Schedules that typically apply to 990 filers: identification of public charity status (Schedule A); reporting on donors (Schedule B); financial statement line items and asset sensitivities (Schedule D); reporting on fundraising events, gambling, and use of professional fundraisers (Schedule G); grant-making (Schedule I); and capture of property ("non-cash") contributions (Schedule M).
  • Note the premises by which Schedule L is triggered.

Major Topics

  • Primacy of the Form 990 as a "one size fits all" reporting mechanism
  • Form 990 preparation sequencing and data gathering; and keys to getting Form 990 preparation right the first time
  • Addressing presence of "related organizations"
  • Identification of managers and measurements of their compensation
  • 990 versus books-and-records financial statement detail
  • Disclosures of governance inputs and Boards’ employ of policies

Prerequisite

None

Advanced Preparation

None

Sessions

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Monday, November 30, 2020

General Sessions
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