Explore the tax information and inherent not-for-profit organization issues to be mastered in properly preparing the current Form 990. This course covers the numerous reporting demands the 990 imposes, including how to respond to the Form’s demands for narrative answers. Participants will gain an understanding of the tax and practical points essential to appropriate completion of the Form 990 and be guided on advising exempt clients on the Form’s complexities and diverse demands.
DESIGNED FOR
CPAs, attorneys, and nonprofit managers.
BENEFITS
- Recognize and apply unique-to-Form 990 definitions, including "manager" in Part VII-A of the Core Form, manager’s compensation and "related organizations" (necessary both for Part VIIA compensation reporting and for Schedule R)
- Recognize the detail sought by the IRS in Part III of the Core Form
- Understand the unique terminology employed in the Core Form’s key Governance (Part (VI)
- Identify 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: public charity status (Schedule A), donors (Schedule B), financial statement line items and asset sensitivities (Schedule D), 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
HIGHLIGHTS
- Primacy of the Form 990 as a one size fits all reporting mechanism
- Form 990 preparation sequencing and data gathering as well as 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
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- *AICPA members deduct an additional $30 from applicable price.
Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.