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Thursday, April 8, 2021 Live Webcast

Reporting Fundraising Activities: 990 Part VIII & On (X2-15219)

3:30 PM - 5:30 PM EDT
webcast

Vendor Platform

2.0 CPE Credits in TX

OVERVIEW

Most exempt organizations undertake fundraising sales and events, but GAAP reporting of the underlying transactions and results is at odds with what the Form 990 demands! Preparers need know both how these activities are defined and the extent to which their underlying components need be isolated and disclosed to meet the form's financial reporting parts (including Schedules G and A). Most filers report incorrect data related to these revenue items, failing to detail the full array of components of such sales' revenue streams, direct expenses, and separate associated solicitation expenses.

DESIGNED FOR

Public accounting tax and audit staff, and nonprofit organization's Treasurers, CFOs and finance/compliance staff

BENEFITS

After attending this presentation you will be able to...
  • Recognize the correct tax reporting of fundraising revenue related to sales or special events by both their separate character and timeframe tests
  • Distinguish between donations for fundraising events or sales (for example, silent auction items, prizes to be awarded at the event, or goods that will be sold) and donations from event participants
  • Appreciate and be able to apply the unyielding 990 definition of "noncash contribution" 
  • Identify when disbursement of pre-fundraising or pre-sales goods and other noncash contributions constitute a direct expense of such events or sales
  • Determine what qualifies as fundraising events/sales direct expenses for Form 990 Part VIII Line 8 disclosure versus a solicitation expense that is to be reported upon Part IX 

HIGHLIGHTS

The major topics that will be covered in this class include:

  • Definition of "fundraising events and sales" and distinguishing operations that are outside of such characterization
  • Address of what constitutes a true gift or contribution when same is paid on top of a purchase of services or goods 
  • Specifics of Form 990 inputs to be made on Part VIII Lines 1c and 8a (and Schedule G's counterpart) and noting insufficiency of GAAP reporting
  • Inputting data in order to bifurcate an event's participant or purchaser's payment to  "gift/contribution" versus fundraising event or sale revenue streams
  • What constitutes a "solicitation" expense that need be reported on Part IX, and thus cannot be characterized as a direct expense of a fundraising event or sale 
  • Practical tips for handling revenues from silent auctions and guidance on auction of "rights to use" another's properties or services  
  • Communicating with filers' managers as to the advance work they can perform to shortcut 990 documentation needs in this arena
  • Ramifications and results of 990 Part VIII reporting on each of the two "public support tests"

COURSE LEVEL

Basic

PREREQUISITES

None, although helpful to have some knowledge of how the Form 990 is structured

ADVANCE PREPARATION

None

INSTRUCTOR

Eve Rose Borenstein

Eve Rose Borenstein, J.D.

Eve Borenstein is a partner in Borenstein and McVeigh Law Office (BAM!) (www.bamlawoffice.com), a Minneapolis law firm and the base from which she conducts an extensive national federal tax practice serving tax exempt organizations. In her law practice (as well as through her teaching and speaking, addressed below) Eve works to assist nonprofit organizations with exemption qualification, corporate planning and overall compliance. By early 2015, she had represented more than 1,000 exempt organizations before the IRS.

Eve provided testimony to the U.S. House of Representative’s Ways and Means Oversight Sub‐Committee in July 2012 at their 2nd Hearing on Tax‐Exempt Organizations, commenting on the reach and efficacy of the Redesigned Form 990. She volunteers extensively with multiple professional committees, including the American Bar Association’s Tax Section Committee on Exempt Organizations and the American Institute of Certified Public Accountants’ Exempt Organization Technical Resource Panel. Eve was a key participant from the private sector in the IRS’ Redesign of the Form 990, and continues to provide extensive feedback to the IRS on both that Form and the Form 1023.

A dedicated teacher and speaker on non‐profit compliance mandates, Eve’s CPE teaching is conducted through a separate consultancy, Eve Rose Borenstein, LLC (www.taxexemptlaw.org). As of 2013, she is the co‐author (with CPA Jane Searing) of the AICPA’s Form 990 Course, Form 990: A Comprehensive Approach to Complete and Accurate Preparation. She enjoys instructing nonprofits directly as well as the professionals who serve the sector and is committed to “helping the sector do it right the first time!”

Eve’s professional path to the present began with exempt organizations tax work in the Minneapolis tax offices of Ernst &Whinney in 1985. From 1989 through 2003 she had a solo practice serving nonprofits nationally; a merger in 2004 with non‐profit attorney Ellen W. McVeigh created the BAM Law firm, which exclusively provides tax and corporate counsel (including employment law) to the nonprofit sector.

Eve welcomes your inquiries:
eve@BAMlawoffice.com / eve@taxexemptlaw.org
both e‐mails are interchangeable!
612.822.2677

PRICING

$69.00 - Member

$79.00 - Nonmember

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COURSE DEVELOPER

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