Opening Session of Borenstein's Form 990 Foundational Series: This "initiation and introduction to" the Form 990's mechanics and importance will prevent you from drowning in the Form 990's force-field! More than 80% of the Form’s inputs and relevant definitions are NOT found in the statutes and Regulations that apply to the exempt sector, a reality that can be overwhelming for both novices and more advanced preparers. This session provides an easy-to-digest synopsis of the entirety of the Form’s key definitions as well as the mechanics that preparers need embrace from the moment they first approach preparing a 990.
Public accounting tax and audit staff, and nonprofit organization's Treasurers, CFOs and other finance/compliance advisors
After attending this presentation you will be able to...
- Appreciate the public relations and regulatory impact of the 12-page Core Form and the most-common substantive-topic Schedules
- Identify the circumstances "triggering" each of the 15 substantive-topic Schedules
- Identify and master the six key Glossary Terms which all 990 preparers must be able to apply
- Distinguish the impact on Board members' "independence" resulting from Schedule L reporting
- Discern the various parties who will need provide the data necessary to complete the 990's widely disparate arenas of inquiry
- Recognize the value of, and discern approaches appropriate to, public relation sensitive disclosures and presenting the completed form to a filer's Board
The major topics that will be covered in this class include:
- Overview of the Form 990's design and goals in play upon the Core Form and tack-on Schedules
- Address of the definition's key factors that make a third-party organization a "related organization"
- Exploring the definitions of parties who are to be disclosed as managers at Part VII-A (i.e., as a TDOKE -- a Trustee/Director (TD)/Officer (O)/Key Employee (KE) – or as a High 5) and understanding what is the definition and measure of "reportable compensation"
- Working with the definitions of "family member" and "independence" as same are used in Parts VI and Schedule L
- Applying the definition of "business relationship" as same is used in Part VI
- Sequencing of the form's preparation tasks and who to go to for information
- Working with the Board of Directors to have them understand what the completed Form 990 conveys to the public/regulators
Some familiarity with the nonprofit sector helpful, but not necessary.