Session 2 of Borenstein's Form 990 Foundational Series: Identifying the "right" people who are to be disclosed as holding status as a Trustee/Director, Officer, or Key Employee (these comprising the key pool of "managers" requiring 990 disclosure), a/k/a "TDOKEs," is essential to appropriate Form 990 reporting. Part VII-A is the very first leg in the 990's three-legged stool of primary non-financial statement disclosures.
Public accounting tax and audit staff, nonprofit organization's Treasurers, CFOs, and other finance/compliance advisors
After attending this presentation you will be able to...
- Readily identify the three classes of legally or quasi-legally in-charge managers who are required to be disclosed on the filing for the tax year being reported upon
- Recognize the "reportable compensation" thresholds by which employees fall into consideration as either Key Employees or High 5s (as well as "former" TDOKEs)
- Distinguish the mandatory three versus all the other nontaxable remunerative benefits that are reported as "other compensation" paid or incurred to current and former TDOKEs and High 5s
- Apply the $10,000 'per type' reporting exception for certain items of “other compensation” and understand that this exception does not apply when reporting on Schedule J
The major topics that will be covered in this class include:
- Definitions behind the three classes of legally or quasi-legally in-charge managers who are required to be disclosed as current managers relative to each Form 990's tax year
- Identifying what makes someone a "High 5"
- Drilling into the reportable compensation thresholds by which employees fall into consideration as either "current" Key Employees or High 5s, as well as the relevant compensation thresholds for status as a "former" TDOKE
- Explanation of the two “buckets” of disclosable compensation – reportable and other – that are required to be reported as having been provided to all current and former managers (and High 5s) disclosed on Part VII-A
- The two "$10,000" exceptions on Part VII-A that void the need to disclose a related organizations' reporting (based on amounts) of "reportable compensation"; and excepting certain types of “other compensation"