Session 8 of Borenstein's Form 990 Foundational Series: Schedule G is a top five 'most common substantive’' Schedule as it details with more specificity than the Core Form a filer's revenue capture and the direct expenses from a filer’s galas (i.e.
DESIGNED FOR
Public accounting tax and audit staff, and nonprofit organization's Treasurers, CFOs and other finance/compliance advisors
BENEFITS
After attending this presentation you will be able to...
- Appreciate the need to work with gross fundraising events or sales revenues both on Core Form Part VIII and on Schedule G's Part II in order to not hide incorporated transactions
- Identify the various regulatory interests that filers conducting gaming are required to speak to on Schedule G's Part III
- Understand not only which types of assets generate application of Schedule D's multiple parts but also why those types have been singled out for additional disclosures
HIGHLIGHTS
The major topics that will be covered in this class include:
- Overview of what comprises a "fundraising event or sale"
- Explanation of the low receipt thresholds by which Schedule G's Parts II (fundraising events and sales) and III (gaming) are invoked
- How Schedule G's Part II amplifies summary data inputted on Part VIII, Lines 1c, 8a and 8b
- Review of what constitutes gaming activity
- Noting the underlying three tax issues that gaming activities implicate: potential unrelated business income tax, unmet payroll tax if volunteer worker/contractor status is improperly claimed, and wagering excise taxes
- Discussion of what makes a provider a "professional fundraiser" and what information filers are responsible to report in Schedule G's Part I related to their use
- Explanation of the entirety of Schedule D "triggers" employed upon the 990's Core Form Part IV
- Highlighting the common potholes Schedule D preparers face
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None