Events Search
  Summary & Check Out (0)
Tuesday, September 19, 2023 Live Webcast

Financial Statements Display: Form 990 Parts VIII, IX,X & XI (X2-35879)

10:30 AM - 1:00 PM EDT
webcast

Vendor Platform

2.5 CPE Credits in TX

OVERVIEW

Session 5 of Borenstein's Form 990 Foundational Series: The Form 990's approach to reporting financial statements initially seems easy as it follows the filer's books with only a modest amount of "990 instructions"-required changes. Unfortunately, the instructions include multiple conventions the IRS imposes that replace GAAP treatment that many filers would otherwise follow! Preparers need be able to recognize and apply the 990's non-recognition of both the donation of services or discounts on accessing others' properties and mark-to-market valuation of invested assets.

DESIGNED FOR

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

BENEFITS

After attending this presentation you will be able to...

  • Command the common “book versus 990” differences that are key to reporting revenues, expenses, and changes in net assets reporting on Parts VIII-X
  • Distinguish the variety of inputs from a filer's book financial statements that require adjustment to 990 conventions
  • Appreciate the hierarchy of revenue reporting Part VIII applies 
  • Identify where additional information may be necessary in order to meet disclosure mandates for certain reconciling items enumerated on Part XI
  • Recognize the 990's separate Schedules that may be required as a result of entries or conditions reported on Parts VIII - X

HIGHLIGHTS

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

  • Statement of Revenue (Part VIII) key definitions:  the six rules behind Line 1 (gifts, grants, contribution) and the definitions that drive Line 2 (program service revenue), including characterization of passive investment-type revenues as "program-related investments" 
  • Unique status issues that require inputting of revenues upon Part VIII's Lines 8-10 (the fundraising events or sales, gaming, and sales of inventory lines) 
  • Understanding the unrelated business income tax (UBIT) "self-audit" reporting applied via Part VIII's columns including the baseline definitions that are used to identify revenue streams as either exempt function income, sourced-to-UBI, or UBIT-excepted
  • Statement of Functional Expenses (Part IX): understanding the natural classifications of costs employed upon the form, and exploration of the relevant definitions as well as common mistakes that result from ignorance of this part's instructions
  • Balance sheet (Part X) issues overall including handling the reconciliation of P&L yearend assets in Part IX and noting form deficiencies in flagging the possible application of Schedule L


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.

Read bio

PRICING

$79.00 - Member

$99.00 - Nonmember

Pre-Registration Closed

Online pre-registration for this event is now closed.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

CPA Crossings