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