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Thursday, September 16, 2021 Live Webcast

Financial Statements Display: Form 990 Parts VIII, IX,X & XI (X2-19016)

9:30 AM - 12:00 PM EDT
webcast

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2.5 CPE Credits in TX

OVERVIEW

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.

Eve Borenstein is a partner in Borenstein and McVeigh Law Office (BAM!) (www.bamlawoffice.com), a Minneapolis law firm and the base from which she conducts an extensive national federal tax practice serving tax exempt organizations. In her law practice (as well as through her teaching and speaking, addressed below) Eve works to assist nonprofit organizations with exemption qualification, corporate planning and overall compliance. By early 2015, she had represented more than 1,000 exempt organizations before the IRS.

Eve provided testimony to the U.S. House of Representative’s Ways and Means Oversight Sub‐Committee in July 2012 at their 2nd Hearing on Tax‐Exempt Organizations, commenting on the reach and efficacy of the Redesigned Form 990. She volunteers extensively with multiple professional committees, including the American Bar Association’s Tax Section Committee on Exempt Organizations and the American Institute of Certified Public Accountants’ Exempt Organization Technical Resource Panel. Eve was a key participant from the private sector in the IRS’ Redesign of the Form 990, and continues to provide extensive feedback to the IRS on both that Form and the Form 1023.

A dedicated teacher and speaker on non‐profit compliance mandates, Eve’s CPE teaching is conducted through a separate consultancy, Eve Rose Borenstein, LLC (www.taxexemptlaw.org). As of 2013, she is the co‐author (with CPA Jane Searing) of the AICPA’s Form 990 Course, Form 990: A Comprehensive Approach to Complete and Accurate Preparation. She enjoys instructing nonprofits directly as well as the professionals who serve the sector and is committed to “helping the sector do it right the first time!”

Eve’s professional path to the present began with exempt organizations tax work in the Minneapolis tax offices of Ernst &Whinney in 1985. From 1989 through 2003 she had a solo practice serving nonprofits nationally; a merger in 2004 with non‐profit attorney Ellen W. McVeigh created the BAM Law firm, which exclusively provides tax and corporate counsel (including employment law) to the nonprofit sector.

Eve welcomes your inquiries:
eve@BAMlawoffice.com / eve@taxexemptlaw.org
both e‐mails are interchangeable!
612.822.2677

PRICING

$79.00 - Member

$99.00 - Nonmember

Pre-Registration Closed

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COURSE DEVELOPER

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