Session 7 of Borenstein's Form 990 Foundational Series: 'C the BAD DoG' is a handy phrase to remind preparers of the Form 990's five most frequently applied substantive Schedules (A, B, C, D, G) along with the ALWAYS-required Schedule O. This webinar addresses the first three of these substantive Schedules – A (required of all 501(c)(3) organizations); B (required for many (c)(3)s AND some non-(c)(3)s); and C (reporting on spheres of public policy intersection).
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...
- Recognize Schedule A's function of having filers report the primary basis of their non-private foundation classification in the tax period regardless of prior years' qualification
- Identify the revenue input difference that distinguishes the two public support tests' bottom-line "public support" percentage achieved over rolling five tax year periods
- Appreciate the notion of "public support" as coming in whole or part from "diverse donors," and the how in the case of the first public support test this means that most large donors may have a set limit imposed by which only a portion of their donation(s) count as public support
- Identify the pertinent reporting conventions applicable in Schedule B for disclosing donors' contributions (including when donors' identity may not need be disclosed to either the IRS or via public inspection conventions when donors' identity is shared with the IRS)
- Distinguish the conditions by which 501(c)(3) filers who employ the "no substantial part test" versus the 501(h)-elected-test are to complete Schedule C's Part II
- Identify the conditions by which a 501(c)(4), (5) or (6) filer will be required to report on receipts from dues-paying members to calculate impact of the "proxy tax"
HIGHLIGHTS
The major topics that will be covered in this class include:
- What 990 preparers need to know about the benefits of a 501(c)(3) organization being a public charity rather than a private foundation (and how Schedule A, Part I "claims" such
COURSE LEVEL
Basic
PREREQUISITES
None, although helpful to have some familiarity with the nonprofit sector.
ADVANCE PREPARATION
None