This session comprises one of four Form 990 Master Classes available to those wanting intermediate-to-advanced training on the 990's most difficult arenas. Schedule L’s Parts II-IV require transparency of, and thus promote accountability with respect to, "insider transactions" conducted by exempt organization.
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...
- Recall the five categories of IPs applying uniformly across Parts II–IV of the Schedule, as well as the joint venture category that also applies to Part IV
- Retain the disparate Part IV business transaction dollar thresholds – both those that apply to disclosing compensation paid to an IP whose status exists as a "family member" of a first tier IP, as well as those applicable to all other types of business transactions
- Identify the chief exception to reporting of grants and assistance provided to interested persons in Part III
- Address how to make "best foot forward" narratives in Schedule L's blank lines (Part V), including how to override public relations concerns stemming from reporting insider transactions in Parts II-IV
The major topics that will be covered in this class include:
- Review of the "harmonized" five categories by which "Interested Person" (IP) status vests and explanation of the additional categories in play for Parts II and IV
Single course – EB9FD325 (Transactions with Interested Persons: Form 990 Schedule L), similar CPE training, or experience with this Schedule's instructions and their application