Form 990: Governance, Transparency, and Transactions with Interested Persons (Completed)

Governance disclosures are a controversial areas of Form 990 reporting. Traditionally the purview of state charity official’s oversight, federal inquiry into governance is a relatively recent phenomenon. Largely triggered by incidences of private benefit and excess benefit transactions in the wake of the 1996 law being enacted.

Part VI, Schedules R and L combine to expose potential excess benefit transactions. Organizations should be aware of good governance practices and how they respond to Form 990 inquiry could put management and the organization at risk with federal and state regulators as well as with donors.

Understanding the definitions and properly reporting the details enables readers of the Form 990 to draw their own conclusions and judgments. Understanding the details of the instructions and definitions is critical to getting it right and the potential impact it can have on independence of members of governing body of the organization.

Join one of the country's leading not-for-profit organization practitioners, Jane M. Searing, CPA, M.S. Taxation and co-author of theForm 990 Compliance Guide published by Wolters Kluwer, for a practical examination of the compliance issues related to reporting transactions with interested persons on Schedule L of Form 990. Ms. Searing will help you gain a complete understanding of the nuances and complexities of Form 990 reporting requirements in these complex areas.

Who Should Attend
CPAs, enrolled agents, tax return preparers, tax attorneys and financial advisors who work with not-for-profit organizations and their donors.

Topics Covered

• Definitions and thresholds for who is charged with governance on Part VII of Form 990
• The details each Part of Schedule L mandates be disclosed
• What information may be redacted from disclosure on Schedule L
• Potential impacts on independence for voting members of the board from Form 990 Schedule L disclosures

Learning Objectives

• Identify how the Form 990 identifies those charged with governance needing to be disclosed
• Recognize key disclosures on Core Form Part VI
• Identify how Independence on Part VI is impacted by identification of related organizations on Schedule R and Interested Persons on Schedule L
• Discuss the reporting requirements for the four parts of Form 990 Schedule L
• Recognize governance, transparency, and interested person reporting issues
• Differentiate potential impact on independence for voting members of a NFP board based on Form 990 Schedule L disclosures

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None