Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2025 to receive credits
With the exception of Schedule B, the Form 990 and its related schedules are open for public disclosure. Thus, organizations have a duty to present not only accurate financial information that reflects their due diligence in maintaining strong governance practices, but that they are also meeting other compliance needs.
In this session, we will take a deeper dive into some of the common and complex schedules filed with the Form 990. Join us to discuss how organizations can take ownership to retain acceptable public support levels, meet the compliance requirements for donor acknowledgement, and provide transparency in disclosures to give readers insight into their activities.
Publication Date: June 2022
Designed For
CPAs, Enrolled Agents, CFOs, Auditors, Bookkeepers, Staff Accountants, and others who work with not-for-profit organizations or assist with their fundraising events.
Topics Covered
- Fundraising and Donor Acknowledgement
- Form 990 Part VIII and Schedule G
- Public Support Test
- Form 990 Part VIII and Schedule A
- Public support tests
- Governance, Transparency, Compensation and Transactions with Interested Persons
- Form 990 Parts VI, VII and Schedules J, L, and R
Learning Objectives
- Identify the importance of documenting and gathering the necessary information to achieve compliance with federal tax laws
- Recognize the reporting requirements for fundraising activities and transactions with interested persons
- Recognize how to pepare proper donor acknowledgment letters
- Identify when penalties apply
- State factors that may or may not impair the independence of a voting board member
- Describe the relationship between the responses on the Form 990 and related schedules
- Recognize examples of a fundraising activity vs. an event
- Identify what would be included within Schedule A related to unusual grans
- Identify the number of trigger questions in the Form 990 that require completion of Schedule J
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic knowledge of annual compliance for tax exempt organizations.
Advance Preparation
None
Instructors
Kathryn Okimoto
Kathryn is a principal in the tax services group at Clark Nuber P.S., and has been with the firm for 15 years. She works exclusively with private foundations, public charities and their related entities assisting them with tax compliance and consulting matters, including federal and state tax filings, unrelated business taxable income issues, alternative investments, foreign reporting, IRS audit readiness, payout modeling and grant file completeness.
Kathryn was a contributing writer and editor for the Form 990 Compliance Guide and Private Foundation Handbook and Compliance Guide, both published by CCH. She is a member of the Washington Society of CPAs, AICPA and is licensed both in Washington State and Hawaii.
Clark Nuber
Located in the Seattle metro area, Clark Nuber PS is home to one of the largest single-office Not-for-Profit practices in the United States. This nationally recognized group is composed of over 80 professionals who specialize in serving more than 750 not-for-profits. These professionals take a broad, holistic view of the entire financial and regulatory ecosystem in which not-for-profits function.
Our involvement and investment in the industry extends beyond providing professional services to charitable organizations. Our shareholders and principals also present regularly at conferences and seminars tailored to the not-for-profit community. And, several leaders serve on national-level boards and committees that establish guidance and best-practices for the sector, including the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee, the TE/GE EO Council’s TIC-TAQ Forum, and the AICPA Exempt Organization Technical Resource Panel.
Additionally, Clark Nuber is the author of the Form 990 Compliance Guide and the Private Foundation Handbook and Compliance Guide.