Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2024 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Fundraising has evolved to be more virtual this past year, but the tax compliance surrounding fundraising events have not changed. Fundraising is what helps organizations survive whether it is via a gala, sweepstakes, auction, or concert. From a public perception standpoint, it is important to make sure donor acknowledgments are issued timely and ensure the disclosures are reported correctly on the Form 990.
Even seasoned return preparers can be confounded and surprised by basic issues when the organization’s facts are complicated. Join us to discuss the various reporting responsibilities surrounding different type of fundraising events and when to recognize that additional information is needed
Publication Date: June 2021
Designed For
CPAs, enrolled agents, CFOs, bookkeepers, staff accountants, development officers, and others working with assisting not-for-profit organizations with their fundraising events.
Topics Covered
- Overview
- Types of Fundraising & Gaming Activities
- Reporting on Form 990
- Examples
- Tax Deductibility of Contributions
- Public charity vs private foundations
- Donor acknowledgments
- Requirements
- Cash vs non”cash
- Donor vs charity's responsibilities
Learning Objectives
- Describe the importance of documenting and gathering the necessary information to achieve compliance with federal tax laws
- Recognize and report different fundraising activities on the Form 990
- Identify how to prepare proper donor acknowledgment letters
- Identify when penalties are applicable
- Recognize examples of a fundraising activity compared to a fundraising event
- Describe what percentage is deductible for a "Raise the Paddle" fundraising activity
- Identify correct statements regarding the reporting of fundraising events
- Differentiate Schedules of Form 990 and how they apply
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A basic understanding of fundraising events for not-for-profit organizations
Advance Preparation
None
Instructors
Celia Davis
Celia is a senior manager in the tax services group at Clark Nuber P.S., and has been with the firm for 10 years. Her practice focuses on serving private foundations, public charities, and charitably inclined individuals. She provides tax compliance and consulting on matters such as charitable gift planning, federal and state tax filings, payout modeling, unrelated business taxable income, alternative investments, and foreign reporting.
Celia is a graduate of the University of Washington and is licensed in Washington State. She is a contributing writer and editor for the Form 990 Compliance Guide published by CCH and is a member of the Washington Society of CPAs and the AICPA.
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.