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
With the exception of Schedule B, the Form 990 and its related schedules are open for public disclosure. Organizations have a duty to present accurate financial information that reflects their due diligence in maintaining strong governance practices. In connection, proper reporting of Schedule L transactions are intended to provide transparency and disclosure, yet readers can be led to draw conclusions without a full understanding of the rules and definitions. Understanding the who, what, why and thresholds behind governance, compensation and transactions with interested persons is essential to correctly preparing Form 990. Join us to discuss the particulars of Part VI and VII of the Form 990 plus a dive into accurately reporting related Schedule L disclosures.
Publication Date: July 2021
Designed For
CPAs, CFOs, auditors, enrolled agents, staff accountants, tax attorneys, and others who work with not-for-profit organizations.
Topics Covered
- Overview
- Form 990, Schedule R: Related organizations
- Form 990, Part VII: Compensation of individuals
- Form 990, Schedule L: Transactions with interested persons
- Form 990, Part VI: Organization governance
Learning Objectives
- Recognize the factors that may or may not impair the independence of a voting board member
- Identify who and when an individual should be reported on Part VII
- Recognize the reporting requirements for the four parts of Form 990, Schedule L
- Describe the relationship between the responses on Part VI, Part VII, and Schedule L
- Identify the schedule of Form 990 that includes information on related organizations
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
A basic understanding of Governance Transparency.
Advance Preparation
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Instructors
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.
Lisa McCreedy
Lisa is a senior manager in the tax services group at Clark Nuber P.S. Over her eight years with the Firm, she focuses her practice primarily on tax compliance and consulting matters for private foundations and a variety of public charities. She enjoys diving into complex issues relating to non-profits Federal and State tax compliance filings, alternative investments, international activities, and unrelated business taxable income.
Lisa serves as treasurer of the local chapter of a Professional Fundraiser’s Association and is a member of the AICPA and the Washington Society of CPAs.
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.