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With the exception of Schedule B, the Form 990 and its related schedules are open for public disclosure. Thus, organizations have a duty to not only present accurate financial information and show their due diligence in maintaining strong governance practices, but also that they are meeting other compliance standards.
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.
Who Should Attend
TBD
Topics Covered
- Tax deductibility of contributions from fundraising events
- Completion of fundraising event activities on Form 990
- Charity responsibilities
- Donor acknowledgment
- Public support tests
- Compensation reporting for trustees, directors, officers, key employees, and highly compensated individuals
- Identification of interested persons
- Reporting thresholds, exceptions, and required disclosures for Schedule L transactions
- Relationship and impact between Schedule L and other parts of the Form 990
Learning Objectives
- Understand 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
- Prepare proper donor acknowledgment letters
- Identify when penalties apply
- Understand 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
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic knowledge of annual compliance for tax exempt organizations.
Advance Preparation
None
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.
Sarah Huang
Sarah is a tax principal at Clark Nuber P.S., based in the Seattle metro area. She focuses her practice on tax compliance and consulting for public charities and private foundations. During her time at Clark Nuber, she has provided extensive consulting services to our tax-exempt organizations on matters such as tax law changes, unrelated business income, alternative investments, foreign filing requirements, state tax filings, payroll taxes, organizational structuring, and donor acknowledgement requirements.
Sarah is a contributing writer and editor of the Form 990 Compliance Guide, published by CCH, and has written several articles for various publications, including a five-part series on donor acknowledgement for CCH. She is an associate member of the AICPA Exempt Organization Technical Resources Panel and is a member of the AICPA and Washington Society of CPAs.