In basic terms, Form 990 is the annual federal return that is required to be filed by all types of exempt organizations. The course takes the participant through the basics of Form 990. It covers the complete form and all the accompanying schedules. The course goes line by line through the Form 990 and offers explanations and tips for accurate completion. Participants will gain an understanding of the tax and practical points essential to completion of the Form 990 which has a 12-page core form and 16 schedules.
Form 990 filing requirements. Form 990 preparation sequencing and how to pull together necessary data. Keys to getting Form 990 preparation correct the first time. Addressing presence of related organizations. Identification of managers and measurements of their compensation. Form 990 versus books-and-records financial statement detail. Disclosures of governance inputs and Boards’ employ of policies.
CPAs, attorneys, and nonprofit managers.
Identify the filing requirements for Form 990, Form 990-EZ, and Form 990-N. Determine best practices for completing the core form. Recognize risks in preparing Form 990 and identify certain reporting red flags. Appreciate 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX, and X). Prepare for the most common Schedules that typically apply to 990 filers: identification of public charity status (Schedule A); reporting on donors (Schedule B); financial statement line items (Schedule D); reporting on fundraising events, gambling, and use of professional fundraisers (Schedule G); grant-making (Schedule I); and capture of property (“noncash”) contributions (Schedule M).
Elaine has 20 years of experience in public accounting. After working with an international accounting firm, she has focused on the tax aspects of religious nonprofit organizations. She devotes her practice to handling personal taxation issues for ministers and exempt organization issues for religious entities. Her experience in this area is unique in that she has had the opportunity to assist in the representation of three large case church IRS exams. She is a regular speaker for the Christian Management Association, the Texas Society of CPAs and the National Association of Church Business Administrators.
Non-Member Price $309.00
Member Price $259.00