Insider Dealings and Sunshine: Schedule L's Parts II-IV WEBINAR

Friday, July 22 10:00am - 12:30pm PDT

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2.5 Credits

Member Price $89.00

Non-Member Price $109.00

Overview

This session comprises one of four Form 990 Master Classes available to those wanting intermediate-to-advanced training on the 990’s most difficult arenas.
Schedule L’s Parts II-IV require transparency of, and thus promote accountability with respect to, “insider transactions” conducted by exempt organization. Disclosure here is necessary regardless of whether the transaction or event disclosed is routine (and reasonable) or one necessary to the organization’s business needs. Reporting conveys no value judgment, but omitting the fact of Parts II-IV events - loans with, grants or assistance provided to, or undertaking business transactions with - parties who are “Interested Persons” per 990 definitions is dangerous (especially if the omission signals that management may have failed to protect the organization’s interests or is intentionally hiding information). This session builds upon the basics of “who” falls within Interested Person status via the five harmonized categories applying across these three parts to address: the additional IP categories employed in Parts II and IV; when a Part’s transaction fits a disclosure exception; and handling what is absolutely required to be disclosed in each part, as well as the additional considerations filers face relating to public relations issues.

Highlights

Review of the “harmonized” five categories by which “Interested Person” (IP) status vests and explanation of the additional categories in play for Parts II and IV. Tips for accessing appropriate documentation from Trustees-Directors, Officers and Key Employees as to presence of reportable events with them or with those who have IP status because of family member connection to them OR by due to status as a “35% controlled entity” of one or more IPs. Handling Part IV’s “business transactions” reportable thresholds and working with the possible exceptions from “business transaction” characterization. “Yes, this means IPs will be named!” - addressing IP’s privacy concerns and/or requests to omit individuals or company names when reporting business transactions on Part IV. Reporting demands of Part II, including aspects of managing loans with IPs in favor of public relations needs raised by this part. Reporting demands of Part III, including: drill-down into the two key exceptions to Part III’s reporting of grants or assistance to an IP and address of educational institutions’ exception from requirement to disclose names of scholarship or fellowship recipients and how same connects to governance reporting in Core Form 990’s Part VI.

Prerequisites

Experience with this Schedule’s instructions and their application.

Designed For

Public accounting tax and audit staff, nonprofit organization’s Treasurers, CFOs, and other finance/compliance advisors.

Objectives

Recall the five categories of IPs applying uniformly across Parts II-IV of the Schedule, as well as the joint venture category that also applies to Part IV . Retain the disparate Part IV business transaction dollar thresholds - both those that apply to disclosing compensation paid to an IP whose status exists as a “family member” of a first tier IP, as well as those applicable to all other types of business transactions. Identify the chief exception to reporting of grants and assistance provided to interested persons in Part III. Address how to make “best foot forward” narratives in Schedule L’s blank lines (Part V), including how to override public relations concerns stemming from reporting insider transactions in Parts II-IV.

Preparation

None.

Notice

None.

Leader(s):

Leader Bios

Eve Borenstein

Eve Borenstein is a partner in Borenstein and McVeigh Law Office (BAM!), a Minnesota law firm that is the base of Eve’s national tax practice and services nonprofits and tax-exempt organizations exclusively.

Separate from the law firm, Eve operates a teaching and speaking consultancy offering instruction on nonprofit and exempt organization mandates, Eve Rose Borenstein, LLC.

Eve received her law degree from the University of Minnesota in 1985 and thereafter embarked on exempt organizations tax work at a “Big 8” accounting firm. From 1989-2003 she maintained a solo practice serving tax-exempt non-profit corporations, and in 2004 created the BAM Law firm with nonprofit corporate counsel Ellen W. McVeigh. From her law firm’s practice and through her teaching and speaking, Eve works to assist diverse nonprofit organizations with tax-exemption qualification, corporate planning and compliance. The bulk of her legal practice is representing exempt organizations before the Internal Revenue Service and/or State regulators on audit, qualification and classification issues; through 2009 she had represented more than 850 organizations before the IRS.

Eve volunteers extensively with multiple professional committees, including the American Bar Association’s Tax Section Committee on Exempt Organizations, from which she serves as a liaison to the American Institute of Certified Public Accountants’ Exempt Organization Technical Resource Panel. Through such service, and individually, Eve was integrally involved in the IRS’ Redesign of the Form 990. She was chosen by the IRS to be one of two private practitioners on the IRS Tax Talk Today TV broadcast in November 2008 dedicated to the Redesign of the Form 990, and has appeared multiple times since with IRS officials on educational panels concerning that Form.

Eve was also one of the original non-IRS collaborators in the Form 1023 Revision Project that culminated in that Form’s October 2004 “make over”. She enjoys teaching and speaking and is committed to “helping the sector (and its advisors) do it right the first time!”

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Non-Member Price $109.00

Member Price $89.00