Understanding the "Most Common" Form 990 Schedules: A, B & O
2.50 Credits
Member Price $125
Non-Member Price $155
Overview
This event is offered in collaboration with the Minnesota Society of CPAs.
"C the B A D D O G" is a handy phrase used to remember the SIX most common 990 Schedules – A, B, C, D and G, along with the key governance and policy asks (with required narrations) appearing upon the always-mandatory Schedule O. This class covers the big three of these six – Schedule A (required of all 501(c)(3) organizations); Schedule B (required for many (c)(3)s as well as certain non-(c)(3)s); and the key and most troublesome lines of Schedule O. The approach to all three is designed to: (1) demystify the Schedule A overall and then demystify the application of the two public support tests); (2) address common misconceptions concerning the Schedule B's reporting of donors; and (3) highlight the reach and underlying disclosure obligations behind Schedule O's most sensitive lines.
Highlights
- The benefits of a 501(c)(3) organization being classified as a public charity rather than a private foundation (and how Schedule A, Part I "claims" qualification as such)
- The public policy precepts and approach preparers need apply in demonstrating filer has met the predominant "public support test" which is demonstrated at Schedule A's Part II
- The overarching needs and preparation tasks of Schedule B and related worksheets, including which donors are to be listed and with what identifying information required (dependent on the filer's 501(c)-subsection); and what information 501(c)(3) filers may omit from the 990's public inspection copy
Prerequisites
Some familiarity with the nonprofit sector
Designed For
Public accounting tax and audit staff, and nonprofit organization’s Treasurers, accountants, CFOs and other finance/compliance advisors
Objectives
- Recognize function of Schedule A Part I in reporting the primary basis of a filer's non-private foundation classification in the tax year, regardless of prior years' qualification
- Identify the revenue input differences underlying each of the two public support tests' bottom-line "public support" percentage-result evaluated over rolling five tax year periods
- Understand "public support" as a measure of donors' diversity (or of those purchasing related services) and appreciate that both public support tests apply limits on how much of a donor's gifts (or a purchaser of service's fees) can comprise "public support"
- Identify the pertinent reporting conventions applicable in Schedule B for disclosing donors' contributions (and/or donors' identity to the IRS or via public inspection conventions)
- Embrace and appreciate: (a) the key six inquiries in Part VI of the 990 and their public relations impact; (b) the narratives to be provided in relation to those key Part VI lines, and (c) that the face of the Form is misleading as to what are appropriate narratives!
- Learn the objective criteria by which the Board can garner a "Yes" answer to the inquiry at Part VI's Line 11a with respect having been provided the Form 990 pre-filing
- Identify the multiple disclosures required when a management company is employed at any time in the tax year being reported upon and contrast these with Part VII-A reporting
Preparation
None
Leader(s):
Leader Bios
Eve Borenstein, AICPA
Eve Borenstein, JD Eve has practiced law since 1985, operating for 15 years the Tax Exempt Law Office of Eve Rose Borenstein, LLC until that firm merged in 2004 into the then-created Borenstein and McVeigh Law Office (www.BAMlawoffice.com). Her practice in both firms has been dedicated to the unique tax and regulatory rules applied by the IRS and state agencies to “tax-exempt” organizations. Office in Minneapolis, Eve consults with both CPAs and individual non-profits nation-wide; through 2012 she had represented more than 950 tax-exempt organizations before the IRS. A substantial portion of her clientele are organizations with gross revenues of less than $1,000,000 per year, but Eve also represents many medium and large organizations, typically on planning or IRS audits and correspondence.
For the past two decades, Eve has been an active member of the American Bar Association’s Tax Section Committee on Exempt Organizations, working from that platform, as well as with various other professional groups and committees (including those of the AICPA) to provide feedback to the IRS on exempt organization forms and procedures. Since 1990, she has authored and instructed four exempt organization CPE courses offered by State CPA societies (two on the Form 990 and two on EO tax mandates), and is the co-author of the AICPA’s “Comprehensive Form 990” course debuting spring 2013.
Informed by her clients’ experience in IRS examinations and by her work with the CPA community on the Form 990’s preparation, she is widely recognized as the authoritative instructor on that Form. In addition to teaching to the professional community serving non-profits, she participates in many training programs serving non-profits directly. Her speaking and teaching have always comprised a significant portion of her work in service to her commitment to see the sector “do it right the first time”.
Non-Member Price $155
Member Price $125