Form 990: Mastering Its Unique Characteristics

Code: EO-F990

Date Wednesday, August 21, 2019
Time 8:30am - 4:30pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Instructor Eve Borenstein, JD
Harmon, Curran, Spielberg & Eisenberg, LLP c/o Eve Borenstein
Fees
Standard member fee $325.00
checkmarkStandard nonmember fee $375.00
AICPA member discount ($30.00)

Members: Please log in to receive member fee. To receive an AICPA discount (when available), check the box next to “I am an AICPA member.”

Description

Gain the tax and not-for-profit industry insights you need to properly prepare Form 990. Get guidance on the complex tax reporting requirements and find out how to respond to the form's demands for narrative answers. Come away with knowledge and confidence to navigate Form 990 complexities and get it right the first time.

Who should take this program?

CPAs, not-for-profit managers, attorneys and anyone who prepares or reviews Form 990

Major subjects

  • Form 990 as a one-size-fits-all reporting mechanism for not-for-profit organizations
  • Tips for gathering data and sequencing the preparation of Form 990
  • Keys to getting the form right the first time
  • Addressing the presence of related organizations
  • Identification of managers and measurements of their compensation
  • Form 990 vs. books-and-records financial statement detail
  • Disclosures of governance inputs and boards' employ of policies
  • Helpful tips and critical components of the most common Form 990 schedules -- A, B, D, G, I and M

Learning objective(s)

  • Recognize and apply the following unique-to-Form 990 definitions: who is a "manager" required to be disclosed in Part VII-A of the core form; required elements of manager's compensation to be disclosed; and when third-party entities are "related organizations" (necessary both for Part VII-A compensation reporting and for Schedule R)
  • Recognize the detail sought by the IRS in reporting on both program service accomplishments and changes in operations in Part III of the core form
  • Appreciate the unique terminology employed in the core form's key "governance" (Part VI)
  • Appreciate 990 definitions and tax conventions used in reporting on all aspects of financial statements (Parts VIII, IX and X)
  • Recognize the importance of making accurate and expansive disclosures via Schedule O related to six priority governance inquiries made in Part VI
  • 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 and asset-sensitivities (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)
  • Note the premises by which Schedule L is triggered

Notes:

Course code Code EO-F990
Sponsor MNCPA
NASBA ID#: 139884
Level Basic
Format Group Live
Prerequisites Prereq. None
Advance
prep
None