Form 990: Mastering its Unique CharacteristicsMore Courses
EOF990IC | In Person Training | Basic | Scheduled
Fields of Interest
- Taxation-Exempt Organizations
CPAs, attorneys and nonprofit managers
To learn to properly prepare the Form 990 including how to complete the form's demands for narrative answers.
- Apply the following unique-to-Form 990 definitions: who is a "manager" required to be disclosed upon Part VII-A of the Core Form; required elements of manager’s compensation to bedisclosed; and when third party entities are "related organizations" (necessary both for Part VII-A compensation reporting and for Schedule R).
- Details sought by the IRS in reporting on both program service accomplishments and changes in operations in Part III of the Core Form.
- The unique terminology employed in the Core Form’s key "Governance" Part (VI).
- Form 990 definitions and tax conventions employed in reporting on all aspects of financial statements (Parts VIII, IX, and X).
- The importance of making accurate and expansive disclosures via Schedule O relating to six priority governance inquiriesmade in Part VI.
- 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 ("non-cash") contributions
- The premises by which Schedule L is triggered.
- Form 990 preparation sequencing and data gathering.
- Keys to getting Form 990 preparation right the first time.
- Addressing presence of related organizations.
- 990 versus books-and-records financial statement detail.
- Disclosures of governance inputs and Boards’ employ of policies
Elaine L. Sommerville
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. [Feb 08]