Overview
“C
the BAD DOG”' 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.
Learning 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
This
program is intended forPublic
accounting tax and audit staff, and nonprofit organization's Treasurers,
accountants, CFOs and other finance/compliance advisors.