Financial Statements Display: Form 990 Parts VIII, IX,X & XI (C50097)


Cancellation Policy

Please note that this webinar Is from a third party vendor, CPA Crossings. We strongly recommend registering no later than one-hour before the webinar begins. Please contact CPA Crossings webinar hotline if you do Not receive your webinar invitation via email within five minutes after registering:  877-370-2220 ext. 1. Thank you.

Date(s):

06/16/2021

Registration Open:

12:00 AM - 9:30 AM

Time:

9:30 AM - 12:00 PM

Facility:

 Online

Meeting Type:

Webinars

CPE Credit:

2.50

Field(s) Of Study:

Taxation (2.50)

Level of Knowledge:

Basic

Price:

Member: $89.00
Nonmember: $109.00

Individual Discounts:

Not Available

Overview

After attending this presentation you will be able to...

  • Command the common “book versus 990” differences that are key to reporting revenues, expenses, and changes in net assets reporting on Parts VIII-X
  • Distinguish the variety of inputs from a filer's book financial statements that require adjustment to 990 conventions
  • Appreciate the hierarchy of revenue reporting Part VIII applies 
  • Identify where additional information may be necessary in order to meet disclosure mandates for certain reconciling items enumerated on Part XI
  • Recognize the 990's separate Schedules that may be required as a result of entries or conditions reported on Parts VIII - X

Highlights

The major topics that will be covered in this class include:

  • Statement of Revenue (Part VIII) key definitions:  the six rules behind Line 1 (gifts, grants, contribution) and the definitions that drive Line 2 (program service revenue), including characterization of passive investment-type revenues as "program-related investments" 
  • Unique status issues that require inputting of revenues upon Part VIII's Lines 8-10 (the fundraising events or sales, gaming, and sales of inventory lines) 
  • Understanding the unrelated business income tax (UBIT) "self-audit" reporting applied via Part VIII's columns including the baseline definitions that are used to identify revenue streams as either exempt function income, sourced-to-UBI, or UBIT-excepted
  • Statement of Functional Expenses (Part IX): understanding the natural classifications of costs employed upon the form, and exploration of the relevant definitions as well as common mistakes that result from ignorance of this part's instructions
  • Balance sheet (Part X) issues overall including handling the reconciliation of P&L yearend assets in Part IX and noting form deficiencies in flagging the possible application of Schedule L


Speaker(s)

Prerequisites

None, although helpful to have some knowledge of how the Form 990 is structured.