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Understanding the Form 990 and its Preparation Prerequisites

Monday, January 6
 1:00pm - 3:00pm

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2.00 Credits

Member Price $89.00

Non-Member Price $124.00

Overview

Introductory Session of Borenstein’s Form 990 Foundational Series: This “initiation and introduction to” the Form 990’s mechanics and importance will prevent you from drowning in the Form 990’s force-field! More than 80% of the Form’s inputs and relevant definitions are NOT found in the statutes and Regulations that apply to the exempt sector, a reality that can be overwhelming for both novices and more advanced preparers. This session provides an easy-to-digest synopsis of the entirety of the Form’s key definitions as well as the mechanics that preparers need embrace from the moment they first approach preparing a 990. Packed with practical tips and perspectives on data gathering, this class is a “must” gateway for beginning (and even more experienced) preparers to learn “how to befriend Form 990 preparation.” This webinar will vault preparers past all the initially confounding problems of the Form 990, providing baseline info on the critical nuances the form uses. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Objectives

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

  • Appreciate the public relations and regulatory impact of the 12-page Core Form and the most-common substantive-topic Schedules
  • Identify the circumstances "triggering" each of the 15 substantive-topic Schedules
  • Identify and master the six key Glossary Terms which all 990 preparers must be able to apply
  • Distinguish the impact on Board members' "independence" resulting from Schedule L reporting
  • Discern the various parties who will need provide the data necessary to complete the 990's widely disparate arenas of inquiry
  • Recognize the value of, and discern approaches appropriate to, public relation sensitive disclosures and presenting the completed form to a filer's Board

Highlights

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

  • Overview of the Form 990's design and goals in play upon the Core Form and tack-on Schedules
  • Address of the definition's key factors that make a third-party organization a "related organization"
  • Exploring the definitions of parties who are to be disclosed as managers at Part VII-A (i.e., as a TDOKE -- a Trustee/Director (TD)/Officer (O)/Key Employee (KE) - or as a High 5) and understanding what is the definition and measure of "reportable compensation"
  • Working with the definitions of "family member" and "independence" as same are used in Parts VI and Schedule L
  • Applying the definition of "business relationship" as same is used in Part VI
  • Sequencing of the form's preparation tasks and who to go to for information
  • Working with the Board of Directors to have them understand what the completed Form 990 conveys to the public/regulators

Designed For

Public accounting tax and audit staff, and nonprofit organization’s Treasurers, CFOs and other finance/compliance advisors

Prerequisites

Some familiarity with the nonprofit sector helpful, but not necessary.

Preparation

None

Notice

You will receive an email from CPA Crossings via Webex with instructions to access the webinar.

Leader(s):

Leader Bios

Eve Borenstein, Eve Rose Borenstein, LLC

Eve Borenstein, JD Minneapolis, Minnesota 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. Officed 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”. Eve is a native of New Jersey and a University of Rhode Island graduate who loves her adopted home-state, Minnesota. She earned her law degree from the University of Minnesota in 1985, and then worked in the Tax Department of one of the original Big 8 accounting firms in Minneapolis before embarking on her service to tax-exempt organizations in 1988. She is the proud parent of two young adults and resides in Minneapolis and Duluth with her life partner.

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Non-Member Price $124.00

Member Price $89.00