Form 990: Top 10 Compliance Pitfalls

Slides:



Advertisements
Similar presentations
Trends in Number of High School Graduates: National
Advertisements

Hwy Ops Div1 THE GREAT KAHUNA AWARD !!! TEA 2004 CONFERENCE, MOBILE, AL OCTOBER 09-11, 2004 OFFICE OF PROGRAM ADMINISTRATION HIPA-30.
The West` Washington Idaho 1 Montana Oregon California 3 4 Nevada Utah
TOTAL CASES FILED IN MAINE PER 1,000 POPULATION CALENDAR YEARS FILINGS PER 1,000 POPULATION This chart shows bankruptcy filings relative to.
BINARY CODING. Alabama Arizona California Connecticut Florida Hawaii Illinois Iowa Kentucky Maine Massachusetts Minnesota Missouri 0 Nebraska New Hampshire.
U.S. Civil War Map On a current map of the U.S. identify and label the Union States, the Confederate States, and U.S. territories. Create a map key and.
This chart compares the percentage of cases filed in Maine under chapter 13 with the national average between 1999 and As a percent of total filings,
Fasten your seatbelts we’re off on a cross country road trip!
Map Review. California Kentucky Alabama.
Judicial Circuits. If You Live In This State This Is Your Judicial Circuit Alabama11th Circuit Alaska 9th Circuit Arkansas 8th Circuit Arizona 9th Circuit.
1. AFL-CIO What percentage of the funds received by Alabama K-12 public schools in school year was provided by the state of Alabama? a)44% b)53%
The United States.
Directions: Label Texas, Arkansas, Louisiana, Mississippi, Tennessee, Alabama, Georgia, Florida, South Carolina, North Carolina, Virginia--- then color.
Warm Up Complete the Coordinate Practice #10. Content Objective: – Compare the physical and political regions. Language Objectives: – SWBAT define region.
CHAPTER 7 FILINGS IN MAINE CALENDAR YEARS 1999 – 2009 CALENDAR YEAR CHAPTER 7 FILINGS This chart shows total case filings in Maine for calendar years 1999.
Study Cards The East (12) Study Cards The East (12) New Hampshire New York Massachusetts Delaware Connecticut New Jersey Rhode Island Rhode Island Maryland.
Hawaii Alaska (not to scale) Alaska GeoCurrents Customizable Base Map text.
US MAP TEST Practice
1 of (F)DEC2015 IMCOM integrates and delivers base support to enable readiness for a self-reliant and globally-responsive All Volunteer Army WE.
TOTAL CASE FILINGS - MAINE CALENDAR YEARS 1999 – 2009 CALENDAR YEAR Total Filings This chart shows total case filings in Maine for calendar years 1999.
Can you locate all 50 states? Grade 4 Mrs. Kuntz.
USA ILLUSTRATIONS – US CHARACTER Go ahead and replace it with your own text. This is an example text. Go ahead and replace it with your own text Go ahead.
1st Hour2nd Hour3rd Hour Day #1 Day #2 Day #3 Day #4 Day #5 Day #2 Day #3 Day #4 Day #5.
NEADA Winter Meeting February 28, 2017.
2012 IFTA / IRP MANAGERS’AND LAW ENFORCEMENT WORKSHOP
The United States Song Wee Sing America.
Agenda Who is Sandler Focus on Supporting our Franchisees
Expanded State Agency Use of NMLS
The United States.
Supplementary Data Tables, Utilization and Volume
Warm Up Complete the Coordinate Practice #10.
Maps.
Physicians per 1,000 Persons
USAGE OF THE – GHz BAND IN THE USA
Content Objective: Language Objectives:
1. Connecticut Delaware Georgia Maryland Massachusetts New Hampshire
Chart 6. 12: Impact of Community Hospitals on U. S
Table 3.1: Trends in Inpatient Utilization in Community Hospitals, 1992 – 2012
Name the State Flags Your group are to identify which state the flag belongs to and sign correctly to earn a point.
GLD Org Chart February 2008.
Employment Settings for Certified Athletic Trainer
Membership Update July 13, 2016.
2008 presidential election
Table 3.1: Trends in Inpatient Utilization in Community Hospitals, 1987 – 2007
State Adoption of Uniform State Test
The States How many states are in the United States?
State Adoption of NMLS ESB
APPLYING FOR THE CPA EXAM
Supplementary Data Tables, Trends in Overall Health Care Market
Fifty nifty United States
AIDS Education & Training Center Program Regional Centers
Fifty Nifty United States
Table 2.3: Beds per 1,000 Persons by State, 2013 and 2014
Regions of the United States
DO NOW: TAKE OUT ANY FORMS OR PAPERS YOU NEED TO TURN IN
DIFFERENCES BETWEEN NORTH AND SOUTH
Supplementary Data Tables, Utilization and Volume
Regions How many do you know?.
Eastern United States Geography Quiz
San Francisco, California October 10, 2005
Slave States, Free States
Presidential Electoral College Map
2012 US Presidential Election Result
2008 presidential election
WASHINGTON MAINE MONTANA VERMONT NORTH DAKOTA MINNESOTA MICHIGAN
States During the Civil War
Expanded State Agency Use of NMLS
CBD Topical Sales Restrictions by State (as of May 23, 2019)
AIDS Education & Training Center Program Regional Centers
USAGE OF THE 4.4 – 4.99 GHz BAND IN THE USA
Presentation transcript:

Form 990: Top 10 Compliance Pitfalls Common Reporting Misconceptions February 28, 2017 Jorge Estrada, CPA Senior Manager, Nonprofit Tax Janna Goudarzi, MST Supervisor, Nonprofit Tax Katelyn Miller, CPA

Welcome

Technical Difficulties? Housekeeping Technical Difficulties? Contact Webex at 1-866-229-3239 Event #622-670-522 / Event Password: GRF2016 The webinar will be recorded and made available after the event Please use the “Chat” function for any technical questions

CPE Credit Information Housekeeping CPE Credit Information Attendees seeking CPE for this presentation must complete and submit a short evaluation survey that will pop up on their screens after the webinar ends Three words will be shared during the webinar; the survey will ask you for those words Attendees cannot claim CPE unless we receive a completed evaluation with the correct words Technical questions about the survey can be addressed to Alina Stone at astone@grfcpa.com, or at 301-664-9357 Turn off your pop-up blocker This presentation is available to download at www.grfcpa.com/media/228.pptx

Housekeeping Webinar Objectives Learning Objective To provide attendees with a better understanding of how to comply with complex areas of Form 990 reporting. Instructional Delivery Methods Group Internet-based Recommended CPE 1.0 CPE Recommended Fields of Study Accounting & Audit Prerequisites None required Advance Preparation None Program Level Basic Course Registration Requirements Refund Policy No fee is required to participate in this session. Cancellation Policy In the event that the presentation is cancelled or rescheduled, participants will be contacted immediately with details. Complaint Resolution Policy Gelman, Rosenberg & Freedman is committed to our seminar participants’ 100% satisfaction and will make every reasonable effort to resolve complaints as quickly as possible. Please contact kdavis@grfcpa.com with any concerns.

Presenters Meet Your Instructors Jorge Estrada, CPA Senior Manager, Nonprofit Tax Janna Goudarzi, MST Supervisor, Nonprofit Tax Katelyn Miller, CPA Supervisor, Nonprofit Tax

Agenda 1 | Program Service Accomplishments 2 | Governance and Policies 3 | Compensation Reporting 4 | Statement of Activities Reporting 5 | Schedule A – Public Support Test 6 | Schedule C – Lobbying & Political 7 | Schedule L – Interested Persons 8 | Schedule G – Fundraising Events 9 | Schedule R – Related Organizations 10 | Unrelated Business Income

Polling Question #1 When do you start thinking about and compiling information for your Form 990? Throughout the year During the year-end financial statement preparation 2 weeks before the filing deadline

Program Service Accomplishments Form 990, Part III Important to review and update annually New significant programs Consistent with financial statements

Governance & Policies Form 990, Part VI Board member independence Definition of “member” Form 990 review States requiring a copy of the Form 990

States Requiring a Copy of the Form 990 This list will depend on the organization, but for a 501(c)(3) in all states Oregon Pennsylvania Rhode Island South Carolina Tennessee Utah Virginia West Virginia Wisconsin Alabama Arkansas California Connecticut Florida Georgia Hawaii Illinois Kansas Kentucky Maryland Massachusetts Michigan Minnesota Mississippi New Hampshire New Jersey New Mexico New York North Carolina

Compensation Reporting Form 990, Part VII Definition of Officer/KE/HCE Calendar vs. fiscal year Compensation and benefits to report Independent contractors

Statement of Activities Reporting Form 990, Parts VIII & IX Grants vs. contracts Donated services Functional allocation ratios

What area of the Form 990 do you struggle with most? Polling Question #2 What area of the Form 990 do you struggle with most? Compensation reporting Identifying interested persons Related parties Public support test Special event reporting

Schedule A Public Support Test Importance of public support test 509(a)(1) vs. 509(a)(2)

Lobbying & Political Activities Schedule C Lobbying & Political Activities Distinguishing between lobbying and political expenditures Not one size fits all (exempt organizations) 501(h) election

Schedule G Fundraising Events Breakout of charitable contributions Notification to attendees Direct expenses

Transactions with Interested Persons Schedule L Transactions with Interested Persons Definition of an interested person Updated guidance on required disclosures

Related Organizations Schedule R Related Organizations Identifying related organizations Controlled organizations Reporting transactions

Unrelated Business Income Form 990-T Regularly carried Unrelated to the organization’s exempt purpose Income from a trade or business

Changes in filing deadlines Updates Changes in filing deadlines Form 8868 FBAR

Are you current on the new deadlines? Polling Question #3 Are you current on the new deadlines? For a 12/31/16 nonprofit, what is the new due date after filing the first extension? 5/15/17 8/15/17 11/15/17

Key Takeaways Avoid Compliance Pitfalls Stay Current Be Proactive Be aware of updates & changes to Form 990 regulations throughout the year Be Proactive Be proactive about gathering Form 990 information from 3rd parties Evaluate often Evaluate new activities/changes for impact on Form 990 reporting

Q&A

Get In Touch Jorge Estrada, CPA Janna Goudarzi, MST jestrada@grfcpa.com (301) 951-9090 Janna Goudarzi, MST jgoudarzi@grfcpa.com Katelyn Miller, CPA kmiller@grfcpa.com

Join us again for our next webinar, “Effective IT Controls for Financial Statement Audits: Is Your Organization at Risk?” March 29, 2017, 11:00 a.m. to 12:00 p.m.