Understanding the Form 990 and its Preparation Prerequisites (2.5 hours - late morning) - Webcast

Overview

Navigate the complex world of Form 990 and discover how its structure, definitions and disclosures shape public perception and regulatory oversight. Gain a clear understanding of the form's core components, the triggers for its schedules and the key terms every preparer must know. Learn how to identify data sources within an organization, manage sensitive disclosures and guide board members in understanding what the completed form communicates. Gain the clarity and confidence needed to complete Form 990 accurately and effectively.

OSCPA has partnered with the Minnesota Society of CPAs for this event.

Highlights

• Overview of the Form 990's structure, purpose and schedule design.
• Key factors that establish a related organization.
• Definitions affecting Part VII-A including trustees, directors, officers, key employees and high-compensation individuals.
• Core terms such as family relationships, business relationships, independence and 35% controlled entities which are central to both Core Form Part VI and Schedule L.
• Sequencing of preparation tasks and identifying internal data providers.
• Best practices for engaging the board in understanding the completed Form 990.

Prerequisites

Familiarity with the nonprofit sector helpful, but not necessary.

Designed For

Public accounting tax and audit staff, nonprofit organization’s treasurers, accountants, CFOs, and other compliance advisors

Objectives

• Appreciate the public relations and regulatory impact of the Core Form and frequently used schedules.
• Identify the circumstances triggering each of the 15 substantive schedules.
• Master six essential glossary terms every Form 990 preparer must know.
• Understand how board member independence affects Schedule L reporting.
• Recognize who within an organization holds the information needed for accurate Form 990 preparation.