November 22, 2022


Webinar


2.5 CPE

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

November 22, 2022
Webinar
2.5 CPE

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

Learning Objectives

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

Major Topics

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


CPE Credits Available

2.5 CPE
2.5
Taxes

Things to Know About This Course

Course Level

  • Basic

Prerequisites

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

Advanced Preparation

None

Intended Audience

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

Provider

CPA Crossings

This event has ended.