Understanding the "Most Common" Form 990 Schedules: A, B & O
Overview
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“C the B A D D O G”' is a handy phrase used to remember the SIX most common 990 Schedules – A, B, C, D and G, along with the key governance and policy asks (with required narrations) appearing upon the always-mandatory Schedule O. This class covers the big three of these six – Schedule A (required of all 501(c)(3) organizations); Schedule B (required for many (c)(3)s as well as certain non-(c)(3)s); and the key and most troublesome lines of Schedule O. The approach to all three is designed to: (1) demystify the Schedule A overall and then demystify the application of the two public support tests); (2) address common misconceptions concerning the Schedule B's reporting of donors; and (3) highlight the reach and underlying disclosure obligations behind Schedule O’s most sensitive lines.
Highlights
• The benefits of a 501(c)(3) organization being classified as a public charity rather than a private foundation (and how Schedule A, Part I "claims" qualification as such)
• The public policy precepts and approach preparers need apply in demonstrating filer has met the predominant "public support test" which is demonstrated at Schedule A's Part II
• The overarching needs and preparation tasks of Schedule B and related worksheets, including which donors are to be listed and with what identifying information required (dependent on the filer’s 501(c)-subsection); and what information 501(c)(3) filers may omit from the 990’s public inspection copy
Prerequisites
Some familiarity with the nonprofit sector
Designed For
Public accounting tax and audit staff, and nonprofit organization’s Treasurers, accountants, CFOs and other finance/compliance advisors
Objectives
• Recognize function of Schedule A Part I in reporting the primary basis of a filer’s non-private foundation classification in the tax year, regardless of prior years' qualification
• Identify the revenue input differences underlying each of the two public support tests' bottom-line "public support” percentage-result evaluated over rolling five tax year periods
• Understand "public support" as a measure of donors’ diversity (or of those purchasing related services) and appreciate that both public support tests apply limits on how much of a donor’s gifts (or a purchaser of service’s fees) can comprise “public support”
• Identify the pertinent reporting conventions applicable in Schedule B for disclosing donors' contributions (and/or donors' identity to the IRS or via public inspection conventions)
• Embrace and appreciate: (a) the key six inquiries in Part VI of the 990 and their public relations impact; (b) the narratives to be provided in relation to those key Part VI lines, and (c) that the face of the Form is misleading as to what are appropriate narratives!
• Learn the objective criteria by which the Board can garner a “Yes” answer to the inquiry at Part VI’s Line 11a with respect having been provided the Form 990 pre-filing
• Identify the multiple disclosures required when a management company is employed at any time in the tax year being reported upon and contrast these with Part VII-A reporting
Preparation
None
Leader(s):
Leader Bios
Eve Borenstein, Eve Rose Borenstein, LLC
Eve has practiced law since 1985, operating first for 15 years the Tax Exempt Law Office of Eve Rose Borenstein, LLC, and then, from January 2004 through April 2019, BAM Law Office, LLC (formerly Borenstein and McVeigh Law Office). As of May 1, 2019 Eve is Of Counsel with Harmon, Curran, Spielberg & Eisenberg, LLP www.harmoncurran.com, although semi-retired and only handling limited client engagements as of April 2023. In all three firms, her practice has focused almost exclusively on the unique tax and administrative rules applied by the IRS, as well as federal and state agencies, to "tax-exempt" organizations. In addition to practicing law, Eve also has operated since 1990 a teaching and speaking consultancy, Eve Rose Borenstein, LLC www.taxexemptlaw.org. (the subject of this site!)
Eve's extensive experience serving exempt organizations and their advisors nationally includes assisting an extraordinarily diverse clientele of organizations of all sizes on planning issues and compliance needs, as well as direct representation before the IRS. Over 30+ years she has represented more than 1,100 organizations on IRS field audit exams, private letter ruling requests, exemption applications and sub-classification determinations, and other status issues.
Eve has long worked to expand exempt organizations' access to quality legal and accounting assistance. With the American Bar Association's Tax Section Committee on Exempt Organizations, the TEGE Exempt Organizations Council and other professional association committees (including those of the AICPA), she has committed thousands of hours to expanding pro bono assistance to the nonprofit sector and to efforts with the IRS relating to improvement of the agency's nonprofit filings and procedures.
Eve's teaching and educational consultancy has long-served nonprofits as well as the CPAs and lawyers who assist the sector. Via CPE course development and instruction, and speaking and training engagements, Eve has long committed a significant portion of her work hours to helping the sector "do it right the first time".
Eve is a proud New Jersey native and initially was a New England-transplant (graduating from the University of Rhode Island). She move to Minneapolis in 1982 to attend the University of Minnesota Law School (graduating in 1985), and never left. Her first job after law school was in Ernst & Whinney's Tax Department, where she was mentored in all things EO, after which she began her own law practice (and the rest is history!). She resides in Minneapolis and has two wonderful children (and two grandchildren), all of whom live close by.
Non-Member Price $167.00
Member Price $142.00