Session 4 of Borenstein’s Form 990 Foundational Series:
Most exempt organizations undertake fundraising sales and events, but GAAP reporting of the underlying transactions and results is at odds with the Form 990’s demands! Preparers need know both how these activities are defined for Form 990 purposes, and the extent to which their underlying components need be isolated and disclosed to meet the form’s financial reporting parts (including inputting results on both Schedules G and M). It is not uncommon for preparers to incorrectly report upon these revenue items, failing to detail their distinct revenue streams, direct expenses, and associated solicitation expenses. The practical experience of the author/instructor and her examples create a framework for preparers to see how the 990 requires appropriate disclosures in the context of silent auctions, annual dinner/dances, and sales campaigns.
This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
After attending this presentation you will be able to…
The major topics that will be covered in this class include:
None, although helpful to have some knowledge of how the Form 990 is structured
Public accounting tax and audit staff, and nonprofit organization’s Treasurers, CFOs and other finance/compliance advisors