Understanding the "Most Common" Form 990 Schedules: A, B & O (2.5 hours - late morning) - Webcast
Overview
"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.
OSCPA has partnered with the Minnesota Society of CPAs for this event.
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
Leader(s):
Leader Bios
Eve Borenstein, Eve Rose Borenstein Dba Eve Rose Borenstein LLC
Eve Borenstein, JD.
Law Practice: From 1989 through April 2019, Eve operated her own law firm, a national tax and compliance practice dedicated to the nonprofit sector, BAM Law Office LLC. In May 2019 she joined she Harmon, Curran, Spielberg & Eisenberg, LLP’s exempt organizations group as Of Counsel (Harmon Curran is a Washington, DC firm, who, as with Eve’s preceding firm, represents nonprofits throughout the nation). For the entirety of the past 32+ years, Eve has practiced exclusively with nonprofit organizations and their advisors, assisting them with tax-exemption qualification; overall exempt organization (EO) tax planning needs; statutory compliance outside of the IRS (state law mandates, federal grant reporting obligations, addressing/correcting improper insider transactions, etc.); and best management practices. At the turn of the millennium, Eve had represented more than 1,100 EOs from throughout the country before the IRS on everything from audit examinations to status issues, and from ruling requests (including PLRs and TAMs) to exemption qualification challenges including appeals.
Teaching: In 1990, when the Form 990 was expanded to five pages (with one additional Schedule required of 501(c)(3) organizations), Eve’s 990 teaching career began. Through what became a separate teaching/educational consultancy, Eve Rose Borenstein, LLC, Eve works with advisors and nonprofits to educate them on EO mandates overall. She is nationally recognized for both her Form 990 expertise and 990 preparation courses (her flagship and companion full-day Form 990 courses were licensed to the AICPA in 2013-2019; as of 2020, Eve revamped that material into 14 webinars, which in total provide 33 CPE hours (the webinars are available through CPACrossings and its partners, which include many State CPA societies).
Professional Committee Involvement and Commitment to Sector Compliance: Eve’s familiarity with federal EO tax precepts and other arenas of nonprofit compliance has been further informed by her wide-ranging professional committee involvement and intersection with IRS officials. For decades Eve has been an active participant in the American Bar Association’s Tax Section EO Committee and in the last decade she has been the ABA-EO Committee’s liaison to the AICPA’s EO Tax Resource Panel, as well as Co-Chair of the TEGE Exempt Organizations Council’s TIC-TAQ Committee which brings EO tax advisors into colloquy with the IRS EO Director and Chief Counsel (EEE) officials three times a year. In these roles, Eve continually champions “compliance without complexity,” tirelessly working to bring feedback to the IRS on exempt organization forms, procedural issues, and the need for improved guidance and information. Her professional goal has always been to ensure that “NPOs (have the tools to) do it right the first time!”
Honors: Eve testified in July 2012 before the U.S. House of Representatives Ways and Means Subcommittee on Oversight on the IRS’ oversight and use of the Form 990 (she was there introduced by the Chair as the “Queen of the 990”, a moniker which has stuck!) She was honored to be the recipient of the ABA Business Law Section’s 2018 Outstanding Nonprofit Lawyer Award (Outside Counsel).
Personal: Eve is a NJ ex-pat (which is evident from how fast she talks), and has resided in Minneapolis, Minnesota since her law school years. Close by are her two adult children, their partners, and one grandchild, along with Eve’s wonderful (and now-legal spouse), who is a true Minnesotan and great source of balance for her!
(1/18/22)
Non-Member Price $155.00
Member Price $125.00