Upcoming Events

Date/Location: Thursday, May 22, 2008 SS&G Columbus Office, 300 Spruce Street, Suite 250

Presenter: Annette Hoelzer, CPA, MT, is a managing director of SS&G's Columbus office and a director in the firm's tax department. She specializes in nonprofit taxation issues. Annette has studied the evolution of the new Form 990 for more than a year as part of an Ohio Society of Certified Public Accountants tax committee created to study the draft and make recommendations to the IRS.

Fee: This educational seminar is free to our clients. Participants will receive CPE credit. Registration and continental breakfast begin at 8 a.m. The seminars are scheduled to conclude by 11:30 a.m.

Why attend the seminar?

The new Form 990 is a complex document that has been completely overhauled. Both the design and content have changed. It is very important that nonprofit organizations have a good grasp of the form's new requirements so they can begin preparing for its impact. Our nonprofit tax group has studied the new form in depth and will provide seminar attendees easy-to-understand, practical information about the form, as well as recommendations for implementing necessary changes.

How is the new form structured?

The new form consists of an 11-page core form with 16 additional schedules. Every organization that is required to file a Form 990 will be required to complete the core section. Whether an organization must fill out specific schedules is dependent upon responses to particular questions in the core form. Very few nonprofits will need to submit all 16 schedules, but most will be required to complete at least a few. Additionally, there is a front page summary with a snapshot of key financial and operating information.

How will the new form affect my organization?

Organizations need to start reviewing the new Form 990 and identifying what additional information they will need to start tracking. In many cases, organizations will have to make changes to their current general ledger in order to capture required information. For example, 501(c)(3) and 501(c)(4) organizations will need to track the total revenue and total expenses for each of their three largest program services.

The new Form 990 also includes many governance and management questions not seen on old forms. While the Internal Revenue Code will not require the policies to be in place (i.e., a written whistleblower policy or written document retention and destruction policy), the form does require each question to be addressed. This transparency means nonprofits are expected to face immense pressure from funders and the public to follow these standards as closely as possible.

In addition, the schedules that may be required of your organization will involve gathering more expansive information than in the past, such as more detailed information on non-cash contributions received, further information on endowment funds, and more information on donor advised funds. It is imperative that your organization understand what is considered important for good governance.

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