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IRS Compliance & the Form 990 How Can it Affect Your Tax-Exempt Status May 14, 2013 & May 21, 2013

IRS Compliance & the Form 990 How Can it Affect Your Tax-Exempt Status May 14, 2013 & May 21, 2013. Presented by: Ginny Striegel, McGladrey LLP . Focus on Governance. Governance Check Sheet – Best practice is to have BOD review annually 2008 Form 990 changed focus Financial → Governance .

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IRS Compliance & the Form 990 How Can it Affect Your Tax-Exempt Status May 14, 2013 & May 21, 2013

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  1. IRS Compliance & the Form 990How Can it Affect Your Tax-Exempt StatusMay 14, 2013 & May 21, 2013 Presented by: Ginny Striegel, McGladrey LLP

  2. Focus on Governance • Governance Check Sheet – Best practice is to have BOD review annually • 2008 Form 990 changed focus • Financial → Governance

  3. Form 990 – Core Form • Part I – Snapshot • Part III – Exempt Status = Mission = Program Services • Part V – IRS Compliance

  4. Form 990 – Core Form • Part VI – Governance • Independence • Contemporaneous Documentation of Minutes • Branches, Affiliates, Other Locations • 990 Review • Conflict of Interest – Policy – Procedures • Whistle Blower Policy • Document Retention and Destruction Policy • Compensation Policy • Joint Venture Policy

  5. Form 990 – Core Form • Part VII – Officers, Directors, Key Employees and Compensation • Schedule J • W-2/1099 Calendar Year Reporting • Part VIII, IX, X and XI = Audited Financial Statements

  6. Form 990 - Schedules • Schedule A – Where does the entity align with the support test • Schedule B – Contributions; Public Disclosure Issues • Schedule C – Political Activities & Lobbying

  7. Form 990 - Schedules • Schedule D – Supports Balance Sheet • Schedule E – School / College • Schedule F – Foreign Activities

  8. Form 990 – Schedules • Schedule G – Fundraising & Gaming • Schedule H – Hospitals • Schedule I – Grants

  9. Form 990 - Schedules • Schedule J – Compensation • Schedule K – Bonds • Schedule L – Relationships – Transparency

  10. Form 990 – Schedules • Schedule M – Noncash Contributions • Schedule N – Dissolutions / Significant Disposition • Schedule O – Additional Disclosure to Core Form

  11. Form 990 - Schedules • Schedule R – Related Organizations & Unrelated Partnerships Interests

  12. AICPA Expert Panel • Exempt Organization Tax Technical Resource Panel – Update / News

  13. Questions & Answers and Other Best Practices ?

  14. Governance Check Sheet

  15. Governance Check Sheet (continued)

  16. Form 990 – Part I & Part II

  17. Form 990 – Part III

  18. Form 990 – Part IV

  19. Form 990 – Part IV (continued)

  20. Form 990 – Part V

  21. Form 990 – Part VI

  22. Form 990 – Part VII

  23. Form 990 – Part VII (continued)

  24. Form 990 – Part VIII

  25. Form 990 – Part IX

  26. Form 990 – Part X

  27. Form 990 – Part XI & Part XII

  28. Ginny Striegel, CPA Central & Western Region Healthcare & Exempt Organization Tax Lead McGladrey LLP Phone: 515.281.9272 (direct) ginny.striegel@mcgladrey.com

  29. McGladrey LLP 400 Locust Street, Suite 640Des Moines, IA 50309515.284.8660 www.mcgladrey.com

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