2 CPE This course walks through the steps necessary to fill out and file the Internal Revenue Service (IRS) Form 990, Return of Organization Exempt from Income Tax. This is one of the most important documents a Not-for-Profit (NFP) organization is required to send to the IRS because it helps it maintain its tax exempt status with respect to contributions it receives.
Most organizations are required to file an informational return and make it available for public inspection. The Form 990 contains sections that explain how well the organization is utilizing its resources for its mission which allows the public and watchdog groups to scrutinize the entity’s activities.
This course goes over the basic steps an accountant who is completing the Form 990 informational forms must perform in order to do so accurately and completely. There is also be a discussion regarding how to avoid common mistakes when filling out the form 990.
Learning Objectives
- Recognize the purpose and objective of Internal Revenue Service (IRS) Form 990, Return of Organization Exempt from Income Tax
- Identify the different types of 990 Forms available for Not for Profit (NFP) organizations to submit
- Identify the core components of the Form 990 as well as the schedules that may be attached to an informational return
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Prerequisites
No advanced preparation or prerequisites are required for this course, but completion of the other courses in this series may be helpful.
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Course Questions and Answers(2 Questions)
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Can you explain the difference between fundraising income reported on Part VIII, line 1c and fundraising income reported on line 8a of Form 990?
In you hamster case example, the spreadsheet shows zero fundraising expenses per F/S, but $2000 in fundraising expenses to be reported on Schedule D. Then on the 990 there is zero direct fundraising expense on Part V111, line 8b and Part IX Statement of Functional Expenses on the 990 shows $3650 Fundraising expenses. Can you provide more information on how to report fundraising expenses for the different parts of the return?