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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 990How Can it Affect Your Tax-Exempt StatusMay 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
Form 990 – Core Form • Part I – Snapshot • Part III – Exempt Status = Mission = Program Services • Part V – IRS Compliance
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
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
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
Form 990 - Schedules • Schedule D – Supports Balance Sheet • Schedule E – School / College • Schedule F – Foreign Activities
Form 990 – Schedules • Schedule G – Fundraising & Gaming • Schedule H – Hospitals • Schedule I – Grants
Form 990 - Schedules • Schedule J – Compensation • Schedule K – Bonds • Schedule L – Relationships – Transparency
Form 990 – Schedules • Schedule M – Noncash Contributions • Schedule N – Dissolutions / Significant Disposition • Schedule O – Additional Disclosure to Core Form
Form 990 - Schedules • Schedule R – Related Organizations & Unrelated Partnerships Interests
AICPA Expert Panel • Exempt Organization Tax Technical Resource Panel – Update / News
Ginny Striegel, CPA Central & Western Region Healthcare & Exempt Organization Tax Lead McGladrey LLP Phone: 515.281.9272 (direct) ginny.striegel@mcgladrey.com
McGladrey LLP 400 Locust Street, Suite 640Des Moines, IA 50309515.284.8660 www.mcgladrey.com