Back to Search

Reporting Fundraising Activities: 990 Part VIII & On Webinar

CPE

When
June 4
6:00 - 8:00 p.m.

CPE Credits
2-Tax

Details

 Pricing

PICPA Member: $79 | Nonmember: $104


 More Information

Course No.
EB4RFA92
Level
Basic
Prerequisites
None, although helpful to have some knowledge of how the Form 990 is structured
Note
This webinar is hosted by PICPA's partner, CPA Crossings, LLC. After registering, you will receive an email from messenger@webex.com with the log-in information.

Description

Most exempt organizations undertake fundraising sales and events, but GAAP reporting of the underlying transactions and results is at odds with what the Form 990 demands! Preparers need know both how these activities are defined and the extent to which their underlying components need be isolated and disclosed to meet the form's financial reporting parts (including Schedules G and A). Most filers report incorrect data related to these revenue items, failing to detail the full array of components of such sales' revenue streams, direct expenses, and separate associated solicitation expenses. The practical experience of the author/instructor and the use of examples are the framework by which preparers will see how the 990 requires dollar disclosures relating to silent auctions, annual dinner/dances, and sales campaigns. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Learning Objectives:
After attending this presentation you will be able to...
  • Recognize the correct tax reporting of fundraising revenue related to sales or special events by both their separate character and timeframe tests
  • Distinguish between donations for fundraising events or sales (for example, silent auction items, prizes to be awarded at the event, or goods that will be sold) and donations from event participants
  • Appreciate and be able to apply the unyielding 990 definition of "noncash contribution" 
  • Identify when disbursement of pre-fundraising or pre-sales goods and other noncash contributions constitute a direct expense of such events or sales
  • Determine what qualifies as fundraising events/sales direct expenses for Form 990 Part VIII Line 8 disclosure versus a solicitation expense that is to be reported upon Part IX 

Highlights

The major topics that will be covered in this class include:

  • Definition of "fundraising events and sales" and distinguishing operations that are outside of such characterization
  • Address of what constitutes a true gift or contribution when same is paid on top of a purchase of services or goods 
  • Specifics of Form 990 inputs to be made on Part VIII Lines 1c and 8a (and Schedule G's counterpart) and noting insufficiency of GAAP reporting
  • Inputting data in order to bifurcate an event's participant or purchaser's payment to  "gift/contribution" versus fundraising event or sale revenue streams
  • What constitutes a "solicitation" expense that need be reported on Part IX, and thus cannot be characterized as a direct expense of a fundraising event or sale 
  • Practical tips for handling revenues from silent auctions and guidance on auction of "rights to use" another's properties or services  
  • Communicating with filers' managers as to the advance work they can perform to shortcut 990 documentation needs in this arena
  • Ramifications and results of 990 Part VIII reporting on each of the two "public support tests"


Speaker(s)


You May Also Like

Governance Time! Form 990 Part VI & Schedule O Narrations Webinar
July 23 | Webinar
Part VI of the Form 990's Core Form was added in an "attempt to influence behavior" and encourage "buy-in" from Boards and managers of exempt organizations to the end of ...
Intro to 60% of the 990's Most Common Schedules: A, B & C Webinar
July 15 | Webinar
'C the BAD DoG' is a handy phrase denoting the Form 990's five most frequently applied Schedules. This session covers the first three of those: for 501(c)(3) organizations, the Schedule ...
Understanding & Meeting the Two Public Support Tests Webinar
July 27 | Webinar
The two public support tests have been in existence since the finalization of Regulations to 1969 law but their application remains, to most preparers, murky in spite of the tests ...