Club & LSC Financial Management. Jill J. Goodwin, CPA Waugh & Goodwin, LLP

Size: px
Start display at page:

Download "Club & LSC Financial Management. Jill J. Goodwin, CPA Waugh & Goodwin, LLP jgoodwin@waughgoodwinllp.com"

Transcription

1 Club & LSC Financial Management Jill J. Goodwin, CPA Waugh & Goodwin, LLP

2 Form 990 Forms 1099 and W 2 State taxes Other current issues TAX ISSUES

3 Form 990 File Form 990, 990 EZ, or 990 N by the 15 th day of the 5 th month following year end Form 990 N, Electronic Notification for Tax Exempt Organizations Not Required to File Form 990 or 990 EZ (e Postcard), may be filed at May file 990 N if gross receipts are normally equal to or less than $50,000 Determined by taking the average of gross receipts for the preceding 3 years, including the year for which the return would be filed

4 Form 990 Continued Forms 990 vs. 990 EZ filing requirements If gross receipts are less than $200,000 and total assets are less than $500,000, the organization may file Form 990 EZ If gross receipts are greater than $200,000 and assets are greater than $500,000 at year end, then Form 990 must be filed

5 Form 990 Continued Any organization which fails to file 3 years in a row will automatically lose its exempt status and have to reapply to be recognized as an exempt organization

6 Form 990 Continued Significant changes to Forms 990 and 990 EZ in recent years Why the new form? How does the new form promote tax compliance? Some members of the public rely on information provided in Form 990 to obtain information about an Organization With this in mind, when preparing the form, the Organization should make sure that the return is complete and accurately describes the Organization s programs and accomplishments

7 Form 990 Continued Form 990 structure: The form includes 12 sections and 16 supplemental schedules Section 1: Summary of the return Heading section should be current as of the filing date Section II: Signature Block Section III: Program service accomplishments Opportunity to fully describe the Organization s significant programs Grants grants awarded, not received Revenue Includes any program revenues, does not include contributions

8 Form 990 Continued Form 990 structure: Section IV: Required Schedules Section V: IRS Filings and Tax Compliance Section VI: Governance, Management & Disclosure

9 Form 990 Continued Form 990 structure: Section A: Information regarding the Board of Directors and Management Does the Board delegate broad authority to the Executive Committee or a similar committee? Are minutes of Board and Committee meetings contemporaneously documented?

10 Form 990 Continued Section B of Governance, Management & Disclosure section Questions regarding whether the Organization has the following policies in place: Conflict of interest policy Written whistleblower policy Document retention & destruction policy Policies regarding the process for determining compensation, including review and approval process, of the CEO, Executive Director or top management official, other officers or key employees of the organization NOTE: These aren t required just suggested

11 Form 990 Continued Form 990 structure: Section C: How the Organization discloses information * State Filings * Public Inspection * Who has custody of the financial records

12 Form 990 Continued Form 990 structure: Section VII: Board Listing & Compensation Reporting of compensation of officers, directors, trustees & key employees Definition of officer and key employee Includes the top management official & top financial officer Compensation of five highest compensated independent contractors threshold is $100,000 and over

13 Form 990 Continued Form 990 structure: Section VIII: Revenue Membership dues Line 1b or 2? In Kind services and facilities should not be included

14 Form 990 Continued Form 990 structure: Section IX: Expenses If other expenses exceed 10% of total expenses, detail needs to be included on Schedule O Unrealized Gains (Losses) on investments are not reported In Kind services and facilities should not be included

15 Form 990 Continued Form 990 structure: Section X: Balance Sheet Section XI: Net Assets Unrealized Gains (Losses) on investments are reported as other changes in net assets Section XII: Financial Statements

16 Form 990 Continued Schedules: Schedule A: All Charities must complete Schedule B: Complete if cash or non cash contributions from one source equal or exceed $5,000 Schedule C: Political Campaigns & Lobbying Schedule D: Supplemental Financial Info Endowment Funds Fixed Assets Other Assets/Liabilities Reconciliation to audited financial statements

17 Form 990 Continued Schedules: Schedule E: Schools Schedule F: Activities conducted outside of the United States Schedule G: Fundraising & Gaming Complete if fundraisers generated more than $15,000 Schedule H: Hospitals Schedule I: Grants & Assistance If grants were awarded to recipients in excess of $5,000 Can be cash or non cash

18 Form 990 continued Schedule J Additional compensation disclosure Information regarding first class/charter travel Companion travel Health or social club dues/initiation fees Personal services Substantiation requirements for reimbursement Questions regarding how the organization determines compensation for the CEO/Executive Director Schedule K: Tax Exempt Bonds

19 Form 990 continued Schedule L Reporting of transactions with interested persons Direct business relationships Indirect business relationships through ownership of more than 35% in another entity Family members with direct or indirect business relationships Serve as an officer, director or key employee with a member of an entity doing business with the organization

20 Form 990 continued Schedule M If more than $25,000 in non cash contributions is received, this schedule must be completed Details of the types of non cash items received Includes number of contributors for each type of donation Revenues reported from these transactions Method of determining amounts recorded Schedule N: Liquidations, Terminations & Dissolutions Schedule O: Supplemental Information Schedule R: Related Organizations, Unrelated Partnerships

21 Form 990 Penalties $20 per day if gross receipts are less than $1,000,000 $100 per day if gross receipts are more than $1,000,000 If the organization is required to file electronically, but fails to do so, the return is deemed to have not been filed Penalties begin on the due date for the return If information is not furnished within the time the IRS allots, the person failing to comply will be charged a penalty of $10 per day

22 Form 990 T Unrelated Business Income Tax (UBIT) Trade or business income Not substantially related to the organization s exempt purpose In excess of $1,000 Regularly carried on Taxed at corporate rates Heath Care Credit

23 Forms 1099 & W 2 Form 1099: Payments made to any person $600 and over per year This includes individuals, partnerships, LLCs No 1099s to Corporations, S Corporations or Exempt Organizations

24 Forms 1099 & W 2 continued Form 1099: Form W 9, Request for Taxpayer Identification Number and Certification, should be requested from payees prior to disbursing funds to insure that you have the required information when it is time to prepare the 1099 forms Distribute to the payee by January 31 st each year Send to the IRS with Form 1096 transmittal by February 28 th each year Penalties apply for failure to prepare and send the returns to the IRS on a timely basis

25 Forms 1099 & W 2 continued Form W 2 Report employee compensation and withholdings on Form W 2 to employees by January 31 st each year Send to the Social Security Administration with Form W 3 transmittal by February 28 th each year Form W 4, Employee s Withholding Allowance Certificate and Form I 9, Employment Eligibility Verification, should be requested from employees upon hiring Other quarterly reporting requirements apply

26 Disclosure requirements Form 1023 USA Swimming s form if under the group exemption Form 990 or 990 EZ Form 990 T Other information that is widely available

27 Disclosure requirements Must provide copies to individuals requesting either in writing or in person Usually must provide immediately if requested in person Within 30 days if requested in writing May charge reasonable copy charges (current rate is.20 per page) and actual postage Penalties of $20 per day imposed against the person failing to provide the documents

28 Tax Issues Jeopardizing exemption A 501(c)(3) organization must not be organized or operated for the benefit of private interests No part of the net earnings may inure to the benefit of any individual Refrain from participating in political campaigns of local, state or federal candidates Restrict lobbying activities Failure to satisfy annual filing requirements

29 Tax Issues continued Inurement/Private Benefit A section 501(c)(3) organization must not be organized or operated for the benefit of private interests, such as the creator or the creator's family or persons controlled directly or indirectly by such private interests. No part of the net earnings of a section 501(c)(3) organization may inure to the benefit of any private individual. Political Involvement: By law, organizations exempt from tax under Internal Revenue Code section 501(c)(3) may not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office.

30 Tax Issues continued Health Care Reform Required disclosure of employer sponsored health insurance coverage on W 2 form for the 2011 tax year Credit of 25% for premiums paid toward health coverage for employees for tax years beginning in 2010 through 2013 No more than 25 FTE employees, Average annual compensation no greater than $50,000 Credit is claimed on form 990 T

31 Tax Issues continued Excess benefit transactions Transaction in which an economic benefit is provided by an applicable tax exempt organization, either directly or indirectly, to or for the use of any disqualified benefit provided exceeds the value of the consideration received by the organization A person who benefits from an excess benefit transaction, such as compensation, fringe benefits or contract payments from a section 501(c)(3) or 501(c)(4) organization may have to pay an excise tax under section 4958 Tax on recipient of excess benefit transaction equals 25% of the excess benefit received If not paid within the reporting period, an additional 200% tax is assessed 10% tax on managers (i.e. Board of Directors)

32 State Reporting The States and District of Columbia have enacted charitable solicitation statutes Usually require organizations to register with the state before they solicit contributions Some exemptions vary state by state Some states accept Form 990 need to check specific state requirements

33 State Reporting continued National Association of State Charity Officials website has links to state offices which regulate charitable organizations and charitable solicitations s charity offices/

34 Non Profit Publications Publication 526, Charitable Contributions Publication 557, Tax Exempt Status for Your Organization Publication 598, Tax on Unrelated Business Income of Exempt Organizations Publication 1771, Charitable Contributions, Substantiation and Disclosure Requirements Publication 4220, Applying for 501(c)(3) Tax Exempt Status Lots of information at

35 DISBURSEMENTS APPROVALS, SIGNATURES & REMOTE ISSUES

36 Disbursements Approvals, Signatures & Remote Issues Disbursements Process for authorizing purchases Receipt of invoice Invoice approval process

37 Disbursements Approvals, Signatures & Remote Issues Checking account Setting up the account Authorized signers Reconciliation procedures Dual signature requirements

38 Disbursements Approvals, Signatures & Remote Issues Credit card usage Receipts Authorization process Remote accounting issues Logistics Accountability Checks & balances

39 Purpose Planning Performance Results INTERNAL AUDIT

40 Internal vs. External Audits Internal Objectives determined by the board Audit work is done by individuals associated with the Organization Concentrates on internal controls & procedures Issues a report on findings and recommendations External Audit work is done by a Certified Public Accountant who is independent of the Organization Tests controls and risk factors Attests to whether the financial statements are in compliance with GAAP

41 Audits Internal Why an internal audit? Provide assurance that the Organization is: Operating efficiently Assets are safeguarded Organization is compliant with prescribed laws & policies Offers oversight of day to day operations Review the integrity of financial statements for reasonableness and accuracy

42 Audits Internal What you should get out of an internal audit: Documentation on what areas, if any, need improvement Self regulation to determine if Policies & Procedures are being followed Suggestions for increased efficiency and accuracy

43 Audits Internal What are the steps? Planning the audit Performing the audit Documentation

44 Audits Internal Planning step: Decide who will be responsible for the internal audit Define the objectives Determine the scope Define the criteria to be considered Performing the audit: No single right or wrong way to accomplish an internal audit Look for opportunities to improve processes Look for best practices Look for weaknesses in the system

45 Audits Internal Important factors in an internal audit: Auditor needs to be prepared Needs to be objective & independent Needs to be able to exercise sound judgment Needs to be able to maintain confidentiality If a weakness in a procedure is noted it should be analyzed to determine if it was an isolated incident or if it is systemic Testing may need to be expanded to make a determination

46 Audits Internal Documentation: What to document: Scope & Criteria What you are doing Objectives Why you are doing it Findings Results of audit work

47 Audits Internal Report Delivered to the Board of Directors Include the scope of work Results of the audit Maintain confidentiality

1. The organization mission or most significant activities that you wish to highlight this year:

1. The organization mission or most significant activities that you wish to highlight this year: Form 990 Questionnaire For All Organizations Core Form Heading & Pt I Summary 1. The organization mission or most significant activities that you wish to highlight this year: 2. Total number of volunteers

More information

Return of Organization Exempt From Income Tax

Return of Organization Exempt From Income Tax Form 990 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung 2010 benefit trust or private foundation)

More information

Form 990 Return of Organization Exempt From Income Tax

Form 990 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Form 990 Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung 2011 benefit trust or private foundation)

More information

Form 990 Return of Organization Exempt From Income Tax

Form 990 Return of Organization Exempt From Income Tax OMB No. 1545-0047 Form 990 Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private foundations) 2014 Do not enter social security

More information

Highlights of IRS Form 990

Highlights of IRS Form 990 Highlights of IRS Form 990 IRS Form 990 contains a wealth of information far too much to discuss in a quick overview. Here, however, is a review of the parts of the form as well as an introduction to several

More information

Serving the Non-Profit Industry August 2008. TheNewForm990 Life Under the Microscope for Non-Profits. By Reed W. Risteen, CPA. Partners, Blum Shapiro

Serving the Non-Profit Industry August 2008. TheNewForm990 Life Under the Microscope for Non-Profits. By Reed W. Risteen, CPA. Partners, Blum Shapiro Certified Public Accountants Business Consultants Non-Profit Notes Serving the Non-Profit Industry August 2008 Important Details Regarding Changes to Form 990 UPMIFA Implementation Issues Learn more inside.

More information

Frequently asked Questions

Frequently asked Questions Frequently asked Questions By NONPROFITS About Taxes (2014 Revised Edition) ANSWERS* TO QUESTIONS FREQUENTLY ASKED ABOUT - COMPENSATION & BENEFITS We heard that our pastor is both an employee and an independent

More information

Form 990 instructions for 2013 - Summary of changes

Form 990 instructions for 2013 - Summary of changes No. 2013-107 December 23, 2013 Form 990 instructions for 2013 - Summary of changes December 23: The IRS publicly posted the final version of the instructions for Form 990 for tax years beginning in 2013.

More information

Compliance Guide for 501(c)(3) Public Charities

Compliance Guide for 501(c)(3) Public Charities Internal Revenue Service Tax Exempt and Government Entities Exempt Organizations Compliance Guide for 501(c)(3) Public Charities Covers: Activities that may jeopardize a charity's exempt status Federal

More information

A For the 2011 calendar year, or tax year beginning 10/01 B Check if applicable:

A For the 2011 calendar year, or tax year beginning 10/01 B Check if applicable: Form 99-EZ Department of the Treasury Internal Revenue Service Short Form Return of Organization Exempt From Income Tax Under section 51(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black

More information

Form 1023-EZ Streamlined Application for Reinstatement of Tax-Exempt Status For Organizations within 15 months of Revocation

Form 1023-EZ Streamlined Application for Reinstatement of Tax-Exempt Status For Organizations within 15 months of Revocation Form 1023-EZ Streamlined Application for Reinstatement of Tax-Exempt Status For Organizations within 15 months of Revocation Dear PTA Leader: The IRS has released their new Form 1023-EZ to facilitate the

More information

Note: Page 1 of 6 Instructions for Form CHAR500 (rev. 2010)

Note: Page 1 of 6 Instructions for Form CHAR500 (rev. 2010) New York State Department of Law (Office of the Attorney General) Charities Bureau - Registration Section Instructions for Form CHAR500 Annual Filing for Charitable Organizations www.charitiesnys.com Contents:

More information

l efile GRAPHIC p rint - DO NOT PROCESS As Filed Data - DLN: 93492179004143

l efile GRAPHIC p rint - DO NOT PROCESS As Filed Data - DLN: 93492179004143 l efile GRAPHIC p rint - DO NOT PROCESS As Filed Data - DLN: 93492179004143 Form 990-EZ IN Department of the Treasury Internal Revenue Service Short Form OMB 1545-1150 Return of Organization Exempt From

More information

PRIVATE FOUNDATION CAUTION: The purposes of this memorandum are to assist you, the directors of your private foundation, and your accountant in:

PRIVATE FOUNDATION CAUTION: The purposes of this memorandum are to assist you, the directors of your private foundation, and your accountant in: CHERRY CREEK CORPORATE CENTER 4500 CHERRY CREEK DRIVE SOUTH #600 DENVER, CO 80246-1500 303.322.8943 WWW.WADEASH.COM DISCLAIMER Material presented on the Wade Ash Woods Hill & Farley, P.C., website is intended

More information

SAMPLE FINANCIAL PROCEDURES MANUAL

SAMPLE FINANCIAL PROCEDURES MANUAL SAMPLE FINANCIAL PROCEDURES MANUAL Approved by (organization s) Board of Directors on (date) I. GENERAL 1. The Board of Directors formulates financial policies, delegates administration of the financial

More information

Form 990 and Tax Update Olivia A. Hutton, CPA

Form 990 and Tax Update Olivia A. Hutton, CPA Form 990 and Tax Update Olivia A. Hutton, CPA Certified Public Accountants and Consultants Connecting depth and insight with community values. Your 990 should prove that you are: Organized and operated

More information

Comparison of the Requirements Applicable to Delaware Public Benefit Corporations ( PBCs ), B Corporations, and 501(c)(3) Tax-Exempt Entities

Comparison of the Requirements Applicable to Delaware Public Benefit Corporations ( PBCs ), B Corporations, and 501(c)(3) Tax-Exempt Entities Comparison of the Requirements Applicable to Delaware Public Benefit ( PBCs ),, and This summary is intended for reference purposes only and is not an exhaustive description of the legal and other requirements

More information

Proposed Rule: Health Insurance Providers Fee

Proposed Rule: Health Insurance Providers Fee Proposed Rule: Health Insurance Providers Fee Description: This document contains proposed regulations that provide guidance on the annual fee imposed on covered entities engaged in the business of providing

More information

ENGAGEMENT LETTER. From: The Board of

ENGAGEMENT LETTER. From: The Board of ENGAGEMENT LETTER From: The Board of To: Clifford & Associates, LLC We have engaged you to prepare and file the applicable tax forms for our organization for the year(s) ended,. We state that to the best

More information

Open to Public Inspection A For the 2011 calendar year, or tax year beginning B Check if applicable: C Name of organization

Open to Public Inspection A For the 2011 calendar year, or tax year beginning B Check if applicable: C Name of organization Form 990 Department of the Treasury Internal Revenue Service Return of Organization Exempt From Income Tax Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except black lung benefit

More information

PTA Treasurer s Training. Being Accountable and Transparent

PTA Treasurer s Training. Being Accountable and Transparent PTA Treasurer s Training Being Accountable and Transparent Duties of the PTA Treasurer Maintain accurate, detailed financial records Help prepare the PTA Budget Receive & disburse funds Present a Treasurer

More information

IRS Releases Draft Redesigned Form 990

IRS Releases Draft Redesigned Form 990 ORGANIZATION MANAGEMENT, INC. SEPTEMBER 3, 2007 A SPECIAL REPORT FROM THE NON-PROFIT LEGAL & TAX LETTER IRS Releases Draft Redesigned Form 990 by Charles M. (Chip) Watkins Webster, Chamberlain & Bean Washington,

More information

FORM FS must be completed and be in agreement with financial information reported on IRS Form 990 or the filed financial statement.

FORM FS must be completed and be in agreement with financial information reported on IRS Form 990 or the filed financial statement. FORM FS ANNUAL FINANCIAL REPORT FORM Final Report NAME OF ORGANIZATION MISSISSIPPI REGISTRATION # CHARITY CONTACT PERSON: E-mail address: PERSON COMPLETING FORM: E-mail address: FORM FS must be completed

More information

DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY

DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY DIXON MONTESSORI CHARTER SCHOOL FISCAL CONTROL POLICY 1. Purpose The Dixon Montessori Charter School Board of Directors ( Board ) has reviewed and adopted the following policies and procedures to ensure

More information

NOT-FOR-PROFIT INSIDER

NOT-FOR-PROFIT INSIDER NOT-FOR-PROFIT INSIDER VOLUME 8 :: ISSUE 4 In This Issue: Nonprofits Excluded from FASBs Proposed Definition of a Public Business Entity Proposed Regulatory Changes For Nonprofits Receiving Federal Funding

More information

HUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990

HUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990 HUEY & ASSOCIATES, P.C. NON-PROFIT TAX ORGANIZER - 990 ORG1 Please fill out the information below unless it is not applicable to your organization. Organization Information: Organization Name: Address:

More information

FORMING AND OPERATING A PRIVATE FOUNDATION

FORMING AND OPERATING A PRIVATE FOUNDATION FORMING AND OPERATING A PRIVATE FOUNDATION SIMPSON THACHER & BARTLETT LLP FEBRUARY 7, 2001 TABLE OF CONTENTS Page I. Choosing a private foundation...1 II. Forming a private foundation... 1 A. Choosing

More information

Module 7: Nonprofit Association Tax Compliance

Module 7: Nonprofit Association Tax Compliance Module 7: Nonprofit Association Tax Compliance Table of Contents Nonprofit Associations and Taxation: An Introduction Page 1 Reasons for Organizations to Seek Tax-Exempt Status Page 2 Why are Nonprofit

More information

INTRODUCTION I. CONSTITUTION

INTRODUCTION I. CONSTITUTION INTRODUCTION Enbridge Energy Partners, L.P.(the Partnership ) is a Delaware limited partnership whose Class A Common Units are registered under Section 12 of the Securities and Exchange Act of 1934, as

More information

Instructions for IRS Form 990-EZ

Instructions for IRS Form 990-EZ Overview These instructions are intended to help clarify and supplement the Instructions for Form 990-EZ as published by the IRS. They are not intended to replace those instructions. Both the form and

More information

IRS PROCEDURAL ISSUES

IRS PROCEDURAL ISSUES IRS PROCEDURAL ISSUES I. Introduction A. In general, IRS procedural issues involving organizations that are, are seeking to become, or claim to be exempt from Federal income tax are the same as those for

More information

Helpful Hints for Kiwanis Club Treasurers

Helpful Hints for Kiwanis Club Treasurers Helpful Hints for Kiwanis Club Treasurers Kiwanis International Dues: $42.00 per member annually. Every Kiwanis club must pay dues or $42.00 annually for every active member. This dues payment is payable

More information

CORPORATE GOVERNANCE GUIDELINES

CORPORATE GOVERNANCE GUIDELINES CORPORATE GOVERNANCE GUIDELINES The Role of the Board and Management The Board of Directors (the Board ) of Host Hotels & Resorts, Inc. ( Host or the Company ) oversees the management of Host and its business.

More information

A Legal Checklist for Not-for-Profit Organizations

A Legal Checklist for Not-for-Profit Organizations A Legal Checklist for Not-for-Profit Organizations This 10-point checklist is written to help busy charitable organizations stay on top of today s regulatory compliance requirements. For further information,

More information

Governance and Related Topics - 501(c)(3) Organizations

Governance and Related Topics - 501(c)(3) Organizations Governance and Related Topics - 501(c)(3) Organizations The Internal Revenue Service believes that a well-governed charity is more likely to obey the tax laws, safeguard charitable assets, and serve charitable

More information

Treasurer s s Tax Training Workshop. 2009 National Convention Tuesday, August 18 2:00-3:00 pm

Treasurer s s Tax Training Workshop. 2009 National Convention Tuesday, August 18 2:00-3:00 pm Treasurer s s Tax Training Workshop 2009 National Convention Tuesday, August 18 2:00-3:00 pm New e-file e Requirements In August 2006, President Bush signed into law the Pension Protection Act of 2006

More information

A GUIDE TO MINNESOTA S CHARITIES LAWS

A GUIDE TO MINNESOTA S CHARITIES LAWS A GUIDE TO MINNESOTA S CHARITIES LAWS This Guide summarizes certain Minnesota laws that govern charitable organizations, professional fund-raisers and charitable trusts, including laws that require registration

More information

Failure to file this e- Postcard for three consecutive years will result in loss of federal tax exemption.

Failure to file this e- Postcard for three consecutive years will result in loss of federal tax exemption. Nonprofit Legal Self-Assessment Checklist A guide for helping nonprofits to understand common legal obligations and to highlight areas where greater inquiry should be made You sit on the board, or are

More information

THE NEW YORK NONPROFIT REVITALIZATION ACT

THE NEW YORK NONPROFIT REVITALIZATION ACT THE NEW YORK NONPROFIT REVITALIZATION ACT February 2014 Krieger & Prager, LLP 2014 MAJOR NEW YORK LAWS AFFECTING NOT FOR PROFIT ORGANIZATIONS NOT FOR PROFIT CORPORATION LAW Adopted 1972 Major Revision

More information

CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES

CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES CAPACITY BUILDING AND OVERSIGHT BEST PRACTICES NOT-FOR-PROFIT VENDOR REVIEWS MAYORS OFFICE OF CONTRACT SERVICES 1) Not-for-profit organization has effective and dynamic governance structure a) At least

More information

Vehicle Donation, A Charity s Guide to EXEMPT ORGANIZATIONS TYPES OF VEHICLE DONATION PROGRAMS AND THEIR IMPACT ON TAX-EXEMPT STATUS,

Vehicle Donation, A Charity s Guide to EXEMPT ORGANIZATIONS TYPES OF VEHICLE DONATION PROGRAMS AND THEIR IMPACT ON TAX-EXEMPT STATUS, Tax Exempt and Government Entities EXEMPT ORGANIZATIONS A Charity s Guide to Vehicle Donation, TYPES OF VEHICLE DONATION PROGRAMS AND THEIR IMPACT ON TAX-EXEMPT STATUS, TAXABLE INCOME, AND DEDUCTIBLE CONTRIBUTIONS

More information

BOTTOMLINE TECHNOLOGIES (DE), INC. AUDIT COMMITTEE CHARTER

BOTTOMLINE TECHNOLOGIES (DE), INC. AUDIT COMMITTEE CHARTER BOTTOMLINE TECHNOLOGIES (DE), INC. AUDIT COMMITTEE CHARTER A. Purpose The purpose of the Audit Committee is to assist the Board of Directors oversight of: the Company s accounting and financial reporting

More information

PRIVATE FOUNDATIONS. Web: www.aldavlaw.com Blog: www.californiatrustestateandprobatelitigation.com. What is a Private Foundation?

PRIVATE FOUNDATIONS. Web: www.aldavlaw.com Blog: www.californiatrustestateandprobatelitigation.com. What is a Private Foundation? Web: www.aldavlaw.com Blog: www.californiatrustestateandprobatelitigation.com What is a Private Foundation? PRIVATE FOUNDATIONS A private foundation is a charitable organization that is not publicly funded.

More information

SAFE Credit Underwriting Guidelines for Non-Profit Lending. Organization Type: NON-PROFIT ORGANIZATIONS. Bridge Loan Guidelines.

SAFE Credit Underwriting Guidelines for Non-Profit Lending. Organization Type: NON-PROFIT ORGANIZATIONS. Bridge Loan Guidelines. Introduction The Credit Underwriting Guidelines (CUG) manual is designed for use with products delivered to faith-based and non-profit organizations. The guidelines herein govern the granting of credit

More information

CHARTER OF THE FINANCE AND AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF SPECTRAL DIAGNOSTICS INC.

CHARTER OF THE FINANCE AND AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF SPECTRAL DIAGNOSTICS INC. CHARTER OF THE FINANCE AND AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF SPECTRAL DIAGNOSTICS INC. Purpose The primary function of the Finance and Audit Committee (the Committee ) of the Board of Directors

More information

Exempt Organizations Summary & Comments regarding the New Form 990

Exempt Organizations Summary & Comments regarding the New Form 990 Exempt Organizations Summary & Comments regarding the New Form 990 The Internal Revenue Service has released a draft of the revised Form 990, annual tax return for non profit organizations. The purpose

More information

Burleson Independent School District

Burleson Independent School District Burleson Independent School District PTO/Booster Club Guidelines 11/1/2014 The following guidelines are to be used for student support activity groups (Parent Teacher Organizations, Booster Clubs, etc.)

More information

Understanding How to Handle Donor Contributions Anne Adams, CPA, Senior Manager Paige Gerich, CPA, Partner

Understanding How to Handle Donor Contributions Anne Adams, CPA, Senior Manager Paige Gerich, CPA, Partner Understanding How to Handle Donor Contributions Anne Adams, CPA, Senior Manager Paige Gerich, CPA, Partner To Receive CPE Credit Participate in entire webinar Answer polls when they are provided If you

More information

AICCCA Standards and Best Practices

AICCCA Standards and Best Practices AICCCA Standards and Best Practices Members of the AICCCA must comply with the foregoing Standards and Best Practices. I LEGAL STATUS 1. Agency must be a non- profit 501(c)(3) organization and operating

More information

4 a (Code: ) (Expenses $ 184,481 including grants of $ ) (Revenue $ 5,645 ) 4 c (Code: ) (Expenses $ 24,587 including grants of $ ) (Revenue $ 0 )

4 a (Code: ) (Expenses $ 184,481 including grants of $ ) (Revenue $ 5,645 ) 4 c (Code: ) (Expenses $ 24,587 including grants of $ ) (Revenue $ 0 ) Form 990 (2013) Page 2 Part III Statement of Program Service Accomplishments Check if Schedule O contains a response or note to any line in this Part III............. 1 Briefly describe the organization

More information

SCCE Higher Education Compliance Conference

SCCE Higher Education Compliance Conference 1 SCCE Higher Education Compliance Conference IRS Compliance Project: Findings, Examinations, and Mock-Audits June 13 th, 2011 Presenters Monica Modi Dalwadi, CPA, CIA, CFE Senior Manager Baker Tilly Virchow

More information

Short Form Return of Organization Exempt From Income Tax

Short Form Return of Organization Exempt From Income Tax Form 990-EZ PUBLIC DISCLOSURE COPY ** PUBLIC DISCLOSURE COPY ** Short Form Return of Organization Exempt From Income Tax Under section 501, 527, or 4947(1) of the Internal Revenue Code (except private

More information

Return of Organization Exempt From Income Tax

Return of Organization Exempt From Income Tax Form 990 Department of the Treasury Internal Revenue Service For the 2011 calendar year, or tax year beginning, 2011, and ending, B Check if applicable: C D Employer Identification Number ddress change

More information

ANNUAL TAX UPDATE & 2015 FORM 990 CHANGES 2/29/2016. March 1, 2016. Aaron Hershberger Director ahershberger@bkd.com

ANNUAL TAX UPDATE & 2015 FORM 990 CHANGES 2/29/2016. March 1, 2016. Aaron Hershberger Director ahershberger@bkd.com ANNUAL TAX UPDATE & 2015 FORM 990 CHANGES March 1, 2016 Aaron Hershberger Director ahershberger@bkd.com Jeanette Verrelli Senior Manager jverrelli@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire

More information

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES

FINANCIAL MANAGEMENT POLICIES AND PROCEDURES FINANCIAL MANAGEMENT POLICIES AND PROCEDURES SAMPLE 1. GENERAL PURPOSE The purpose of these policies is to establish guidelines for developing financial goals and objectives, making financial decisions,

More information

Instructions for Schedule L (Form 990 or 990-EZ)

Instructions for Schedule L (Form 990 or 990-EZ) 2010 Instructions for Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Department of the Treasury Internal Revenue Service State whether the transaction has been Section references

More information

Short Form Return of Organization Exempt From Income Tax

Short Form Return of Organization Exempt From Income Tax Form 99-EZ Department of the Treasury Internal Revenue Service Short Form Return of Organization Exempt From Income Tax Under section 51(c), 527, or 4947(a)(1) of the Internal Revenue Code (except private

More information

Terms and Conditions for Component Funds of The Community Foundation for the National Capital Region

Terms and Conditions for Component Funds of The Community Foundation for the National Capital Region Terms and Conditions for Component Funds of The Community Foundation for the National Capital Region The Community Foundation has developed the following Terms and Conditions pertaining to the administration

More information

Applying for 501(c)(3) Tax-Exempt Status

Applying for 501(c)(3) Tax-Exempt Status Internal Revenue Service Tax Exempt and Government Entities Exempt Organizations Applying for 501(c)(3) Tax-Exempt Status Why apply for 501(c)(3) status? Who is eligible for 501(c)(3) status? What responsibilities

More information

Internal Controls and Financial Accountability for Not-for-Profit Boards NEW YORK STATE OFFICE. of the ATTORNEY GENERAL.

Internal Controls and Financial Accountability for Not-for-Profit Boards NEW YORK STATE OFFICE. of the ATTORNEY GENERAL. Internal Controls and Financial Accountability for Not-for-Profit Boards NEW YORK STATE OFFICE of the ATTORNEY GENERAL Charities Bureau 120 Broadway New York, NY 10271 (212) 416-8400 www.charitiesnys.com

More information

INVESTMENT MANAGEMENT AGREEMENT

INVESTMENT MANAGEMENT AGREEMENT 6100 Colwell Blvd., Suite 250 Irving, Texas 75039 214-522-3155 or 800-955-3155 INVESTMENT MANAGEMENT AGREEMENT NOT FOR PERSONAL ACCOUNTS FOR INDIVIDUALS FOR USE BY CHURCHES AND OTHER CHARITABLE INSTITUTIONS

More information

Financial Management for NFPs

Financial Management for NFPs Financial Management for NFPs John Olsavsky Assistant Professor SUNY Fredonia - April 23, 2008 Financial Management for NFPs Welcome Introductions Materials In Front Of You Expectations Board Financial

More information

BYLAWS OF UNIVERSITY OF WEST FLORIDA FOUNDATION, INC. ARTICLE I MISSION

BYLAWS OF UNIVERSITY OF WEST FLORIDA FOUNDATION, INC. ARTICLE I MISSION BYLAWS OF UNIVERSITY OF WEST FLORIDA FOUNDATION, INC. ARTICLE I MISSION The mission of the University of West Florida Foundation, Inc. (the Foundation ) is to exclusively support and enhance the University

More information

SEE SCHEDULE O SEE SCHEDULE O 1,321,367.

SEE SCHEDULE O SEE SCHEDULE O 1,321,367. Form 990 (2011) ERCES SOCIETY, INC. 51-0175253 Page 2 Part III Statement of Program Service Accomplishments Check if Schedule O contains a response to any question in this Part III....................................................

More information

NATIONAL BUSINESS INSTITUTE Tax Exempt Organizations from Start to Finish FORM 990: KEY COMPLIANCE POINTS AND DISCLOSURE CONSIDERATIONS

NATIONAL BUSINESS INSTITUTE Tax Exempt Organizations from Start to Finish FORM 990: KEY COMPLIANCE POINTS AND DISCLOSURE CONSIDERATIONS NATIONAL BUSINESS INSTITUTE Tax Exempt Organizations from Start to Finish FORM 990: KEY COMPLIANCE POINTS AND DISCLOSURE CONSIDERATIONS Michelle Huhnke Sugar Felsenthal Grais & Hammer LLP 30 North LaSalle

More information

Instructions for Schedule L (Form 990 or 990-EZ)

Instructions for Schedule L (Form 990 or 990-EZ) 2011 Instructions for Schedule L (Form 990 or 990-EZ) Transactions With Interested Persons Department of the Treasury Internal Revenue Service Section references are to the Internal do so, it must file

More information

FS Regulatory Brief SEC Proposes Amendments to Broker- Dealer Financial Reporting Rule

FS Regulatory Brief SEC Proposes Amendments to Broker- Dealer Financial Reporting Rule SEC Proposes Amendments to Broker- Dealer Financial Reporting Rule Amendments call for brokerdealers assertion of compliance with the Financial Responsibility Rules, new reviews by independent auditors,

More information

P.O. BOX 3870 360.337.2978 SILVERDALE, WA 98383-3870

P.O. BOX 3870 360.337.2978 SILVERDALE, WA 98383-3870 Form 990 Department of the Treasury Internal Revenue Service OMB No. 1545-0047 Return of Organization Exempt From Income Tax 2014 Under section 501(c), 527, or 4947(a)(1) of the Internal Revenue Code (except

More information

INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES

INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES INTREPID POTASH, INC. CORPORATE GOVERNANCE GUIDELINES The Board of Directors (the Board ) of Intrepid Potash, Inc. (the Corporation ) has adopted these Corporate Governance Guidelines as a framework to

More information

Health Savings Account Custodial Agreement

Health Savings Account Custodial Agreement Health Savings Account Custodial Agreement The Participant named on the HSA Application is establishing a Health Savings Account under Code Section 223, as amended; naming Branch Banking & Trust Company

More information

ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL

ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL (Name of Organization & logo) ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL (Date) Note: this sample manual is designed for nonprofit organizations with the following staff involved with accounting

More information

NEVADA DEPARTMENT OF JUSTICE Office of the Attorney General A GUIDE TO NON-PROFITS. Catherine Cortez Masto, Attorney General

NEVADA DEPARTMENT OF JUSTICE Office of the Attorney General A GUIDE TO NON-PROFITS. Catherine Cortez Masto, Attorney General NEVADA DEPARTMENT OF JUSTICE Office of the Attorney General A GUIDE TO NON-PROFITS Catherine Cortez Masto, Attorney General INTRODUCTION Directors of Nevada nonprofit corporations are responsible for management

More information

Instructions for Form 990-EZ

Instructions for Form 990-EZ 2013 Instructions for Form 990-EZ Department of the Treasury Internal Revenue Service Short Form Return of Organization Exempt From Income Tax Under Section 501(c), 527, or 4947(a)(1) of the Internal Revenue

More information

RIGHT FROM THE START: RESPONSIBILITIES of DIRECTORS of N0T-FOR-PROFIT CORPORATIONS

RIGHT FROM THE START: RESPONSIBILITIES of DIRECTORS of N0T-FOR-PROFIT CORPORATIONS RIGHT FROM THE START: RESPONSIBILITIES of DIRECTORS of N0T-FOR-PROFIT CORPORATIONS Attorney General ERIC T. SCHNEIDERMAN Charities Bureau www.charitiesnys.com Guidance Document 2015-6, V. 1.0 Issue date:

More information

AHLA. G. The Affordable Care Act and Tax Issues. Douglas M. Mancino Hunton & Williams LLP Los Angeles, CA

AHLA. G. The Affordable Care Act and Tax Issues. Douglas M. Mancino Hunton & Williams LLP Los Angeles, CA AHLA G. The Affordable Care Act and Tax Issues Douglas M. Mancino Hunton & Williams LLP Los Angeles, CA Melissa Sampson McMorrow Nutter McClennen & Fish LLP Boston, MA Tax Issues for Health Care Organizations

More information

The Revised Form 990: Do s, Don ts, and Best Practices. Background Why the Change?

The Revised Form 990: Do s, Don ts, and Best Practices. Background Why the Change? The Revised Form 990: Do s, Don ts, and Best Practices Brought to you by CBIZ MHM, LLC Presented by Brenda A. Blunt Background Why the Change? The form 990 has not been significantly revised since 1979

More information

North Georgia Community Foundation FUNDRAISING ACTIVITY POLICY

North Georgia Community Foundation FUNDRAISING ACTIVITY POLICY FUNDRAISING ACTIVITY POLICY Thank you for establishing a fund with the North Georgia Community Foundation (NGCF). We value your confidence and partnership and always endeavor to provide you with the very

More information

Audit Guide for Audit Committees of Small Nonprofit Organizations

Audit Guide for Audit Committees of Small Nonprofit Organizations Audit Guide for Audit Committees of Small Nonprofit Organizations A free resource provided by the Virginia Society of Certified Public Accountants Audit Guide for Small Nonprofit Organizations A free resource

More information

Northern Delaware Intergroup Bylaws January 2010

Northern Delaware Intergroup Bylaws January 2010 Northern Delaware Intergroup Bylaws January 2010 Article I Name The name of this incorporation shall be Northern Delaware Intergroup and shall be referred to hereinafter as Intergroup. Article II Purpose

More information

The Things You Gotta' Do to Start a Nonprofit Organization

The Things You Gotta' Do to Start a Nonprofit Organization The Things You Gotta' Do to Start a Nonprofit Organization Introduction Many people who think about starting a nonprofit are unaware that they will be starting a small business with all the needs that

More information

What All Tax Exempt Organizations Need to Know

What All Tax Exempt Organizations Need to Know What All Tax Exempt Organizations Need to Know 2014 Agenda History of the Form 990: Origination and developments over time Context: Disclosures at Public Companies: Convergence of governance expectations

More information

A Charity s Guide to. Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible contributions

A Charity s Guide to. Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible contributions A Charity s Guide to Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible contributions Internal Revenue Service Tax Exempt and Government Entities Exempt

More information

CONTRACT FOR ASSESSMENT AND COLLECTION BETWEEN DALLAS COUNTY, TEXAS AND THE TOWN OF ADDISON

CONTRACT FOR ASSESSMENT AND COLLECTION BETWEEN DALLAS COUNTY, TEXAS AND THE TOWN OF ADDISON CONTRACT FOR ASSESSMENT AND COLLECTION BETWEEN DALLAS COUNTY, TEXAS AND THE TOWN OF ADDISON PURPOSE: This Contract for Assessment and Collection ( Contract ) is between Dallas County, Texas ( County ),

More information

RECENT LEGISLATIVE CHANGES TO THE FLORIDA SOLICITATION OF CONTRIBUTIONS ACT INCREASE THE OVERSIGHT AND COMPLIANCE OBLIGATIONS OF FLORIDA CHARITIES

RECENT LEGISLATIVE CHANGES TO THE FLORIDA SOLICITATION OF CONTRIBUTIONS ACT INCREASE THE OVERSIGHT AND COMPLIANCE OBLIGATIONS OF FLORIDA CHARITIES RECENT LEGISLATIVE CHANGES TO THE FLORIDA SOLICITATION OF CONTRIBUTIONS ACT INCREASE THE OVERSIGHT AND COMPLIANCE OBLIGATIONS OF FLORIDA CHARITIES July 15, 2014 By Michael J. Wilson Shareholder, Board

More information

GIFT ACCEPTANCE POLICY

GIFT ACCEPTANCE POLICY GIFT ACCEPTANCE POLICY Nutrition Science Initiative, a California public benefit corporation ("NuSI") located in San Diego, California, encourages the solicitation and acceptance of gifts to NuSI for purposes

More information

501(c)(3) Organizations: Fundraising, the IRS and State Law

501(c)(3) Organizations: Fundraising, the IRS and State Law Improving the lives of women and girls through programs leading to social and economic empowerment. SOROPTIMIST INTERNATIONAL OF THE AMERICAS 501(c)(3) Organizations: Fundraising, the IRS and State Law

More information

Record-Keeping Requirements. Weil, Gotshal & Manges LLP

Record-Keeping Requirements. Weil, Gotshal & Manges LLP Record-Keeping Requirements Acknowledgements This is one in a series of webinars dealing with the operation of small nonprofit organizations. It is being conducted in partnership with Weil Gotshal and

More information

Fundraising Policies Suite Special Olympics Ontario

Fundraising Policies Suite Special Olympics Ontario Fundraising Policies Suite Special Olympics Ontario SOO Fundraising Policies Suite Page 1 Table of Contents Introduction... 1 Ethical Fundraising... 1 Fundraising Solicitations... 1 Treatment of Donors

More information

A Charity s Guide to. Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible contributions

A Charity s Guide to. Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible contributions A Charity s Guide to Types of car donation programs and their impact on tax-exempt status, taxable income, and deductible contributions Internal Revenue Service Tax Exempt and Government Entities Exempt

More information

SAMPLE GIFT ACCEPTANCE POLICIES

SAMPLE GIFT ACCEPTANCE POLICIES SAMPLE GIFT ACCEPTANCE POLICIES ABC Charity, a nonprofit organization headquartered in City, State, encourages the solicitation and acceptance of gifts to ABC Charity (hereinafter referred to as ABC) for

More information

CONFLICT OF INTEREST AND COMPENSATION APPROVAL POLICY

CONFLICT OF INTEREST AND COMPENSATION APPROVAL POLICY CONFLICT OF INTEREST AND COMPENSATION APPROVAL POLICY ARTICLE I PURPOSE The purpose of the Reno Initiative for Shelter and Equality s ( RISE ) conflict of interest policy is to protect the corporation

More information

FROM: «Contract_Start_Date» VENDOR ID NUMBER: TO: «Contract_End_Date» «Federal_Tax_ID_» FUNDING AMOUNT FOR INITIAL PERIOD: «Contract_Amount»

FROM: «Contract_Start_Date» VENDOR ID NUMBER: TO: «Contract_End_Date» «Federal_Tax_ID_» FUNDING AMOUNT FOR INITIAL PERIOD: «Contract_Amount» STATE AGENCY (Name & Address): Office of Court Administration Community Dispute Resolution Centers Program 98 Niver Street Cohoes, New York 12047 CONTRACT NUMBER: UCS02-«Contract»-5000234 ORIGINATING AGENCY

More information

CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL. February 2014

CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL. February 2014 CARRIAGE MUSEUM OF AMERICA ACCOUNTING POLICIES AND PROCEDURES MANUAL February 2014 I. Introduction The purpose of this manual is to describe all accounting policies and procedures currently in use at The

More information

FINANCIAL MANAGEMENT MANUAL

FINANCIAL MANAGEMENT MANUAL LAKE MICHIGAN AIR DIRECTORS CONSORTIUM FINANCIAL MANAGEMENT MANUAL This manual is the exclusive property of Lake Michigan Air Directors Consortium 9501 West Devon Avenue, Suite 701 Rosemont, Illinois 60018

More information

Basic Financial Management for Coalitions

Basic Financial Management for Coalitions Basic Financial Management for Coalitions Sexual assault coalitions are responsible for maintaining a high level of ethical and legal standards. These standards come from a variety of institutions, including

More information

Charter of the Audit Committee of the Board of Directors

Charter of the Audit Committee of the Board of Directors Charter of the Audit Committee of the Board of Directors Dated as of April 27, 2015 1. Purpose The Audit Committee is a committee of the Board of Directors (the Board ) of Yamana Gold Inc. (the Company

More information

DOCUMENT RETENTION AND DESTRUCTION POLICY

DOCUMENT RETENTION AND DESTRUCTION POLICY DOCUMENT RETENTION AND DESTRUCTION POLICY I. Purpose This policy provides for the systematic review, retention, and destruction of documents received or created by [ORGANIZATION NAME] in connection with

More information

T. Rowe Price SIMPLE IRA SUMMARY & AGREEMENT

T. Rowe Price SIMPLE IRA SUMMARY & AGREEMENT T. Rowe Price SIMPLE IRA SUMMARY & AGREEMENT June 2006 Important Change to the T. Rowe Price Traditional and Roth IRA Summary & Agreement and the T. Rowe Price SIMPLE IRA Summary & Agreement Please review

More information

Berkshire Hathaway Inc. Audit Committee Charter

Berkshire Hathaway Inc. Audit Committee Charter Berkshire Hathaway Inc. Audit Committee Charter Committee Membership: The Audit Committee of Berkshire Hathaway Inc. (the Company ) shall be comprised of at least three directors, each of whom the Board

More information

BYLAWS. The Masonic Temple Association of Cheney, Washington Name of Corporation. Cheney, Washington City A Washington Masonic Building Corporation

BYLAWS. The Masonic Temple Association of Cheney, Washington Name of Corporation. Cheney, Washington City A Washington Masonic Building Corporation This form is for a single-member Masonic building corporation intended to qualify for federal tax exemption under Section 501(c)(2) of the Internal Revenue Code. If a multiple-member building corporation

More information