Everybody knows that the new 990 is going to require more work -- especially more information-gathering. Much of the information you've been gathering (I hope!) all along. But there are some completely new, and some quasi-new, requests sprinkled throughout the form and schedules. What info do you need to get a handle on now? Here's a list. It's not comprehensive, but it's a good start.
For the new Form 990, you'll need to:
- Estimate the total number of "volunteers," for Part I.
- Identify "non-independent" voting members of the governing board, for Parts I and VI.
- Set up policies and procedures, or create them, for chapters, branches and affiliates, for Part VI.
- Develop process for sharing Form 990 with governing board, for Part VI. (final instructions not out on this yet)
- Identify governance policies, or create new ones, for in Part VI.
- Discuss whether to publicly disclose governing documents, policies, financial statements, in Part VI.
- Put procedures in place to coordinate the reporting of political campaign and lobbying financial activity, for Schedule C.
- Examine tax positions for possible FIN 48 issues, for Schedule D.
- Gather info on foreign activities, for Schedule F.
- Identify fundraising and gaming activities, for Schedule G.
- Review executive compensation contracts, to ensure inurement provisions are not being violated, for Schedule J.
- Track 'perks' provided to executives and board members, as well as policies covering such fringes, for Schedule J.
- Gather information on reportable business relationships amongst officers, board members, etc. for Schedule L.
- Gather information on related organizations, for Schedule R.
So, before your CPA even asks . . . get a jump on next year's info request. They'll love you for it -- and you may end up with more hair on your head than you otherwise would.
Debbie
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