After attending this presentation you will be able to…

• Command the common “book versus 990” differences that are key to the revenue, expense, and changes in net assets reporting on Parts VIII-X
• Distinguish the variety of inputs from a filer’s book financial statements that require adjustment to 990 conventions
• Appreciate the hierarchy of revenue reporting Part VIII applies 
• Identify where additional information may be necessary in order to meet disclosure mandates for certain reconciling items enumerated on Part XI
• Recognize the 990’s separate Schedules that may be required as a result of entries or conditions reported on Parts VIII – X 

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

• Statement of Revenue (Part VIII) key definitions:  the six rules behind Line 1 (gifts, grants, contribution) and the definitions that drive Line 2 (program service revenue) including characterization of passive investment-type revenues as program-related investments (PRIs)
• Unique status issues that require inputting of revenues upon Part VIII’s Lines 8-10 (the fundraising events or sales, gaming, and sales of inventory lines) 
• Understanding the unrelated business income tax (UBIT) “self-audit” reporting applied via Part VIII’s columns including the baseline definitions that are used to identify revenue streams as either exempt function income, sourced-to-UBI, or UBIT-excepted
• Statement of Functional Expenses (Part IX): understanding the natural classifications of costs employed upon the form, and exploration of the relevant definitions as well as common mistakes that result from ignorance of this part’s instructions
• Balance sheet (Part X) issues overall including handling the reconciliation of P&L yearend assets in Part IX and noting form deficiencies in flagging the possible application of Schedule L                                           

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