Mastering Form 990 Schedule D: Supplemental Financial Statements

Identifying Assets Requiring Separate Reporting, Navigating the Interplay Between Schedule D Assets and UBTI, and More

Recording of a 110-minute CPE webinar with Q&A


Conducted on Tuesday, February 7, 2017
Recorded event now available


This webinar will provide nonprofit advisers with a comprehensive guide to reporting supplemental financial statement information on Schedule D of the Form 990 Exempt Organization Information Return. The panel will offer a practical part-by-part exploration of completing the schedule, focusing on identification and valuation of funds and assets that must be separately reported. The webinar will also address the interrelation between Schedule D disclosures and unrelated business taxable income (UBTI), and will discuss the requirements of Parts XI and XII to reconcile tax reporting to audited financial statements.

Description

About Form 990 Schedule D

One of the more complex Schedules on Form 990 Exempt Organization Tax Return is Schedule D, Supplemental Financial Statements. This Schedule is required for exempt organizations that hold donor advised funds, conservation easements, certain art and museum collections, escrow or custodial accounts or arrangements, or endowment funds. Schedule D also mandates reporting of PPE, investment securities, and “other” assets and liabilities.

Schedule D plays a critical role in identifying assets that could produce UBTI requiring payment of income tax (UBIT) and separate reporting. Tax advisers to exempt organizations need to have a thorough grasp of the interplay between assets reported on Schedule D and whether these assets will generate UBTI.

Schedule D also requires exempt organizations to complete a number of reconciliations, including reporting investment expenses, valuing in-kind donated services, and tying revenue and expenses from its audited financial statements to the Form 990. Further complicating matters is that the IRS instructions do not always provide clear guidance on how to report certain items. The combination of a lack of guidance and the complexity of the reporting requirements present a particular challenge to nonprofit advisers in reporting.

Listen as our experienced panel provides detailed guidance on completing Form 990 Schedule D, with concrete examples of completed forms and schedules.

Outline

  1. Identifying assets to be reported
  2. Investment fund information
  3. Tying asset disclosures to UBTI reporting
  4. Endowment funds
  5. Donor advised funds
  6. Tying to audited financial statements (Parts XI and XII)

Benefits

Additionally, we will discuss these and other important topics:

  • How to distinguish which funds qualify as donor advised funds
  • Identifying “other” assets that would require reporting on Schedule D
  • Referencing Part XIII to provide additional explanations or descriptions of Schedule D disclosures
  • Reconciliation of revenue and expenses from Form 990 to audited financial statements (Parts XI and XII)

Learning Objectives

After completing this course, you will be able to:

  • Recognize which funds, assets and liabilities require separate reporting on Schedule D
  • Discern the connection between Schedule D assets and UBTI
  • Identify the reconciliation requirements between audited financial statement revenue and expense amounts and Form 990 Schedule D reporting
  • Indicate the proper reporting of investment expenses, such as custodial fees or account management fees, for an exempt org on Schedule D

Faculty

Ingrid Mittermaier, Principal
Adler & Colvin, San Francisco

Ms. Mittermaier focuses on nonprofit mergers and asset sales. Before joining her firm, she practiced with several other law firms in the areas of transactional law, state and local tax law, and nonprofit law. She lectures regularly at law conferences and seminars, and has been a member of the adjunct faculty at the University of San Francisco in the College of Professional Studies, teaching a course in the Master of Nonprofit Administration program. Ms. Mittermaier is a past member of the Executive Committee of the State Bar of California's Taxation Section, and is also a past Chair of the Tax-Exempt Organizations Committee of the Taxation Section.

Rich Ruvelson, Director of Not-For-Profit Tax
Bond Beebe Accountants & Advisors, Bethesda, Md.

Mr. Ruvelson has nearly 30 years of experience in providing tax services to non-profit clients, including public and private colleges and universities, hospitals and hospital systems, supporting organizations, private foundations, and religious and cultural organizations. He has worked closely with clients on a wide range of non-profit issues including tax exemption, unrelated business income tax, charitable giving and substantiation, independent contractor issues, and Form 990 and Form 1023 reporting.


EA Credit

Enrolled Agent credit processing is available for an additional fee per person.

EA Processing $5.00


Recordings

Recorded Event

Includes full event recording plus handouts.

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $147.00

How does this work?

Recorded Audio Download (MP3) $147.00

How does this work?

DVD (Slide Presentation with Audio) $147.00 plus $9.45 S&H

How does this work?


NASBA CPE Sponsor

National Registry of CPE Sponsors

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Program Materials

Requires Adobe Reader 8 or later. Download Acrobat FREE.

Program Materials

Requires Adobe Reader 8 or later. Download Acrobat FREE.

or call 1-800-926-7926

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

or call 1-800-926-7926

EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

or call 1-800-926-7926

Customer Reviews

I loved the tools and handouts. Every CPE class should offer these kind of tools.

Jackie Meyer

Sample and Bailey

I purchased the conference a few minutes after it began and the customer service rep was very helpful and got me signed up and logged into the conference very quickly.

Joanna Johnston

Savas Greene & Company

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

or call 1-800-926-7926

Accounting Non-Profit Services Advisory Board

Bill Allen

Partner

Making Auditors Proficient

Steven J. Luber

Senior Manager

PricewaterhouseCoopers

Celia Roady

Tax Partner

Morgan Lewis

Daniel Romano

Partner-In-Charge, National Not-For-Profit Tax Practice

Grant Thornton

Chris Stanz

Principal, Non-Profit and Government Practice

LarsonAllen

Alan Strand

Principal

Strand and Associates

or call 1-800-926-7926

Our Guarantee

Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.