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.
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.
- Identifying assets to be reported
- Investment fund information
- Tying asset disclosures to UBTI reporting
- Endowment funds
- Donor advised funds
- Tying to audited financial statements (Parts XI and XII)
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)
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
Ingrid Mittermaier, Principal
Adler & Colvin,
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,
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.
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Rhonda G. Williams, CPA
Barraclough & Associates
Accounting Non-Profit Services Advisory Board
Making Auditors Proficient
Steven J. Luber
Partner-In-Charge, National Not-For-Profit Tax Practice
Principal, Non-Profit and Government Practice
Strand and Associates
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