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

or call 1-800-926-7926
Program Materials

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.

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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)

Faculty

Mittermaier, Ingrid
Ingrid Mittermaier

Principal
Adler & Colvin

Ms. Mittermaier focuses on nonprofit mergers and asset sales. Before joining her firm, she practiced with several...  |  Read More

Rich Ruvelson
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...  |  Read More

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