Today’s Topics Form 990 Changes 1. Background of Form 990 changes Governance, Management and...
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Transcript of Today’s Topics Form 990 Changes 1. Background of Form 990 changes Governance, Management and...
![Page 1: Today’s Topics Form 990 Changes 1. Background of Form 990 changes Governance, Management and Disclosure 2.](https://reader036.fdocuments.net/reader036/viewer/2022062423/56649f1a5503460f94c2fe4f/html5/thumbnails/1.jpg)
Today’s Topics
• Form 990 Changes
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Background of Form 990 changes
• Governance, Management and Disclosure
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Why is the new 990 such a big deal?
• Form 990 now includes yes/no questions which imply policies and procedures are expected for:
- Executive Compensation Process.- Review of 990.- Written conflict of interest policy. - Written whistleblower policy. - Written document retention and destruction
policy.
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Why is the new 990 such a big deal?
• What if you answer no?
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What are the new questions?
• What was process for determining compensation for the organization's CEO, Executive Director, top management official and other officers or key employees of the organization?
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What are the new questions
• Was a copy of the Form 990 provided to the organization's governing body before it was filed?
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What are the new questions?
• Does the organization have a written conflict of interest policy?
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What are the new questions?- As defined by the IRS in the Instructions
for Form 1023:
“A conflict of interest arises when a person in a position of authority over an organization, such as a director, officer, or manager, may benefit personally from a decision he or she could make. A conflict of interest policy consists of a set of procedures to follow to avoid the possibility that those in positions of authority over an organization may receive an inappropriate benefit."
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What are the new questions?
• Does the organization have a written whistleblower policy?
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What are the new questions?
• Does the organization have a written document retention and destruction policy? -
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Why is the new the 990 such a big deal?
- How organization makes its tax exemption application, Form 990, Form 990-T, governing documents, conflict of interest policy and financial statements available to the public
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What are the new questions?
• IRC Section 6104 requires an organization to make its Form 1023 (or 1024), Form 990 and Form 990-T [501(c)(3)s only] available for public inspection.
How does your organization make these available—own website, another's website, or upon request?
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What are the new questions?
Describe whether (and if so, how),the organization makes its governing documents, conflict of interest policy and financial statements available to the public.
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What should you do and when?
• Although most of these policies are not required, organizations should review the IRS suggested policies and procedures and take a proactive approach and adopt sooner rather than later.
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What should you do and when? • The following policies or procedures should have
been adopted prior to filing the 2008 Form 990 (May 15, 2009 for calendar year organizations):
-Procedure for determining compensation for CEO-Review of Form 990 prior to filing with the IRS-How the organization makes its tax exemption application, 990, 990-T available for public inspection. - If and how the organization makes its governing documents, conflict of interest policy, and financial statements available to the public.
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Questions on Form 990?
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• Questions/Comments