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April 2008, Tuesday 		 View Calendar Format View Scrolling Format Return to Home Page

What Preparers need to Know for the 990-PF
Time: 2:00 - 3:00 p.m.
Location: Teleconference
Audience: Financial professionals who fill out the 990-PF and staff of grantmaking organizations
Fee: $25 for one call or $45 for two calls

Session 2 of the Making the Most of Your 990-PF Teleconference Series

This session is designed for financial professions who fill out the 990-PF and will look more in depth at specific issues such as investment income excise tax, compensation, minimum distribution requirements, and others. [Register]

Agenda

  1. Introduction
  2. 990-PF's in the New Environment
  3. Parts I - III of Form 990-PF: The Basics
    • Use of various columns on page 1
    • Tax versus book treatment
  4. Parts V and VI of Form 990-PF: Investment Income Excise Tax
    • Basics of the tax calculation
    • Qualifying for the reduced tax rate
    • Planning for estimated tax requirements
  5. Part VIII of Form 990-PF: Reporting Compensation
    • Complete reporting is key
    • Automatic excess benefit treatment
  6. Parts X - XIII of Form 990-PF: Compliance with Minimum Distribution Requirements
    • Calculation of average fair market value/minimum investment return
    • Recoveries of amounts previously treated as qualifying distributions
    • Qualifying distributions
    • Pension Protection Act of 2006 changes
  7. Other Issues
    • Reporting income from alternative investments
    • Electronic filing requirements
  8. Summary of 10 Common Errors to Avoid in Completing Form 990-PF
  9. Q & A

The Series

This teleconference series will feature two separate presentations: one for foundation leaders who approve and sign their 990-PF (990-PF Review for Foundation Leaders), and one for professionals who fill out the 990-PF form (What Preparers Need to Know for the 990-PF). No longer just a report to the IRS, the 990-PF is now the most commonly used data source about nonprofits. Reporters, researchers, grantseekers - and many others - look to these forms for information about an organization. This makes accurate numbers, correct entries, and properly worded descriptions more important than ever. This program will focus on the most important aspects of filling out the 990-PF, with a special focus on common errors and potentially misleading entries.

Our presenters bring years of nonprofit law and accounting experience to the discussion: Carolyn Duronio, a law partner in the Business & Regulatory Department at Reed Smith LLP in Pittsburgh; and Lynne M. Huismann, a Certified Public Accountant with Plante & Moran, PLLC in Michigan.

Additional resources specifically for foundation leaders and tax preparers, developed in partnership with John Edie of PricewaterhouseCoopers, will be sent to all registrants. Participants may submit a question for the speakers when registering for the call and questions will also be taken live during the call.

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For questions regarding this calendar, contact: Laurie Allen Licensed To: Connecticut Council for Philanthropy