The New Form 990: Law, Policy, and Preparation » (New)

Bruce R. Hopkins is a senior partner with the firm Polsinelli Shughart and the author of more than twenty-five books, including The Law of Tax-Exempt Organizations, Ninth Edition, Planning Guide for the Law of Tax-Exempt Organizations, and Nonprofit Law Made Easy (all published by Wiley).

Douglas K. Anning is a shareholder with Polsinelli Shughart, concentrating on tax-exempt and healthcare law.

Virginia C. Gross is a shareholder with Polsinelli Shughart and concentrates her practice on tax matters and nonprofit organization law.

Thomas J. Schenkelberg is chair of Polsinelli Shughart's Nonprofit Organizations Practice Group and also focuses his practice on tax-exempt organization law matters.

The New Form 990 Law, Policy, And Preparation

The accurate and complete preparation of Form 990—the information return that must be filed annually by most types of tax-exempt organizations—is key to maintaining tax-exempt status, public image, and fundraising capabilities. In December 2007, the IRS released the newly redesigned Form 990. The publication of this significantly expanded return has created, and is creating, many new laws . . . and confusion. Recognizing that far too many nonprofit organizations are unprepared for what is coming their way, The New Form 990 channels its stellar author team's decades of legal expertise to provide tax-exempt organizations and tax return preparers with the help they need to properly, effectively, and accurately prepare the new return.

Professionals working to prepare this new labyrinthine form are guaranteed to encounter many unexpected hurdles.Authors Hopkins, Anning, Gross, and Schenkelberg provide readers with guidance and a road map to help maneuver through the revised Form 990, including summaries of the law underlying each of the parts and questions in the return, so that tax-exempt organizations and their advisors can understand the background law whenformulating answers to the questions.

Deftly covering both pre-existing and newly created laws as well as discussions of policy and preparation, The New Form 990 brims with line-by-line analyses as well as numerous checklists of steps to take to be in the best possible position to prepare the return. Coverage includes:

• Preparation of Parts I–XI and Schedules A–R

• Compliance tasks

• Checklist of schedules

• Corporate governance

• Compensation

• Revenue, expenses, and balance sheets

• Public charity status

• Legislative activities

• Reporting and disclosure requirements

• Supplemental financial statements

• Tax-exempt schools

• Fundraising and gaming activities

• Tax-exempt hospitals

• Domestic grantmaking

• Foreign activities

• And more

The impact of Form 990 on the management, operations, and governance of most exempt organizations is massive. The New Form 990 is a beacon for organizations struggling to revamp their operations and upgrade their practices in order to complete this capacious new return.

Ch. 1 Part I - Overview of New Form 990 1

Ch. 2 Part III - Program Service Accomplishments 21

Ch. 3 Part IV - Checklist of Schedules 29

Ch. 4 Part V - Other IRS Filings and Tax Compliance 45

Ch. 5 Part VI - Corporate Governance 61

Ch. 6 Part VII - and Schedule J - Compensation 89

Ch. 7 Part VIII to IX - Revenue, Expenses, and Balance Sheet 135

Ch. 8 Schedule A - Public Charity Status 199

Ch. 9 Schedule C - Legislative Activities 235

Ch. 10 Schedule C - Political Activities 255

Ch. 11 Schedule D - Supplemental Financial Statements 269

Ch. 12 Schedule E - Tax-Exempt Schools 315

Ch. 13 Schedule F - Foreign Activities 325

Ch. 14 Schedule G - Fundraising and Gaming Activities 343

Ch. 15 Schedule H - Hospitals 375

Ch. 16 Schedule I - Domestic Grantmaking 421

Ch. 17 Schedule K - Tax-Exempt Bonds 433

Ch. 18 Schedule L - Transactions with Interested Persons 449

Ch. 19 Schedule M - Noncash Contributions 467

Ch. 20 Schedule N - Liquidation, Termination, Dissolution, or Significant Disposition of Assets 501

Ch. 21 Schedule R - Related Organizations and Unrelated Partnerships 515

App. A Form 990 (2008) 537

App. B Supplemental Instructions Information 601

Index 609