2 Understanding Your 990 Slide Presentation.pptx

1. Understanding Your Form 990
Return of Organization Exempt
from Income Tax
Presented by
Kendall Suhr, 990 Coordinator

2. Presentation Objectives
1. Provide a General Overview
2. Feel comfortable asking for help/guidance
3. Understand SKC’s workflow
**Disclaimer – This presentation is for 501c3 Form
990 Filing **

3. What is a Form 990?
1. Is an informational return
2. Is a powerful tool to influence public perception
3. Is NOT a tax payment
4. Is NOT a copy paste from your website/marketing
material

4. Who files a Form 990?
1. Tax-exempt organizations
2. Nonexempt charitable trusts
3. Section 527 political organizations
4. Non-filers
1. Churches
2. Other religious organizations
3. Political organizations outside of section 527

5. Why is this important to a board
member?
1. Fiscal Responsibility
2. Question on the Form
3. It is your job

6. Which Form 990 do I file?
1. 990N – If gross receipts are normally less than
$50k
2. 990EZ – If gross receipts are less than $200k and
assets are less than $500k
3. 990 – If gross receipts are greater than $200k or
assets are greater than $500k

7. When is a Form 990 due to the IRS?
1. On the 15th day of the 5th month following your
fiscal year end (i.e. 5/15 for a 12/31 year end)
2. 6 month extension

9. Form 990 Schedules
1. Schedule A – Are you funded by the public?
1. Over 33 1/3%
2. 10% - 33 1/3%
3. Below 10%
2. Schedule B – Who are your big donors?
3. Schedule G – Tell me more about your special
event.

10. SKC 990 Team
1. 990 Preparer – Main Contact
2. CPA Internal Reviewer
3. Bookkeeper & Payroll Processor

11. SKC 990 Questionnaire
Did the organization delegate control over
management duties customarily performed by
or under the direct supervision of officers,
directors, trustees, or key employees to a
management company or other person?
State the name, address, and telephone
number of the person who possesses the
organization’s books and records.
Were the organization’s financial statements
compiled or reviewed by an independent
accountant?

12. SKC 990 Questionnaire
Did the organization regularly and consistently
monitor and enforce compliance with the
conflict of interest policy?
Did the organization receive more than
$25,000 in non-cash contributions?
How many independent, voting members are
on your board?

13. SKC WorkFlow
1. Questionnaire
2. Year End Closed
3. Audit Completion
4. 990 Preparation
5. Internal Review
6. Client Review/Approval
7. Generate Signature Page
8. E-filed with the IRS = DONE!

14. Questions?
Kendall Suhr
990 Coordinator
kendalls@supportkc.org
913.831.4752 x121
Thank you for your participation! 