Aug 31, 2011
“This is a great conference. I specifically came to get more information on employee classifications,” said Dawn Reynolds, CPA, an accounting manager from the United Way of Greater Cincinnati, at OSCPA’s Not-for-Profit Conference. “I also got a lot of good information on the Form 990.”
The audience had lots of questions throughout the day, including:
- Are the 990 forms changing in 2011 or 2012?
- How picky will the IRS be about changes to a charity’s activities?
- Where is IRS coming out on booster clubs?
“The 990 is how you update the IRS,” Anna Capaldi, CPA, MT, a director of tax at Bruner-Cox LLP in Canton, told the audience. “You now have to list revenue and that’s derived directly from activities. Are your activities aligned with your goals and your mission? This is one area the IRS is looking at.”
“The 990 sessions provided a great overview of the form and all of the detail required now,” said Nancy L. Kirchner, CPA, manager with Blue & Co. in Columbus.
Not-for-profit audit concerns
In an A&A update, Dan Bradley, CPA, a principal with Young, Oakes, Brown & Co., P.C. in Pennsylvania, detailed some concerns for not-for-profits and their auditors.
“There are so many things you need to be concerned about with not-for-profit audits,” Bradley warned. “A lot of times we think we know our clients and expect the same audit results as the year before. Your clients may have never lied to you before. But coming out of this financial crisis, don’t think they won’t lie to you now.”
Bradley asked auditors to remember, “You aren’t just working for your client – you’re working for all users of their financial statements.”