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| Get Ready for a New 990 https://www.rypn.org/forums/viewtopic.php?f=1&t=23200 |
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| Author: | superheater [ Tue Jun 19, 2007 12:18 am ] |
| Post subject: | Get Ready for a New 990 |
http://accounting.smartpros.com/x58029.xml |
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| Author: | cwylde [ Tue Jun 19, 2007 1:41 am ] |
| Post subject: | Re: Get Ready for a New 990 |
Thanks. Very helpful! Do you think that proving "mission related" will be more onerousas a part of the new schedules. (i.e UBIT verifyer) |
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| Author: | Heavenrich [ Tue Jun 19, 2007 8:37 am ] |
| Post subject: | Re: Get Ready for a New 990 |
cwylde wrote: Thanks. Very helpful! Do you think that proving "mission related" will be more onerousas a part of the new schedules. (i.e UBIT verifyer)
I think the biggest change involved the fact that all non-profits will now have to file *something*; the gee we handled less than $25,000 test is gone. Bob H |
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| Author: | cwylde [ Tue Jun 19, 2007 11:20 pm ] |
| Post subject: | Re: Get Ready for a New 990 |
I just received notice from our auditor that the 20+ page questionnaire we filled out last year will be used by them to make comment as part of our 990 regarding our practices and their potential for fraud, etc. Wonderful, I assume as a result, the accounting policy police will come inspect and give us a "do list" a mile long to complete in 45 days or else. It falls under something called SAS 112. |
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| Author: | superheater [ Tue Jun 19, 2007 11:34 pm ] |
| Post subject: | Re: Get Ready for a New 990 |
From what i've seen, it won't affect UBIT rules as much as it'll be more like the 1040, with the need to fill out schedules based upo form of organization/activity. When they finalize it, I'll take a continuing professional ed class to see how it changes. |
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| Author: | superheater [ Tue Jun 19, 2007 11:53 pm ] |
| Post subject: | Re: Get Ready for a New 990 |
SAS 104-111 & SAS 112 were Heavily driven by the pronouncements of the Public Company Accounting Oversight Board. Although non public companies don't fall under the PCAOB (the creation of Sarbanes Oxley) the Auding Standards Board is consciously mimicking PCAOB, in part to remain relevant, in part to have as uniform as possible set of rules. It shouldn't be that bad for you, unless you have a ton of internal control deficiencies. Much of SAS 112 standardizes the evaluation of deficiencies, if they are found. If your auditor is LOOKING for deficiencies, you need to show them this: http://www.aicpa.org/Professional+Resou ... No+112.htm There is a link in the article to SAS 112 (aka AU 325) if you are really bored. |
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| Author: | superheater [ Tue Jun 19, 2007 11:59 pm ] |
| Post subject: | Re: Get Ready for a New 990 |
Rereading your question, there's no doubt that any benefits to those that file will be matched with an effort to improve enforcement by the IRS. In short, I repeat my warning given over the past few years-get your finances, reporting and compliance up to speed. |
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| Author: | steamtown observer [ Wed Jun 20, 2007 8:41 am ] |
| Post subject: | Re: Get Ready for a New 990 |
Not to be mean, but perhaps this would be a good time for groups that are near dead to consider winding down their corporations and giving their assets to more viable efforts. I understand that the NRHS has revoked 8 Chapter Charters so far this year for inactivity and or falling below the 5 member rule. If your group is like this perhaps this would be a good time to ask yourself what reason you think there is to continue, in light of these new rules. |
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| Author: | superheater [ Wed Jun 20, 2007 9:51 pm ] |
| Post subject: | Re: Get Ready for a New 990 |
That actually is likely to be the result as compliance cost and effort increases-especially as the $25,000 safe harbor filing exemption disappears. Of course last year the IRS really increased the excise fees on determination letters, too. |
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| Author: | Heavenrich [ Thu Jun 21, 2007 8:12 am ] |
| Post subject: | Re: Get Ready for a New 990 |
I don't know where you are getting your information, but NRHS has *not* revoked any chapter charters this year. In fact at the Spring Board meeting we granted charters to two more chapters; one in Ind. and one in Tate, Georgia. One of the convention trains will stop at the depot the new chapter in Tate is restoring. Bob H |
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| Author: | steamtown observer [ Thu Jun 21, 2007 8:37 am ] |
| Post subject: | Re: Get Ready for a New 990 |
Quote: don't know where you are getting your information, but NRHS has *not* revoked any chapter charters this year. In fact at the Spring Board meeting we granted charters to two more chapters; one in Ind. and one in Tate, Georgia. One of the convention trains will stop at the depot the new chapter in Tate is restoring.
I got the information from the National Director of the Chapter meeting I was at two weeks ago. OK, he didn't use the word "revoke", but he did say that 8 chapters had been removed from the roster of chapters because they had fallen to 5 or fewer members and that those remaining members would remain as at-large members of the National. He did mention that two new chapters had been granted charters for a net loss of six chapters. Much of the conversation was about the whopping dues increase that appears to be a near certainty. In the case of the Chapter I was at, the combined dues for the chapter and the national will now be well over $50. This chapter expects to lose a lot of members - an occurance I am sure will be the same nationwide. |
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