Banking Services for nfp's - Topic for November 25, 2008

Join us at our next meeting, Tuesday, November 25, 2008 when our featured speaker from Commerce Bank will present services banks now offer to nfp's. Services include remote deposits, positive pay, paycards, charge card management, electronic donations and other time savers.

The New 990 - Be Prepared

On Tuesday, October 28, 2008, Allan Larson and Darrell Songer of LarsonAllen LLP discussed key changes to the revamped 990. The 990 core form was last updated in 1979 and was in need of some upgrades. But who could have imagined the outcome of the updating process: Eleven Parts and Sixteen Schedules!

To help us prepare for these changes, Larson and Songer focused on two key areas: Governance and Compensation. Their tips for managing all the changes to the Governance Part are to tighten up policies and procedures (Conflict of Interest, Whistleblower, Document Retention and Destruction, Compensation, Safeguarding Exempt Status, Expense Reimbursement, and Gift Acceptance) and check that they are documented and followed.

Compensation is a hot topic for the new 990. Larson and Songer mentioned that compensation is recorded on a calendar basis (per W-2 filings) but need not be reconciled to salary expense on
the Statement of Functional Expense for nfp's that use a fiscal year other than the calendar year.

You can visit the IRS web site's section on the 990 to get more information about the new form.

Contact Julia for a copy of the powerpoint slides from the presentation.