On Tuesday, May 26, 2009, Jen Vacha of Brown, Smith, Wallace, presented the changes the 2008 990 is having on revenue reporting. The 2008 990 divides revenue into three basic categories (in Part VIII Statement of Revenue): Contributions, gifts, and grants; Program service revenue; and Other revenue.
The basic trait of Contributions is that the donors receive nothing of value in exchange for their gift and the donor determines the amount of the payment.
Program service revenue is revenue provided from the programs which are the basis of the organization's exampt status.
Other revenue consists of investment revenue, gaming revenue from activities like casino nights raffles, and bingo. Other than qualified bingo, most gaming revenue generates Unrelated Business Income.
The upshot is to be very precise about categorizing revenue so that 990 reporting is less difficult.
Posts
NEW SLPL website/NEW SLPL catalog/NEW GFC blog!
7 years ago
No comments:
Post a Comment