Have you looked at the new Form 990, the one for years beginning in 2008? The financial sections of the 990 haven't changed a lot, and I think you'll agree that the biggest changes to the form are in the non-financial parts. IRS has taken it upon itself to gather a lot of information about how exempt organizations are governed, and there's a fair amount of discomfort with that decision among my professional colleagues.
Regardless of whether you support this move or not, your auditor or accountant will soon be asking you for help in preparing the 2008 Form 990, which is for years that began in 2008. You will need to thoroughly understand the authority and structure of the board and of its committees. You'll also need to know the organization's policies.
Completing the 990 may be more of a challenge than you would like if your organization hasn't completely achieved good governance yet. Do you know where the board policies are? I hope they're collected safely in a binder that's kept in the office and given to each new board member, and that they're recorded digitally as well. Has your board passed a whistleblower policy or a conflict of interest policy? Has it written a job description for its members?
If you believe you're not completely prepared, here's a resource for you. Jonathan Ambramson and Randa Cleaves are partners in Avenue2possibilities LLP. They provide planning, development and training services to non-profit organizations. They have put together a workbook and checklist of actions "to ensure that your nonprofit organization will be ready" for the changes in the 990. And they are making this wonderful tool available to you on their website. www.accga2p.com/materials takes you directly to the page you'll want.
"IRS Form 990 Revisions Made Easy" will lead you through tasks you may have been putting off. You'll be prompted to find the version of your mission statement that was submitted to the IRS with your application and make sure it's up-to-date. If you haven't adopted a record retention policy, you'll find a model here that you can use to draft one for your board to pass. Each section of the workbook discusses one issue, giving some background on the issue as well as a description of what IRS believes constitutes good governance, and then it poses questions, suggests actions, and recommends other steps you may want to take.
The guide includes sections on organizational documents, the governing body, policies for governance and management, investments, fundraising, conflicts of interest, and so on. Randa and Jon have footnoted all their sources so you can find the original material if you care to.
At the website, you'll find examples of entire policies, such as fundraising and whistleblower protection, in addition to the workbook. These will be a great help if your board or management team has found the task of crafting policies to be a difficult one. - 16928
Regardless of whether you support this move or not, your auditor or accountant will soon be asking you for help in preparing the 2008 Form 990, which is for years that began in 2008. You will need to thoroughly understand the authority and structure of the board and of its committees. You'll also need to know the organization's policies.
Completing the 990 may be more of a challenge than you would like if your organization hasn't completely achieved good governance yet. Do you know where the board policies are? I hope they're collected safely in a binder that's kept in the office and given to each new board member, and that they're recorded digitally as well. Has your board passed a whistleblower policy or a conflict of interest policy? Has it written a job description for its members?
If you believe you're not completely prepared, here's a resource for you. Jonathan Ambramson and Randa Cleaves are partners in Avenue2possibilities LLP. They provide planning, development and training services to non-profit organizations. They have put together a workbook and checklist of actions "to ensure that your nonprofit organization will be ready" for the changes in the 990. And they are making this wonderful tool available to you on their website. www.accga2p.com/materials takes you directly to the page you'll want.
"IRS Form 990 Revisions Made Easy" will lead you through tasks you may have been putting off. You'll be prompted to find the version of your mission statement that was submitted to the IRS with your application and make sure it's up-to-date. If you haven't adopted a record retention policy, you'll find a model here that you can use to draft one for your board to pass. Each section of the workbook discusses one issue, giving some background on the issue as well as a description of what IRS believes constitutes good governance, and then it poses questions, suggests actions, and recommends other steps you may want to take.
The guide includes sections on organizational documents, the governing body, policies for governance and management, investments, fundraising, conflicts of interest, and so on. Randa and Jon have footnoted all their sources so you can find the original material if you care to.
At the website, you'll find examples of entire policies, such as fundraising and whistleblower protection, in addition to the workbook. These will be a great help if your board or management team has found the task of crafting policies to be a difficult one. - 16928
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