Not-for-Profit Certificate I – Tax Compliance

Overview

Part of the Not-for-Profit Certificate I Program, this track provides a comprehensive grounding on key tax and compliance requirements for tax-exempt, not-for-profit entities.

Highlights

Key Topics

• Meaning of exempt purpose
• Related vs. unrelated activities
• Definition of unrelated business income
• Consequences of excess unrelated business income
• Exempt v. non-exempt income
• Statutory exemptions and inclusions
• IRS Filing Requirements
• Private foundations

Prerequisites

Knowledge of the not-for-profit industry

Designed For

Who Will Benefit

• New accountants interested in the basics of tax and compliance requirements that apply to tax-exempt, not-for-profit entities.
• Experienced accountants who are new to the not-for-profit indust

  Objectives

  Learning Outcomes

  • Differentiate between and recognize the basic compliance requirements of various types of tax-exempt organizations and recall the activities that a tax-exempt organization should limit to protect its tax-exempt status.
  • Identify the IRS filing requirements for tax exemption organizations.
  • Recall the structure and core components of Form 990 and related schedules and identify common adjustments needed to reconcile Form 990 to financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP).
  • Recall when a tax-exempt organization may be subject to unrelated business income taxes (UBIT) and identify the applicable filing requirements.
  • Recognize the unique compliance requirements and restrictions related to private foundations.