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  • Home
  • About
    • Firm Overview
    • Experience
    • Fraternal Law Conference
    • Conference Sponsorship
  • Our Attorneys
    • Overview
    • Timothy M. Burke
    • Sean P. Callan
    • John E. Christopher
    • Amy M. Hebbeler
    • Micah E. Kamrass
    • Ilana L. Linder
    • Jacklyn D. Olinger
    • Jacob W. Purcell
    • Jeffrey C. Sun
  • Practice Areas
    • Overview
    • Real Estate and Housing
    • Tax
    • Employment Issues
    • Corporate Governance
    • Grant-Making
    • Litigation
    • Risk Management & Hazing
    • Fundraising & Stewardship
    • State Registration for Greek Foundations
  • Client Resources
  • Anti-Hazing
  • Contact
    • Contact Us
    • Join Our Newsletter
    • Facebook
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  • ACLU AND SIGMA ALPHA MU CHALLENGE CHAPMAN UNIVERSITY
  • CHARGES DROPPED AGAINST RIDER U. OFFICIALS
  • SUMMARY OF SCHEDULES AND FILING PROFILE June 14, 2007
  • DRAFT REVISED FORM 990 ISSUED
  • FILING REQUIREMENTS FOR EXEMPT ENTITIES NOT CURRENTLY REQUIRED TO FILE FORM 990
  • SECOND CIRCUIT REVERSES FREEDOM OF ASSOCIATION CASE

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Newsletter > November 2007 > "SUMMARY OF SCHEDULES AND FILING PROFILE June 14, 2007"

SUMMARY OF SCHEDULES AND FILING PROFILE June 14, 2007

Redesign

Schedule

Topic  

Current/New Item

To Be

Completed By

Comments
A Public Charity Status Current Sch A Part IV All 501(c)(3) organizations Redesigned Sch A focuses exclusively on Public Charity status; May take the place of Form 8734 in the 5-year advance ruling process.
B Contributors Current Sch B Any organization that received $5,000 or more from any one contributor Same as 2006 Sch B
C Political and Lobbying Activity Current Sch A Part VI (lobbying); new (political) Organizations that conducted lobbying or political activities Redesign requires new political activity and inter-corporate funds transfers reporting
D Supplemental Financial Statement Detail Conversion of required attachments into unified Sch D; some new items All types of organizations New items include FIN 48 uncertain tax position and art collection financial statement footnote disclosures, 5-year endowment table
E Schools Current Sch A Part V All private schools No changes
F Foreign Activities New Organizations that have a foreign account or office, or have employees or activities outside the U.S. Retains question regarding foreign accounts or office; adds reporting of exempt and other activities outside the U.S.
G Fundraising and Gaming Part I, L9 attachments All organizations with more than $10,000 from fundraising events or outside fundraising costs Expands reporting regarding certain professional fundraising
H Hospitals New Organizations that operate at least one hospital facility that provides hospital or medical care, including as part of a hospital system or university Requires organization to report aggregate community benefit for all facilities, and certain information regarding billings, collections, and joint ventures; requires list of facilities and description of type of services provided at each facility; requires reporting of certain policies and activities to communities served by the organization
I Grants Current Part II, L22b, 23 attachment Organizations that make more than $5,000 of aggregate grants Retains current reporting but with new filing thresholds
J Compensation Comprises portions from Part V-A and V-B, as well as Sch A, Part I Generally those organizations that pay more than $150K reportable compensation/$250K total compensation to at least one individual or compensates Former officers, directors, trustees, or key employees Most organizations have simplified reporting (W-2 or 1099) on the core, with additional reporting regarding its compensation practices; Sch J requires detail beyond current reporting for various types of compensation
K Tax Exempt Bonds New Organizations with an outstanding tax-exempt bond issue greater than $100K Retains certain information from Part IV, L 64a, but adds use and investment of proceeds information and relationships with outside advisors
L Loans Part IV, L 50a, 50b, 63 on balance sheet Organizations that lend money to or borrow from officers, directors, and certain disqualified persons Generally unchanged but eliminates some items currently required
M Noncash Contributions New Organizations that received more than $5,000 of noncash contributions Requires reporting by types of contribution and information regarding donee’s valuation methods for financial reporting
N Termination or Significant Disposition of Assets Part VI, L 79 (terminations and substantial contractions) Organizations that have ceased activities or that made a significant disposition of assets (more than 25% of net assets) Part I expands current termination reporting; Part II requires new reporting for dispositions of more than 25% of the at fair market value of the net assets of the organization irrespective of whether it is a sale or other transaction.
R Related Organizations Comprises portions from Parts VI, L 80b; IX; XI; Sch A Part VII Organizations that own a controlling interest in (or are controlled by the same persons as) a partnership, LLC, corporation, trust, or other exempt entity Locates related organization reporting in one schedule and classifies it by type of tax entity (partnership, corporation, disregarded entity, or exempt)
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