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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) |