Not-for-Profit Accounting, Tax, and Reporting Requirements, Fourth Edition -- About the Author -- Contents -- Acknowledgments -- Preface -- Disclaimer -- Chapter 1: Classification of Tax-Exempt Organizations -- Essential IRS Classifications -- Private Foundations -- Chapter 2: Financial Responsibilities of Not-for-Profit Board Members -- Basic Duties -- Summary -- Other Important Areas -- Chapter 3: The Basics of Form 990, Form 990-EZ, and Form N -- Important Items for Consideration -- New Form 990-N (e-Postcard) -- Form 990-EZ -- Form 990 -- Summary -- Chapter 4: Tax on Unrelated Business Income and Form 990-T -- Who Must File Form 990-T? -- What Form Is Filed? -- When Is Form 990-T Due? -- Are Extensions of Time to File Granted? -- Are 990-T Returns Available for Public Inspection? -- What Are the Tax Rates? -- Are Estimated Tax Payments Required? -- When Are Estimated Tax Payments Due? -- How Are Estimated Taxes Computed? -- How Are Estimated Tax Payments Made? -- How Much of the Final Tax Liability Must Be Paid via Estimated Tax Payments? -- What Is the Penalty for Underpayment of Estimated Taxes? -- Is There a Penalty for Not Filing Form 990-T? -- What Is Unrelated Business Income? -- What Is Considered a Trade or Business? -- What Does "Substantially Related" Mean? -- What Does "Regularly Carried On" Mean? -- Are Any Revenue Sources Specifically Excluded from Unrelated Business Income? -- Are Any Revenue Sources Specifically Included in Unrelated Business Income? -- What Does the IRS Consider Advertising Income? -- What Does "Debt-Financed Property" Mean? -- Are Gross Revenues Produced from Debt-Financed Property Taxable in Their Entirety? -- What Is Income from Controlled Organizations? -- Is Tax on Unrelated Business Income Computed on Gross or Net Revenues? -- Optional Proxy Tax on Lobbying Expenditures.

Are There Other Considerations I Should Be Aware of? -- Chapter 5: Other IRS Issues -- Issues Regarding Employee versus Independent-Contractor Status -- Required Statement on Membership Forms -- Restrictions on Deductions for Charitable Contributions -- Chapter 6: Disclosure of Information -- Disclosure of Information -- Sample Policies -- Disclosure of Records -- Board of Directors' Examination of Records -- Form 990-T -- Chapter 7: Conditions of Employment Agreement -- Elements of the Conditions of Employment Agreement -- Binding Arbitration -- Chapter 8: Wholly Owned Taxable Subsidiaries -- Advantages -- Disadvantages -- Setting Up a Wholly Owned Taxable Subsidiary -- Dividends -- Chapter 9: Internal Revenue Service Audits -- Avoiding IRS Audits -- Handling IRS Audits -- Tips -- Chapter 10: Developing Strong Internal Controls and Documenting a Fraud Action Plan -- Four Areas of Risk -- The Fraud Triangle -- Documenting a Fraud Action Plan -- Check 21 -- Chapter 11: Using CPA Firms and Understanding Their Functions -- Audits -- Review -- Compilation -- Other Services -- Choosing a CPA Firm -- Audit Fieldwork -- Issuance of Audited Financial Statements -- Issuance of the Management Letter -- Hints -- Chapter 12: Grant Accounting and Auditing -- Understanding the Grant -- Terminology -- Preparing for a Grant Audit -- Summary -- Chapter 13: Implications of Lobbying Expenditures -- IRC 501(c)( 3) Public Charities -- 501(c)(4), (5), and (6) Organizations -- Hard Money versus Soft Money -- How It's Done, the Works, and Prohibition -- Campaign Contributions -- Chapter 14: Campaign Contributions, PACs, and 527s -- PACs and Regular, Legislative Caucus, and Candidate Party Committees -- Hard Money versus Soft Money -- Chapter 15: Internal Audit Committees -- Committee Members -- Training -- Responsibilities -- Reports -- Visits -- Surprise Visit.

Relationship with Independent CPAs -- Outside Assistance -- Summary -- Chapter 16: The Accounting Policies and Procedures Manual -- Preparing the Manual -- Chapter 17: Restricted-Fund Transactions -- Why the Confusion? -- The Old Way -- The New Way -- Chapter 18: The Basics of Intermediate Sanctions -- Excess Benefits -- Individuals Affected -- Computation of the Excise Tax -- Organizations Affected -- Conclusion -- Chapter 19: The Basics of Not-for-Profit Accounting and Financial Statements -- Key Definitions -- Typical Financial Statements -- Statement of Financial Position -- Discussion of Accounts and Terminology: Statement of Financial Position -- Statement of Activity -- Discussion of Accounts and Terminology: Statement of Activity -- Accounting Methods -- Chapter 20: Private Foundations -- Definition -- Taxation and Private Foundations -- Summary -- Appendix A: Statement of Financial Accounting Standards #117: Financial Statements of Not-for-Profit Organizations -- Background -- Highlights -- Effective Dates -- Scope -- Inconsistencies -- SFAS #117 -- The Statement of Financial Position -- The Statement of Activities -- Functional Method (Exhibit A.4) -- Natural Basis (Exhibit A.5) -- Functional and Natural Matrix (Exhibit A.6) -- The Statement of Cash Flows -- Comparative Financial Statements -- The Statement of Changes in Net Assets -- Notes to Financial Statements -- Appendix B: Statement of Financial Accounting Standards #116: Accounting for Contributions Received and Contributions Made -- Background -- Highlights -- Effective Dates -- Scope -- Inconsistencies -- Definitions -- Recognition of Contributions -- Recognition of Contributed Services -- Contributed Collections Items -- Recognition of Contributions in the Financial Statements of Not-for-Profit Organizations -- Expiration of Donor-Imposed Restrictions -- Contributions Made.

Fair-Value Measurement -- Conditional Promises to Give -- Disclosure of Promises to Give -- Financial Statement Presentation and Disclosure for Collections -- Examples -- Appendix C: Statement of Financial Accounting Standards #124: Accounting for Certain Investments Held by Not-for-Profit Organizations -- Background -- Highlights -- Effective Date -- Scope -- Inconsistencies -- SFAS #124 -- Disclosures -- Appendix D: Statement of Financial Accounting Standards #136: Transfer of Assets to a Not-for-Profit Organization or Charitable Trust that Raises or Holds Contributions for Others -- Background -- Highlights -- Effective Dates -- Scope -- Inconsistencies -- Discussion -- The Recipient -- The Beneficiary -- Disclosure -- Examples -- Financially Interrelated Organizations -- Glossary -- Index.