THE NEW 990:
WHAT DO WE NEED TO DO RIGHT NOW?

Required Policies

Conflict of interest policy (must have)
Whistle blower policy (must have)
Document retention and destruction policy (must have)
Joint venture policy (if applicable)
Expense reimbursement policy
Non-standard gift acceptance policy

Practices & Procedures

Need to prepare a written document which sets forth the procedures by which the Board of Directors will review the Form 990 before it is filed

Document compensation reasonableness processes

Professional fundraisers agreement

Documentation regarding eligibility to receive grants

To Do List

Estimate the total number of volunteers utilized during the year

Identify any new program service activities conducted during the year

Identify revenue and expenses for three largest program service activities

Ensure that filing all 1099s when required to do (non-employee services in excess of $600)

Prepare documentation to support classification of independent contractors

Ensure that organization is preparing Form W-2G when required

Make sure register with Illinois Attorney General if conducting raffles and make sure undertake backup withholding if necessary

Identify non-cash contributions in excess of $5,000 for which public charity disposed of within 3 years after receiving

Document meetings of Board of Directors committees with authority to act

Write-up re how satisfy public disclosure requirements

Identify all key employees under the expanded definition

Identify ALL related party transactions

Break out the revenue and expenses from gaming activities from the general fundraising activities

Update Chart of Accounts (and audited financial statements) to include the expense categories listed on Part IX of the redesigned Form 990