Description

This session will provide insights and suggestions related to aligning financial and tax reporting as part of the end of year process, focusing on the coordination of gathering and reporting financial information to various users, including the organization's board, auditors and tax return preparers.  The panel will also discuss a variety of book-tax differences that are required to be determined when preparing federal Form 990-PF, including:

· Timing of grant reporting

· Treatment of in-kind services and use of facilities

·      Making accrual to cash adjustments

·         Allocation of expenses between net investment income and qualifying distributions

·         Impact of program related investments

·         Tracking and reporting of alternative investments

·         Adjustments for unrelated business income

Learning Objectives:

• Gain insights on coordinating internal and external resources and systems to provide info for efficient decision making.
• Better understand book- tax differences need for end of year reporting and preparation of federal Form 990-PF.

Speaker(s):

• Saul Bakst, Director, Investment Accounting , Reporting, & Tax, Ford Foundation
• Deby MacLeod, CPA, CGMA, Shareholder, Clark Nuber
• Frank H. Smith, Partner, Marcum LLP