2012 990 Changes
Posted on Wednesday, January 16, 2013 Share
The IRS has made some changes to the 2012 990. Don’t worry, they are nothing like the revisions made to the 2008 form. The most significant changes are noted below.
Part VI, Governance, Management and Disclosure
Section C. Disclosure - Line 18 regarding how the organization makes its forms available for public inspection has a new option of “Other” with an explanation required in Schedule O.
Part VII, Compensation of Officers, Directors, Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors
Section A. Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees – Line 1(a)(B) which asked for the average hours per week now also asks for average hours per week for related organizations.
Part IX, Statement of Functional Expenses
Line 11(g) fees for services of non-employees now requires line 11(g) expenses to be listed on Schedule O if the amount listed on the line exceeds 10% of total functional expenses (line 25, column (A)).
Part XI, Reconciliation of Net Assets
Additional lines have been added to the reconciliation of net assets to include net unrealized gains (losses) on investments, donated services and use of facilities, investment expenses, and prior period adjustments.
Posted by: Carrie Minnich, CPA
Posted in Mission Minded Nonprofits
Disclaimer: The information contained in Dulin, Ward & DeWald’s blog is provided for general educational purposes only and should not be construed as financial or legal advice on any subject matter. Before taking any action based on this information, we strongly encourage you to consult competent legal, accounting or other professional advice about your specific situation. Questions on blog posts may be submitted to your DWD representative.