Special events are critical in nature and very important from various perspectives from non-profit organizations. The pandemic has forced many NFPs to rethink traditional approaches to them, but they remain some of the largest fundraisers and methods of awareness. As if event planning is not complicated enough, organizations also must take care to properly present the associated revenues and costs in their financial reporting.
At most of these special events, the attendee is getting some type of goods or services -for instance, dinner or some kind of entertainment; but the attendee is paying more than what needs to obtain that good or service than it is worth in order to contribute to the nonprofit. Therein lies the complexity. Typically, accounting for special events are tricky from a GAAP and tax point of view. They present with different reporting requirements for financial statements, tax reporting purposes, and donor purposes. This webinar will focus on the following Key Topics:
Major Topic Covered:
- The appropriate methods of recording activities for special events
- How they should be presented in financial statements and on your tax return.
- Identification of various benefits to donors:
- Key differences between fundraisers and gaming especially for the IRS
- How special event revenue and expenses are presented on Form 990
After attending this webinar all CPAs and accounting professionals will be able to evaluate the proper accounting and tax reporting for these special events.