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Risk Assessment Standards and Changes to the Form 990
Audit Department Director Terri McKnight and Nonprofit Tax Principal Richard J. Locastro presented to the financial management of Planned Parenthood on eight new risk assessment statements of accounting standards (#104 – #111) that went into effect on January 1, 2007, as well as anticipated changes to the new IRS Form 990. Discussion items included:
- Requirements to comply with the new standards
- Newly required planning procedures
- The positive impact of new risk assessment standards on nonprofits
- Key internal control elements
Mr. Locastro also reviewed elements of the new IRS Form 990 that nonprofits must be aware of for filing purposes in the future, including improved transparency, an emphasis on governance and compensation, and a primer on 16 Form 990 schedules.
This was my first time working with auditors and I was bracing for a tough audit and tax experience, but Jim Larson and his engagement team of Bob Maleta and Hang Hoang were very patient, kind and accommodating in breaking down their complex questions into layperson’s terms I could understand.
Carol | Binstock
The Quixote Center