January 11, 2010   In a recent seminar sponsored by the College of Southern Maryland in La Plata, Maryland,  Glenn Frank, III, CPA and Chris Reynolds, PC teamed together to ensure that non-profit Organizations in the tri-county area understand the significant changes to the newly revised IRS Form 990.  The seminar not only focused on what changed and which Organizations are affected, but shared a suggested plan of action. 

Glenn Frank, III, CPA kicked things off by reviewing how and why the form got revised; the enhanced transparency of the new form; and introduced who might be affected and when.  Glenn detailed how the form went from nine pages in 2007 to eleven pages in 2008.  He clearly explained to the group how the core 990, representing eleven parts will need to be completed by almost every Organization.  Together, they presented “how what and whys” of the new 990 schedule changes, explaining that there were only two possible schedules in 2007, now there are 16 possible schedules, for all years 2008 and thereafter. 

"We always enjoy the opportunity to lead lively discussions on tax law changes", said Glenn Frank, III, CPA.  "The questions and comments from the participants really make the experience enjoyable."

Chris Reynolds, Attorney at Law and active member of several area non-profit board of directors, offered his expertise and experiences.  Mr. Reynolds led the discussion on the new governance, management and policy disclosures that are reported in the newly revised federal Form 990.

Glenn Frank, III closed the discussion by identifying key action items that each Organization should take.  The increased time demands on the employees and volunteers combined with the additional higher legal and accounting costs to comply with all of the additional information disclosures will bring stress to our local non-profit Organizations at a time when they too are faced with a slowing economy.

“Glenn's preparation and presentation made the event fairly lively and the participation and openness he encouraged made for a more meaningful exchange between all in attendance.  Keep up the good work," wrote one of the participants.

The College of Southern Maryland has additional offerings for non-profit Organizations including: Successful Fund Raising; Introduction to Non-Profit Management; Marketing your Non-Profit; and A to Z Grant Writing.

Keep an eye out for Askey, Askey & Associates, CPA, LLC!   Their team members are accomplished speakers on a variety of tax, accounting and financial matters and will gladly speak for your Organization.