2011 Changes to 990

January 30, 2012

The Journal of Accountancy has an article about the changes to the 2011 Form 990. Changes noted include:

  • Organizations must complete Schedule F, Statement of Activities Outside the U.S., if it had foreign investments during the year valued at $100K or more. This means any offshore investments and hedge funds whereas Sch F had previously been specific to revenue of $10K or more from foreign activities.
  • Part X, Balance Sheet must now show distributive share of assets in any joint ventures including partnerships that would have been reported on a Schedule K-1.
  • Distributive share of investment income, royalties and rental income from joint ventures should be reported on specific lines of Part VIII, Statement of Revenue.
  • The definition of “grants and other assistance” has been adjusted to exclude certain payments by voluntary employees’ beneficiary associations.
  • A donor’s phone bill for a text message donation now meets the requirement for written record if it shows the donee organization’s name, and the date and amount of contribution.