Special events are often critical activities for not-for-profit organizations. The pandemic has forced many NFPs to rethink traditional approaches to them, but they remain some of the largest fundraisers and awareness methods. However, accounting for special events can be tricky from a GAAP and a tax point of view.
This session will focus on the appropriate recording activities for special events and how they should be presented in financial statements and on your tax return.
Learning Objectives:
- Identify the different types of benefits to donors and how those costs are reported in the financial statements
- List the three different ways special events revenue and expenses can appear in the financial statements
- Define fundraising and gaming according to the IRS
- Recognize the placement of special event revenue and expenses on IRS Form 990
Lucas LaChance
Lane Gorman Trubitt, LLC
Partner
[email protected]
(214) 461-1467
Lucas is a Texas Society of CPAs Rising Star Award-winning relationship manager, auditor, board member, author, and speaker with two decades of leadership in assurance, consulting, risk management/ mitigation, and taxation services. After nearly a decade as an auditor working with clients in a number of industries; including construction, M&D, and not-for-profit, he now is responsible for leading firm initiatives to expand existing client relationships and establish new ones, investigate innovative client services and solutions, and instill a culture of client service and sales. He often presents to local, state, and national audiences about accounting industry developments.
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