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CUNA New Form 990 UBIT webinar here
WASHINGTON (11/18/08)—An important resource for state-chartered credit unions on new Form 990 reporting rules and other unrelated business income tax (UBIT) information has been added to the Credit Union National Association (CUNA) website. Credit unions can access CUNA’s archived version of its recent webinar, “New 990 Reporting Rules,” now through May 11. The webinar features:
* A UBIT background session presented by Larry Blanchard of CUNA Mutual Group, including an overview of UBIT, its application to credit unions, impact on credit union accounting issues, and current litigation surrounding UBIT issues. Blanchard is the chair of CUNA’s UBIT Steering Committee. * Karen Gries and Rich Gabrielson, from the accounting firm of LarsenAllen, LLP, discussing the recently redesigned Internal Revenue Form 990, which is filed annually by state-chartered credit unions.
Gries and Gabrielson noted that changes to the IRS form are intended to enhance transparency and promote tax compliance. The new form will be used for the 2008 tax year, filed in 2009. The LarsenAllen experts shared preparation tips, such as the fact that there will be transition relief available for smaller organizations using a phase-in requirement for filing the new form over a three year period. Also, they highlighted a number of items on the new form that may be of importance to credit unions, such as a front-page summary snapshot, the governance section, information on noncash contribution reporting, and the form’s focus on compensation/excess benefit transactions. Gries and Gabrielson discussed some potential problems for credit unions using the new form. For instance, they noted that the “governance” section requests information regarding the business and family relationships of certain individuals—such as officers, directors, trustees or key employees. It seeks information also on the number of voting and independent members of the board, and whether a copy of the Form 990 is provided to board prior to filing. The form also asks for a description of the board's process of review, which Gries and Gabrielson said may require a credit union to reschedule its board meeting to accommodate a board review before the filing of the form. For full details on this and other Form 990 issues, use the resource link below to sign up for the CUNA webinar.
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