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Nonprofit Special Events: What You Need to Know Part 1

Nonprofit organizations and other tax-exempt organizations routinely sponsor fundraising activities that are classified as "Special Events" for annual financial reporting. Special Events include dinners, dances, races, bingo, gaming activities, tournaments, and other events in which an attendee receives a direct benefit. It is important for a nonprofit organization to understand what constitutes a "special event" because there are different financial reporting and tax reporting requirements for special events on the nonprofit's financial statements or IRS Form 990.

In this presentation we examine what types of nonprofit events are considered Special Events, how to determine the revenue and net income for nonprofit financial reporting purposes, and what tax and financial reporting documents a nonprofit organization must file to report their Special Event income.

Also reviewed is the IRS Form 990 and the revised Form 990 which includes information on how auctions and auction revenue for financial reporting is computed, and defines Government Grants and Contribution vs. Program Service Revenue.

For more information, contact EisnerAmper's Nonprofit accounting services department.

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