Lambo Tax Preparation AcademyLevel 4 · about 25 hours
Level 4 — Exempt Organizations
Level 4 prepares graduates for the nonprofit work most small practices actually see: small charities, churches' related entities, booster clubs, associations and small foundations. Nonprofit returns are information returns read by donors and regulators, so the level stresses accurate disclosure and governance answers as much as numbers.
Modules
7 modules · 25 module hours
Open the course| # | Module | Key content | Hours |
|---|---|---|---|
| 4.1 | The exempt landscape | 501(c)(3) public charities vs private foundations; 501(c)(4), (c)(6), (c)(7) and others; churches; public support tests | 3 |
| 4.2 | Getting and keeping exemption | Form 1023 and 1023-EZ, Form 1024, state incorporation and charitable registration; automatic revocation after three straight years of not filing | 3 |
| 4.3 | Which return? | 990-N (e-Postcard) for small groups, 990-EZ, full 990, 990-PF; gross-receipts and asset tests; due date (15th day of the 5th month) and Form 8868 extension | 3 |
| 4.4 | Form 990-EZ and 990 | Revenue, expenses by function (program, management, fundraising), balance sheet, Part VI governance questions, Schedule A (public support), Schedule B (donors and its disclosure rules), Schedule O | 8 |
| 4.5 | Nonprofit accounting | Net assets with and without donor restrictions, in-kind contributions, functional expense allocation, reconciling audited statements to the 990 (Schedule D) | 3 |
| 4.6 | Unrelated business income | UBTI, exclusions, Form 990-T and its filing threshold, activity silos | 3 |
| 4.7 | Compliance traps | Excess benefit transactions, political activity limits, lobbying, donor acknowledgment letters (quid pro quo), employment taxes for nonprofits, state filings | 2 |
4.1
Module
The exempt landscape
Key content
501(c)(3) public charities vs private foundations; 501(c)(4), (c)(6), (c)(7) and others; churches; public support tests
Hours
3
4.2
Module
Getting and keeping exemption
Key content
Form 1023 and 1023-EZ, Form 1024, state incorporation and charitable registration; automatic revocation after three straight years of not filing
Hours
3
4.3
Module
Which return?
Key content
990-N (e-Postcard) for small groups, 990-EZ, full 990, 990-PF; gross-receipts and asset tests; due date (15th day of the 5th month) and Form 8868 extension
Hours
3
4.4
Module
Form 990-EZ and 990
Key content
Revenue, expenses by function (program, management, fundraising), balance sheet, Part VI governance questions, Schedule A (public support), Schedule B (donors and its disclosure rules), Schedule O
Hours
8
4.5
Module
Nonprofit accounting
Key content
Net assets with and without donor restrictions, in-kind contributions, functional expense allocation, reconciling audited statements to the 990 (Schedule D)
Hours
3
4.6
Module
Unrelated business income
Key content
UBTI, exclusions, Form 990-T and its filing threshold, activity silos
Hours
3
4.7
Module
Compliance traps
Key content
Excess benefit transactions, political activity limits, lobbying, donor acknowledgment letters (quid pro quo), employment taxes for nonprofits, state filings
Hours
2
| Key content | Hours | |
|---|---|---|
| 4.1 The exempt landscape | 501(c)(3) public charities vs private foundations; 501(c)(4), (c)(6), (c)(7) and others; churches; public support tests | 3 |
| 4.2 Getting and keeping exemption | Form 1023 and 1023-EZ, Form 1024, state incorporation and charitable registration; automatic revocation after three straight years of not filing | 3 |
| 4.3 Which return? | 990-N (e-Postcard) for small groups, 990-EZ, full 990, 990-PF; gross-receipts and asset tests; due date (15th day of the 5th month) and Form 8868 extension | 3 |
| 4.4 Form 990-EZ and 990 | Revenue, expenses by function (program, management, fundraising), balance sheet, Part VI governance questions, Schedule A (public support), Schedule B (donors and its disclosure rules), Schedule O | 8 |
| 4.5 Nonprofit accounting | Net assets with and without donor restrictions, in-kind contributions, functional expense allocation, reconciling audited statements to the 990 (Schedule D) | 3 |
| 4.6 Unrelated business income | UBTI, exclusions, Form 990-T and its filing threshold, activity silos | 3 |
| 4.7 Compliance traps | Excess benefit transactions, political activity limits, lobbying, donor acknowledgment letters (quid pro quo), employment taxes for nonprofits, state filings | 2 |
4.1 The exempt landscape
Key content
501(c)(3) public charities vs private foundations; 501(c)(4), (c)(6), (c)(7) and others; churches; public support tests
Hours
3
4.2 Getting and keeping exemption
Key content
Form 1023 and 1023-EZ, Form 1024, state incorporation and charitable registration; automatic revocation after three straight years of not filing
Hours
3
4.3 Which return?
Key content
990-N (e-Postcard) for small groups, 990-EZ, full 990, 990-PF; gross-receipts and asset tests; due date (15th day of the 5th month) and Form 8868 extension
Hours
3
4.4 Form 990-EZ and 990
Key content
Revenue, expenses by function (program, management, fundraising), balance sheet, Part VI governance questions, Schedule A (public support), Schedule B (donors and its disclosure rules), Schedule O
Hours
8
4.5 Nonprofit accounting
Key content
Net assets with and without donor restrictions, in-kind contributions, functional expense allocation, reconciling audited statements to the 990 (Schedule D)
Hours
3
4.6 Unrelated business income
Key content
UBTI, exclusions, Form 990-T and its filing threshold, activity silos
Hours
3
4.7 Compliance traps
Key content
Excess benefit transactions, political activity limits, lobbying, donor acknowledgment letters (quid pro quo), employment taxes for nonprofits, state filings
Hours
2
Mastery gates
Each module ends in a return or quiz that must score 85% or higher (returns: zero material errors) before the next unlocks.
Level 4 capstone
A growing youth-sports nonprofit across three stages: a 990-N in year 1, a 990-EZ after a successful fundraiser in year 2, and a full Form 990 with Schedule A and a small 990-T for a snack bar in year 3.
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