Form 990-EZ vs. Form 990-schedule J 2023-2024

So there are a couple places on the Form 990 where these questions are asked. Justin is talking about compensation studies being very relevant. The first place this happens is on Part six, Question 15. Here, they ask about the process for determining compensation for certain individuals. These individuals include the CEO, the head of school, the president of the school, and other officers and key employees of the organization. They want you to describe the process used to determine the compensation. It is recommended that even if you don't have a full process, you should still provide a description in the form so that the reader and the IRS know that some kind of process is being followed. Additionally, they ask about the date of the last review of the compensation process. This question is important as it is part of the overall process. - In Schedule J, Part one, Question three, they ask for specific items used to determine compensation. There are six items mentioned, which have been covered by Justin earlier. These items include compensation committees, looking at other 990s, and approval by the compensation committee. It is important to note that this question is answered in two places if you meet certain compensation levels. Therefore, you need to review your response in Schedule A for Question 15 and the response for Question 3 in Schedule J to ensure they match. - Nicole, who reviews a lot of 990s, shares that people often mention a compensation committee that meets annually or every two to three years. They commonly use a compensation study or survey to determine compensation, which is then approved by the board. The last time it was approved by the board is also reported on the form. These are the common things seen on the Form...