Explore Knowledge Center. Part 2 of 3 June 10, If you have had the pleasure of delving into the Form , this is probably a question you have asked. Only the current officers, directors and key employees are included the Expense Statement — no highest compensated employees or former officers, directors or key employees.
Line 5 also includes compensation and benefits in one lump sum as opposed to it being broken out amongst the categories. Have Questions or Comments? If you have any questions, we'd like to hear from you.
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What are you grateful for on this ThankfulThursday? See More See Less. The SAS includes new requirements for engagement acceptance, audit risk assessment and response, communications with those charged with governance, procedures for an ERISA section a 3 C audit and considerations relating to the Form For more information or to view the whole video, visit www.
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Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Although an individual may fit in more than one category, they should be listed in the above order. The fact that the officer also qualifies as a highly compensated individual does not reduce the number of highly compensated employees who must be listed.
The form also asks the average hours per week that the individual devotes to the organization during the year. An actual number of hours should be listed here. Thus, if directors attend a monthly board meeting that requires 4 hours, than they should spend an hour or so preparing for the meeting.
This would average out to be about 1. For each individual listed, use column D to indicate the compensation received from the filing organization and column E for the compensation received from any related organizations.
The following are a few examples of a related organization:. The following items must be reported as other compensation:. In general, you should never leave a question or section blank just because you have nothing to report. In this section, if you have a contractor who received a significantly large amount of compensation from you during the year, do not hesitate to explain the circumstances.
Reporting compensation amounts can be a daunting task. However, it is one of the areas of the form that receives a great deal of attention. Be sure you are completing this section properly.
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