Tax-exempt organizations, including hospitals, colleges and universities, trade associations and private foundations, are required to file IRS Return of Organization Exempt from Income Tax (Form 990) and related schedules each year. C-TRAC streamlines the process and reduces the time and effort needed to complete the forms. Launched in 2008, it has been updated annually with significant enhancements based on user input.
Each tax-exempt legal entity is required to file its own Form 990 and related schedules, which could mean hundreds of individual forms for a large multi-entity organization like a health system. Because these returns are public documents and readily accessible, consistent reporting and presentation of an organization's information is critical to ensure appropriate public support.
"C-TRAC started as a Form 990 solution but has evolved into a project management tool for all of a tax-exempt entity's filing requirements. Our alternative investment module is being used by many leading institutions and private foundations to assist in the aggregation of their investment data," said Geralyn Hurd, the Crowe Tax Technology Services leader and the inventor of C-TRAC. "Other multi-entity organizations find that our unique way to handle compensation through our compensation module really saves significant time in the process. For one of our clients, creating compensation schedules used to be a multi-person, four-month job. With C-TRAC, it's now a one-person, two-week process."
The C-TRAC suite of solutions is customizable and Web-based and includes the following:
- Support of IRS Forms 990, 990T extensions and international disclosures (926, 8865, etc.);
- Automatic conflict-of-interest questionnaires;
- Alternative Investment Module (AIM) that aggregates K-1 data and determines federal, state and international reporting responsibilities;
- Management tool for transfers between and among related organizations for Master Schedule R;
- State module that completes all state income and attorney general filings and streamlines extensions and estimates; and
- Benchmarking that compares peer data and extracts specific data across related organizations.
For more information on C-TRAC including a video on C-TRAC Suite Version 7.0, please visit www.crowehorwath.com/ctrac-nr/.
About Crowe Horwath
Crowe Horwath LLP (www.crowehorwath.com) is one of the largest public accounting, consulting, and technology firms in the United States. Under its core purpose of "Building Value with Values®," Crowe uses its deep industry expertise to provide audit services to public and private entities while also helping clients reach their goals with tax, advisory, risk and performance services. With offices coast to coast and 3,000 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world. The network consists of more than 200 independent accounting and advisory services firms in more than 120 countries around the world.
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SOURCE Crowe Horwath LLP