While the debate continues to evolve regarding the lengths hospitals must go to justify their tax exempt status—one thing is clear—the deadline looms.

With draft instructions fresh off the press—the newly re-designed 2008 Form 990 imposes significant additional reporting requirements. For the first time, hospitals and health systems will be required to report standardized information on community benefit, charity care, bad debt policies and other information related to assessing and responding to community need. In addition, there are extensive revisions and additional schedules that hospitals much complete to report on areas such as governance, executive compensation, tax-exempt bonds, joint ventures and potential conflicts of interest.

Though hospitals won't need to report until returns filed in 2009 and some until well into 2010, depending on their fiscal year, they should all be assessing the various components of information that will be required and how best to compile and describe their operations. Sufficient time is needed to coordinate input from multiple hospital departments beyond finance as well as senior management and the Board.

This session will provide an overview of the new Form 990 reporting requirements, with an in-depth discussion of new disclosure requirements for charity care and community benefit, as well as industry best practices. Participants will gain an understanding of all key reporting requirements affecting hospitals and the recently released draft instructions for the new Form 990 will be addressed.