Case Study

How Two Companies Successfully Navigated the Complex 990 Process

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BY Scott Turner
August 23

Tackling the intricacies of Form 990 can be a daunting task. Filled with complex reporting requirements and an array of schedules that need meticulous attention, Form 990 is not only time-consuming to complete, but also requires a considerable amount of data collection that falls to the internal team.

Although many organizations consider outsourcing, it’s common to realize that it doesn’t effectively alleviate these challenges. After all, the internal team is still responsible for data gathering, stakeholder communication, and more.

In this blog post, we share how two organizations overcame these hurdles by implementing C-TRAC, a solution designed specifically for the pain points that Form 990 presents. By streamlining their tax processes, these organizations have enabled their teams to redirect their focus from administrative tasks to strategic decision-making.

Bon Secours Mercy reduces costs by insourcing

Bon Secours Mercy Health struggled with an inefficient, manual 990 process that required them to hire additional staff just to handle the workload.

To address these issues, Bon Secours Mercy Health adopted C-TRAC and leaned on the K1x Client Success team for support. They integrated these solutions with their existing tax software stack to streamline the tax process further, successfully cutting costs by insourcing.

Their team now spends more time on data analysis instead of data entry, resulting in a more efficient and productive process. Data changes are immediately visible in PDFs, and e-filing has become much easier.

“Now it’s easy to set up new entities, gather and store information, prepare returns, and manage the entire process. Everybody on our team enjoys the K1x solution. I don’t know how people track all their investments without K1x.”

University of Scranton gains notable efficiencies 

The University of Scranton was  struggling with the time-consuming process of compiling annual tax returns, specifically Form 990 & 990-T. They were using multiple disparate tools and manual processes to reconcile financial information, resulting in significant inefficiencies, high costs, and increased risk of errors.

The University decided to invest in C-TRAC, an integrated tool designed to simplify the management and preparation of Form 990 and 990-T. The tool offered a unified interface for data entry, allowing information to flow seamlessly into the return forms. It also featured a built-in regulatory compliance system to reduce the risk of errors and increase confidence in the organization’s tax reporting.

“C-TRAC has proven to be one of the smartest purchases our department has made. It has allowed us to gain efficiencies, reduce costs, and truly automate the compilation of the 990 & 990-T.  We now have a single, comprehensive tool to manage information flowing into the returns and to prepare and file all necessary forms and schedules.”

Partner with K1x

Trusted by more than 8,000 organizations, K1x is the only AI-powered platform that streamlines alternative investment data distribution for investors and advisors.

K1x is proven to eliminate over 90% of manual data entry and costs and save over 26% in end-to-end data processing task time, restoring over 11 hours each week to each member of your tax accounting team and slashing 6 to 8 weeks for each cycle.

Learn more about how you can streamline, standardize, and simplify your K-1 and 990 processes.

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