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Return of Private Foundation For 99 P OMB No 15450052 or Section 4947(a)(1) Nonexempt Charitable Trust Department of the Treasury Internal Revenue Service (77) I Treated as a Private Foundation, 2009,
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How to fill out a return of a private foundation:

01
Gather all necessary documentation: Before starting the process, ensure you have all relevant financial records and documents, such as income statements, balance sheets, and grant documentation. This will help you accurately fill out the return.
02
Determine the correct form: The Internal Revenue Service (IRS) provides different forms for different types of private foundations. Identify the appropriate form that matches your foundation's classification, such as Form 990-PF for private non-operating foundations or Form 990-T for private operating foundations.
03
Fill in general information: Begin by providing the foundation's name, address, employer identification number (EIN), and contact information. This information should be accurately and clearly stated.
04
Report financial information: Proceed to report the foundation's financial information, including income, expenses, assets, and liabilities. Utilize the appropriate sections of the form to provide detailed information on each item.
05
Provide grant information: Private foundations are typically required to distribute a certain percentage of their assets as grants each year. Indicate the grants awarded during the tax year and provide relevant details, such as recipient names, amounts, and purpose.
06
Complete supplementary schedules: Depending on the foundation's activities, additional schedules may be required to provide a more comprehensive overview. These schedules might include information on specific transactions, investments, or foreign activities. Ensure that all required schedules are accurately completed.
07
Perform a thorough review: Before submitting the return, review all the information entered for accuracy and completeness. Verify that all figures and details are correct to avoid any potential issues or discrepancies.

Who needs a return of a private foundation?

Private foundations are required by law to file annual returns with the IRS, regardless of their size or level of activity. This applies to both private non-operating foundations and private operating foundations. These returns provide crucial financial transparency and accountability to the public, the IRS, and other interested parties. Filing a return allows the foundation to maintain its tax-exempt status and continue operating within the legal framework.
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