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Return of Private Foundation Department of the Treasury I Internal Revenue Service OMB No 15450052 or Section 4947(a)(1) Trust Treated as Private Foundation Form 990PF 2013 10 Do not enter Social

How to fill out return of private foundation

Who needs return of private foundation?

1. Private foundations are required to file a return with the IRS each year to provide information about their financial activities. This includes foundations that are exempt from paying federal income tax.
2. Nonprofit organizations that operate as private foundations, as defined by the IRS, must also file a return. This includes organizations that are established for charitable, educational, religious, scientific, or other similar purposes.
3. It is important to note that public charities, which receive a substantial amount of their support from the general public, are generally not considered private foundations and may have different reporting requirements.

How to fill out return of private foundation?

1. Begin by obtaining Form 990-PF, which is the return required for private foundations. This form is available on the IRS website or can be obtained from a tax professional.
2. Carefully read the instructions provided with Form 990-PF to understand the reporting requirements and ensure compliance with IRS guidelines. These instructions will provide guidance on completing each section of the form accurately.
3. Gather all relevant financial records, including income statements, balance sheets, and supporting documentation for any grants or distributions made by the foundation. This information will be needed to accurately report the foundation's financial activities.
4. Start completing the form by entering the foundation's identifying information, such as its name, address, and Employer Identification Number (EIN). Make sure to provide accurate and up-to-date information.
5. Proceed to the income section of the form, where you will report all sources of the foundation's income, including contributions, investment income, and any other revenue generated by the foundation's activities. Follow the instructions provided to properly categorize and report each source of income.
6. Next, move on to the expenses section of the form, where you will report all the foundation's disbursements, including grants, charitable expenses, administrative expenses, and any other expenses incurred by the foundation. Be specific and provide detailed information for each category.
7. Ensure that you have properly completed all necessary schedules and attachments that are required with Form 990-PF. These may include additional information about the foundation's activities, governance, and compensation of officers and key employees.
8. Review the completed form thoroughly to verify the accuracy of the information entered. Check for any errors or omissions that may need to be corrected before submitting the return to the IRS.
9. Sign and date the return, following the instructions provided by the IRS. Depending on the structure of the foundation, it may require the signature of the foundation's president, treasurer, or other authorized officer.
10. Keep a copy of the completed return and all supporting documentation for your records. It is important to maintain these records for future reference and possible audits by the IRS.
11. File the return by the due date specified by the IRS. The due date generally falls on the 15th day of the fifth month after the end of the foundation's fiscal year.

For pdfFiller’s FAQs

What is return of private foundation?

Return of private foundation is a form that must be filed annually by certain types of tax-exempt organizations to provide information to the IRS about their finances and activities.

Who is required to file return of private foundation?

Private foundations are required to file return of private foundation.

How to fill out return of private foundation?

Return of private foundation can be filled out online using the IRS's electronic filing system or by submitting a paper form.

What is the purpose of return of private foundation?

The purpose of return of private foundation is to provide transparency and accountability regarding the financial activities of private foundations.

What information must be reported on return of private foundation?

Information such as financial data, grants given, administrative expenses, and other details about the foundation's activities must be reported on return of private foundation.

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