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This document is a tax return filed by a private foundation detailing its financial activities, including revenues, expenses, and distributions for the year 2002.
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How to fill out return of private foundation
How to fill out Return of Private Foundation
01
Obtain the appropriate IRS form for the Return of Private Foundation, generally Form 990-PF.
02
Gather necessary financial information regarding the foundation's income, grants, and expenditures for the year.
03
Fill out the foundation details, including its name, address, and employer identification number (EIN).
04
Complete the balance sheet as of the end of the reporting year, detailing assets and liabilities.
05
Report financial activities, including revenues, expenses, and distributions to charitable causes.
06
Provide a list of foundation's grants and expenses incurred in the reporting year.
07
Ensure compliance with any specific state regulations and requirements that may apply.
08
Review the completed form for accuracy and completeness before submission.
09
File the return by the deadline, typically the 15th day of the 5th month after the end of the foundation's tax year.
Who needs Return of Private Foundation?
01
Private foundations in the United States are required to file the Return of Private Foundation.
02
Foundations that meet the IRS definition of a private foundation, including those that are grant-making entities.
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People Also Ask about
What are the four ways to terminate a private foundation?
These four ways of terminating are: (1) a voluntary termination by notifying the Service of intention to terminate and paying the tax on net assets under IRC 507(c), (2) involuntary termination by repeated violation of the Chapter 42 provisions and becoming subject to the tax under IRC 507(c)--a rare occurrence, (3)
What is the 5% rule for private foundations?
The U.S. government expects foundations to use their assets to benefit society and it enforces this through section 4942 of the Internal Revenue Code, which requires private foundations to distribute 5% of the fair market value of their endowment each year for charitable purposes.
What is a return of a private foundation?
The 990-PF is the information return U.S. private foundations file with the Internal Revenue Service. This public document provides fiscal data for the foundation, names of trustees and officers, application information, and a complete grants list.
What is the 5 rule for private foundations?
The U.S. government expects foundations to use their assets to benefit society and it enforces this through section 4942 of the Internal Revenue Code, which requires private foundations to distribute 5% of the fair market value of their endowment each year for charitable purposes.
What is the purpose of a private foundation?
A private foundation is a type of charitable organization that is typically established by an individual, family or corporation to support charitable activities.
What is the minimum investment return for a private foundation?
The minimum investment return for any private foundation is 5 percent of the excess of the combined fair market value of all assets of the foundation, other than those used or held for use for exempt purposes, over the amount of indebtedness incurred to buy these assets.
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What is Return of Private Foundation?
The Return of Private Foundation is a tax return that private foundations are required to file annually with the IRS, detailing their financial activities, investments, and distributions.
Who is required to file Return of Private Foundation?
Private foundations that are classified under IRS rules must file the Return of Private Foundation, typically Form 990-PF, regardless of their income or expenditure levels.
How to fill out Return of Private Foundation?
To fill out the Return of Private Foundation, organizations must complete Form 990-PF, providing detailed information about their revenue, expenses, grants, and distribution of funds, and ensure compliance with IRS guidelines.
What is the purpose of Return of Private Foundation?
The purpose of the Return of Private Foundation is to provide transparency regarding the foundation's activities, ensuring compliance with tax regulations and informing the IRS about how the foundation is using its resources for charitable purposes.
What information must be reported on Return of Private Foundation?
The Return of Private Foundation requires reporting of various information including financial statements, details of income and expenditures, grants made, investment transactions, and the foundation's compliance with legal requirements.
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