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Return of Private Foundation m 990- PF OMB No 1545-0052 or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation Department of the Treasury O 0 Note. The foundation may be

How to fill out return of private foundation

How to Fill Out the Return of Private Foundation:

Gather all necessary documents and information:

1. Obtain the tax return form specifically designed for private foundations from the Internal Revenue Service (IRS) website.
2. Collect financial statements, including income and expense statements, balance sheets, and any supporting documentation.
3. Compile a list of grants made during the tax year, including details such as recipient names, grant amounts, and the charitable purpose of each grant.

Enter your foundation's basic information:

1. Provide the foundation's legal name, mailing address, and Employer Identification Number (EIN).
2. Indicate the fiscal year for which you are filing the return.

Provide an overview of the foundation's activities:

1. Describe the foundation's purpose and mission.
2. Explain any changes or significant events that have occurred during the tax year.

Report financial information:

1. Fill out the income statement section, detailing all sources of revenue, such as donations, investment income, and any other income generated.
2. Complete the expense statement section, including all administrative costs, program-related expenses, and any other expenses incurred.
3. Calculate the foundation's net investment income, which may be subject to a tax known as the "excise tax."

Report details of grants made:

1. List each grant made during the tax year, including the recipient's name, address, and the purpose of the grant.
2. Indicate whether the grant was for a charitable purpose or for other exempt purposes.
3. If applicable, report any grants that were incorrectly classified as qualifying distributions.

Complete additional sections:

1. Provide information about any disqualified persons associated with the foundation, such as officers, directors, or substantial contributors.
2. Disclose any excess benefit transactions or other transactions that may require further explanation.
3. Answer questions related to the foundation's operations, compensation, and governance.

Review, sign, and submit the return:

1. Carefully review all the information provided in the return for accuracy and completeness.
2. Sign and date the return, certifying that the information is true, correct, and complete to the best of your knowledge.
3. Send the completed return to the IRS by the designated deadline, typically the 15th day of the 5th month after the close of the foundation's fiscal year.

Who Needs the Return of Private Foundation?

1. Private foundations are required to file the return of private foundation, IRS Form 990-PF, each year.
2. This includes private foundations established for charitable purposes, such as family foundations or corporate foundations.
3. The return allows the IRS and the public to gain insight into the foundation's financial activities and ensure compliance with applicable tax laws.
4. Filing the return is mandatory for private foundations to maintain their tax-exempt status and avoid penalties or revocation of their tax-exempt status.

For pdfFiller’s FAQs

What is return of private foundation?

The return of private foundation is a form filed with the IRS by tax-exempt private foundations to report their financial information and activities.

Who is required to file return of private foundation?

Any tax-exempt private foundation is required to file a return with the IRS, regardless of their income or assets.

How to fill out return of private foundation?

The return of private foundation can be filled out electronically using the IRS's online submission system or by filing a paper form.

What is the purpose of return of private foundation?

The purpose of the return of private foundation is to provide transparency and accountability for the foundation's activities and ensure compliance with tax laws.

What information must be reported on return of private foundation?

The return of private foundation requires information on the foundation's finances, grants, investments, and activities.

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