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Return of Private Foundation Form 990-PF Department of the Treasury Internal Revenue Service For calendar year 2011 or tax year beginning 2011, and ending Name of foundation CLARA OMB No 1545-0052

How to fill out return of private foundation

How to fill out a return of private foundation:

1. Gather all necessary information and documentation, such as financial statements, grant records, and foundation expenses.
2. Determine the correct form to use for filing the return. Private foundations typically use Form 990-PF, which is the annual return for exempt organizations.
3. Input the foundation's basic information, such as its name, address, and employer identification number (EIN).
4. Provide details about the foundation's assets, including the fair market value of investments, real estate, and any other holdings.
5. Report any income received by the foundation, including contributions, investments, and other sources.
6. Document any grants or scholarships awarded by the foundation, specifying the recipients and amounts given.
7. Detail the foundation's expenses, including administrative costs, program service expenses, and any other expenditures.
8. Calculate the foundation's excise taxes based on its net investment income and any disqualified person transactions.
9. Attach any additional schedules or forms required to provide further details or explanations.
10. Review the completed return for accuracy and completeness before submitting it to the appropriate tax authorities.

Who needs a return of private foundation?

1. Private foundations, which are typically established by individuals, families, or corporations, need to file a return of private foundation.
2. A private foundation is a separate legal entity that is tax-exempt and is organized and operated exclusively for charitable, educational, religious, scientific, or literary purposes.
3. Unlike public charities, private foundations are subject to more stringent regulations and requirements, including the filing of annual returns to maintain their tax-exempt status.
4. Filing a return of private foundation ensures transparency and accountability in the foundation's operations, as well as compliance with applicable tax laws and regulations.
5. The return provides information about the foundation's financial activities, grants awarded, and overall impact in the charitable sector.
6. Government agencies, donors, and the general public may access and review these returns to evaluate the foundation's eligibility for tax-exempt status, as well as its effectiveness in fulfilling its charitable mission.

For pdfFiller’s FAQs

What is return of private foundation?

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

Who is required to file return of private foundation?

Private foundations are required to file a return with the IRS each year.

How to fill out return of private foundation?

The return of private foundation can be filled out online using the IRS's electronic filing system, or on paper using Form 990-PF.

What is the purpose of return of private foundation?

The purpose of the return of private foundation is to provide the IRS and the public with information about the foundation's finances and activities.

What information must be reported on return of private foundation?

The return of private foundation must include details about the foundation's income, expenses, grants, investments, and activities.

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