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Return of Private Foundation Department of the Treasury Internal Revenue Service OMB No 1545-0052 or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation Form 990-PF 2012

How to fill out return of private foundation

How to fill out the return of private foundation:

1. Obtain the necessary forms: Start by downloading the appropriate forms for the return of private foundation from the Internal Revenue Service (IRS) website. These forms usually include Form 990-PF, Schedule A, and possibly other schedules depending on the foundation's activities.
2. Gather all relevant financial information: Collect all financial records, receipts, and documents related to the foundation's income, expenses, assets, and liabilities. This may include bank statements, investment reports, grant records, and supporting documentation for any program-related activities.
3. Familiarize yourself with the instructions: Carefully read through the instructions provided with the forms to understand the specific requirements for reporting income, expenses, assets, and other relevant information. This will help ensure accurate and complete reporting.
4. Complete Form 990-PF: Begin by filling out the foundation's basic information, such as its name, address, and EIN (Employer Identification Number). Then proceed to report the foundation's financial data, including revenue, grants or distributions made, and any taxes paid.
5. Fill out Schedule A: Schedule A provides details about the foundation's charitable activities, including grants awarded, qualifying distributions, and any program-related investments. Be sure to provide accurate and comprehensive information in line with the instructions provided.
6. Attach additional schedules if necessary: Depending on the foundation's activities and financial situation, there may be additional schedules that need to be completed. These schedules typically provide more detailed information about specific aspects of the foundation's operations, such as foreign activities or certain types of transactions.
7. Review and double-check: Once all the forms and schedules have been completed, review them carefully to ensure accuracy and consistency. Double-check all calculations and cross-reference information to relevant supporting documents.
8. File the return: Submit the completed return of private foundation along with any required attachments to the IRS. The deadline for filing the return is typically the 15th day of the 5th month after the end of the foundation's tax year.

Who needs the return of private foundation?

1. Private foundations: Private foundations are required by law to file an annual return, typically Form 990-PF, with the IRS. This return provides detailed information about the foundation's finances, activities, and compliance with tax regulations.
2. IRS and other government agencies: The return of private foundation is submitted to the IRS, which uses this information to monitor and regulate the activities of private foundations. Other government agencies may also request access to this information for regulatory or oversight purposes.
3. Donors and the public: The return of private foundation is a publicly available document. Donors, potential donors, and the general public can access this information to evaluate the foundation's financial health, charitable activities, and compliance with tax laws. It helps promote transparency and accountability in the nonprofit sector.

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