For Paperwork Reduction Act Notice see the Instructions for Form 990. Cat. No. 50193E Schedule K Form 990 2018 Page 2 Private Business Use Was the organization a partner in a partnership or a member of an LLC which owned property financed by tax-exempt bonds. SCHEDULE K Form 990 OMB No. 1545-0047 Supplemental Information on Tax-Exempt Bonds Complete Department of the Treasury Internal Revenue Service if the organization answered Yes on Form 990 Part IV line 24a. Provide descriptions...explanations and any additional information in Part VI. Attach to Form 990. Go to www*irs*gov/Form990 for instructions and the latest information* Open to Public Inspection Employer identification number Name of the organization Part I Bond Issues a Issuer name b Issuer EIN c CUSIP d Date issued e Issue price f Description of purpose g Defeased h On behalf of issuer i Pooled financing Yes No Yes No Yes No A B C D Proceeds Amount of bonds retired. Total proceeds of issue. Gross proceeds in...reserve funds. Capitalized interest from proceeds. Proceeds in refunding escrows. Issuance costs from proceeds. Credit enhancement from proceeds. Working capital expenditures from proceeds Capital expenditures from proceeds. Other spent proceeds. Year of substantial completion. Were the bonds issued as part of a refunding issue of tax-exempt bonds or if issued prior to 2018 a current refunding issue. Yes No Has the final allocation of proceeds been made. Does the organization maintain adequate...books and records to support the final allocation of proceeds. Are there any lease arrangements that may result in private business use of bond-financed property. 3a Are there any management or service contracts that may result in private business use of bond-financed property. b If Yes to line 3a does the organization routinely engage bond counsel or other outside counsel to review any management or service contracts relating to the financed property outside counsel to review any research...agreements relating to the financed property Enter the percentage of financed property used in a private business use by entities other than a section 501 c 3 organization or a state or local government. result of unrelated trade or business activity carried on by your organization another section 501 c 3 organization or a state or local government. 8a Total of lines 4 and 5. Does the bond issue meet the private security or payment test. Has there been a sale or disposition of any of the...bond-financed property to a nongovernmental person other than a 501 c 3 organization since the bonds were issued If Yes to line 8a enter the percentage of bond-financed property sold or disposed of. sections 1. 141-12 and 1. 145-2. b c nonqualified bonds of the issue are remediated in accordance with the requirements under Regulations sections 1. 141-12 and 1. 145-2. Arbitrage Has the issuer filed Form 8038-T Arbitrage Rebate Yield Reduction and Penalty in Lieu of Arbitrage Rebate. If No to line...1 did the following apply a Rebate not due yet. b Exception to rebate. c No rebate due.
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How to fill out IRS 990 - Schedule K
Filling out IRS 990 - Schedule K requires attention to detail. Start by gathering all necessary information about the organization’s operations. Follow these steps:
01
Review the form instructions thoroughly.
02
Enter the organization's name and Employer Identification Number (EIN) at the top of the form.
03
Fill in the operational information relevant to the specific activities being reported.
04
Ensure all financial figures are accurate and align with supporting documentation.
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Sign and date the form before submission.
About IRS 990 - Schedule K 2018 previous version
What is IRS 990 - Schedule K?
IRS 990 - Schedule K is a form that tax-exempt organizations must use to provide information about their financial activity related to tax-deductible donations and certain revenue-generating activities. This form supplements the standard IRS Form 990 and is often critical for transparency in financial reporting.
Who needs the form?
Organizations that have tax-exempt status under Section 501(c)(3) and engage in activities that require the filing of IRS Form 990 must complete Schedule K. This form is specifically required for organizations that report certain types of income or expenses that may affect their tax-exempt status.
Components of the form
IRS 990 - Schedule K consists of various sections that collect information on the organization’s activities, finances, and governance practices. Key components include:
01
Basic organizational information.
02
Detailed accounts of revenue and expenses.
03
Calculations of any unrelated business income.
04
Governance and management structure disclosures.
What payments and purchases are reported?
IRS 990 - Schedule K captures payments related to unrelated business activities, including profits generated from services or products offered. Purchases related to these activities must also be reported, encompassing operational costs and expenses incurred in generating revenue that may be subject to taxation.
What are the penalties for not issuing the form?
Failing to file IRS 990 - Schedule K can lead to penalties imposed by the IRS, which may include fines or the potential loss of tax-exempt status. The exact penalties can vary based on the organization's size and the time elapsed since the due date. It is critical to adhere to filing requirements to avoid these consequences.
Is the form accompanied by other forms?
IRS 990 - Schedule K is generally filed with the IRS Form 990. Depending on the organization's activities, other schedules or forms may also need to accompany it. These could include forms for specific types of income or deductions that require detailed reporting.
What is the purpose of this form?
The purpose of IRS 990 - Schedule K is to disclose information about the activities and financials of non-profit organizations, ensuring compliance with U.S. tax laws. It helps the IRS assess the organization’s tax-exempt status and provides the public with insight into the financial health and governance of non-profits.
When am I exempt from filling out this form?
An organization may be exempt from filing IRS 990 - Schedule K if it does not generate any unrelated business income (UBI) or if it meets the criteria for filing a simpler version of the Form 990, such as Form 990-EZ or Form 990-N (e-Postcard). Additionally, very small organizations with gross receipts below a specified threshold might not be required to file this form.
Due date
The due date for IRS 990 - Schedule K generally coincides with the organization’s tax filing deadline. If the organization's year ends on December 31, the typical due date would be May 15 of the following year. Organizations may file for an extension, which can grant additional time to prepare the form, but they must submit a request prior to the original deadline.
How many copies of the form should I complete?
Organizations must complete one primary copy of IRS 990 - Schedule K, but they may also need to keep additional copies for their records. If the form is submitted to multiple entities (like state tax authorities), then extra copies may be necessary for each submission.
What information do you need when you file the form?
When filing IRS 990 - Schedule K, organizations need to gather several pieces of information, including:
01
Financial statements, including totals for revenue and expenses.
02
Details on unrelated business activities.
03
Board meeting minutes that pertain to governance.
04
Records supporting the organization’s activities that fall under this form.
Where do I send the form?
The completed IRS 990 - Schedule K should be sent to the address listed in the IRS instructions for Form 990. Typically, this is determined by whether the organization is submitting the form electronically or by mail. Ensure the correct address is used to avoid delays in processing or potential penalties.
FAQ about IRS 990 - Schedule K
What should I do if I made a mistake on my IRS Form Schedule K?
If you've identified a mistake after filing your IRS Form Schedule K, you need to submit an amended return using the correct form. Ensure you clearly indicate that it's an amendment and provide the necessary corrected information. This will help prevent any future complications with your tax filing.
How can I track the status of my IRS Form Schedule K submission?
To track your IRS Form Schedule K submission, you can use the IRS 'Where's My Refund?' tool available on their website. Additionally, if you filed electronically and received a confirmation, keep this receipt as it may assist in tracking the processing status of your form.
Are there any common errors I should be aware of when submitting IRS Form Schedule K?
Yes, common errors include incorrect taxpayer identification numbers and mismatched amounts reported on other tax forms. Double-checking your entries and ensuring all necessary attachments are included can help minimize the chances of submission errors on your IRS Form Schedule K.
How long should I retain copies of my IRS Form Schedule K?
It's recommended to keep your records for at least three years after the date you filed your IRS Form Schedule K. This retention period is important in case of audits or discrepancies regarding your tax returns, ensuring you have supporting documentation available.
Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
