For Paperwork Reduction Act Notice see the Instructions for Form 990. Cat. No. 50055P Schedule I Form 990 2017 Page 2 Part III can be duplicated if additional space is needed. a Type of grant or assistance b Number of recipients c Amount of cash grant FMV appraisal other Supplemental Information. Provide the information required in Part I line 2 Part III column b and any other additional information. Page 3 Section references are to the Internal Revenue Code unless otherwise noted. General...Instructions Future developments. SCHEDULE I Form 990 Grants and Other Assistance to Organizations Governments and Individuals in the United States OMB No* 1545-0047 Complete if the organization answered Yes on Form 990 Part IV line 21 or 22. Attach to Form 990. Go to www*irs*gov/Form990 for the latest information* Department of the Treasury Internal Revenue Service Open to Public Inspection Name of the organization Part I Employer identification number General Information on Grants and...Assistance Does the organization maintain records to substantiate the amount of the grants or assistance the grantees eligibility for the grants or assistance and the selection criteria used to award the grants or assistance. Describe in Part IV the organization s procedures for monitoring the use of grant funds in the United States. Yes No 990 Part IV line 21 for any recipient that received more than 5 000. Part II can be duplicated if additional space is needed* 1 a Name and address of...organization or government b EIN c IRC section if applicable d Amount of cash grant e Amount of noncash assistance f Method of valuation book FMV appraisal other g Description of noncash assistance h Purpose of grant or assistance Enter total number of section 501 c 3 and government organizations listed in the line 1 table. For the latest information about developments related to enacted after the schedule and its instructions were published go to www*irs*gov/Form990. Note. Terms in bold are...defined in the Glossary of the Instructions for Form 990. Purpose of Schedule organization that files Form 990 to provide information on grants and other assistance made by the filing organization during the tax year to domestic organizations domestic Report activities conducted by the organization directly. Also report activities conducted by the organization indirectly through a disregarded entity or a joint venture treated as a partnership* awards prizes contributions noncash assistance cash...allocations stipends scholarships fellowships research grants and similar payments and distributions made by the organization during the tax year. For assistance don t include Salaries or other compensation to employees or payments to independent contractors if the primary purpose of such payments is to serve the direct and immediate needs of the organization such as legal accounting or fundraising services. The payment of any benefit by a 501 c 9 voluntary employees beneficiary association VEBA...to employees of a sponsoring payment is made under the terms of the VEBA trust and in compliance with section Grants to affiliates that aren t organized as legal entities separate from the filing offices accounts or employees of the organization located in the United States.
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How to fill out IRS 990 - Schedule I
To fill out the IRS 990 - Schedule I form correctly, follow these guidelines:
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Gather all relevant financial records and information before you begin.
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About IRS 990 - Schedule I 2019 previous version
What is IRS 990 - Schedule I?
IRS 990 - Schedule I is a supplementary form that specific tax-exempt organizations use to report additional information about their financials. Primarily, it encompasses details about the organization's revenue, expenses, and changes in net assets for the fiscal year. It serves as an essential tool to ensure transparency and compliance in the non-profit sector.
Who needs the form?
Organizations required to file the IRS Form 990 must also submit Schedule I if they have specific types of income or activities that need further clarification. Typically, this applies to non-profits that generate revenue from activities not central to their tax-exempt purpose, ensuring accurate reporting of all income sources.
Components of the form
IRS 990 - Schedule I includes several key components that detail various sources of revenue and expenses. These include sections on program service revenue, investment income, contributions, and grants. Each component is crucial for providing a comprehensive overview of the organization’s financial activities during the reporting period.
What information do you need when you file the form?
When filing IRS 990 - Schedule I, organizations need comprehensive financial data, including income statements and balance sheets. Key information includes total revenue, total expenses, program service income, and details of contributions and grants. Having accurate and detailed records is critical to ensure compliance with tax regulations.
Where do I send the form?
The completed IRS 990 - Schedule I must be submitted according to the IRS guidelines, which include sending it to the appropriate address based on your organization’s location. Typically, forms can be filed electronically through the IRS e-file system or mailed to the designated IRS service center. Check the IRS instructions for your specific submission method.
What is the purpose of this form?
The primary purpose of IRS 990 - Schedule I is to provide the IRS and the public with a clear picture of an organization’s financial activity. It helps stakeholders assess the organization’s financial health and adherence to tax-exempt regulations. By completing this form, organizations can maintain transparency and accountability in their financial dealings.
When am I exempt from filling out this form?
Organizations are exempt from filling out IRS 990 - Schedule I if they do not have any qualifying activities or sources of income detailed on the form. Additionally, smaller organizations that do not meet the filing thresholds for Form 990 may also be exempt from this requirement, thus reducing their reporting obligations.
What are the penalties for not issuing the form?
Failing to file IRS 990 - Schedule I can result in significant penalties for organizations. The IRS imposes fines, which can accrue over time, leading to larger financial burdens. Additionally, non-compliance may jeopardize an organization’s tax-exempt status, affecting its ability to operate and raise funds in the future.
Is the form accompanied by other forms?
IRS 990 - Schedule I is typically filed alongside the main IRS Form 990. Depending on the organization’s activities, other schedules may need to be filed as well, depending on the specifics of their operations. Filing these forms together ensures comprehensive reporting to the IRS.
FAQ about IRS 990 - Schedule I
What should I do if I need to correct a mistake on my IRS 990 - Schedule I?
If you realize there are errors on your submitted IRS 990 - Schedule I, you should file an amended return using the same form. Ensure that you check the box indicating that it's an amended return and provide the corrected information. Double-check all entries to avoid repeated mistakes in future submissions.
How can I verify the status of my IRS 990 - Schedule I submission?
You can verify the receipt and processing status of your IRS 990 - Schedule I submission through the IRS online portal. Keep an eye out for common e-file rejection codes, and address them promptly to ensure your filing is accepted without delay.
What should I know about e-signatures for the IRS 990 - Schedule I?
E-signatures are acceptable for the IRS 990 - Schedule I, but ensure that your electronic signature complies with IRS guidelines. Retain a printed copy of the signed document for your records, as it is important for your filing history and documentation.
What fees should I anticipate when e-filing my IRS 990 - Schedule I?
When e-filing your IRS 990 - Schedule I, be aware that service fees may apply, depending on the platform you choose for submission. Additionally, if your submission is rejected, inquire if a refund or credit for fees incurred can be obtained.
What documentation should I prepare if I receive an IRS notice after filing my Schedule I?
In case you receive an IRS notice regarding your IRS 990 - Schedule I, gather all relevant documentation, including your filed form and correspondence. Review the notice carefully, and prepare a response addressing the concerns raised to ensure you fulfill any required actions promptly.
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