Cat. No. 11289X Form 990-PF 2017 Page 2 Balance Sheets Attached schedules and amounts in the description column should be for end-of-year amounts only. Form 990-PF Department of the Treasury Internal Revenue Service Return of Private Foundation not enter social security numbers on this form as it may be made public. Go to www.irs.gov/Form990PF for instructions and the latest information. Number and street or P. O. box number if mail is not delivered to street address Room/suite Initial return...Amended return Final return Address change Name change H Check type of organization Section 501 c 3 exempt private foundation Section 4947 a 1 nonexempt charitable trust Other taxable private foundation J Accounting method I Fair market value of all assets at Cash Accrual end of year from Part II col* c Other specify line 16 Part I column d must be on cash basis. Revenue a Revenue and expenses per books D 1. Foreign organizations check here. check here and attach computation E If private...foundation status was terminated under section 507 b 1 A check here. F If the foundation is in a 60-month termination under section 507 b 1 B check here b Net investment income c Adjusted net d Disbursements for charitable purposes cash basis only Contributions gifts grants etc* received attach schedule Check Interest on savings and temporary cash investments Dividends and interest from securities. Gross rents. Net rental income or loss Net gain or loss from sale of assets not on line 10 Gross...sales price for all assets on line 6a Capital gain net income from Part IV line 2. Net short-term capital gain. Income modifications. Gross sales less returns and allowances Less Cost of goods sold. Gross profit or loss attach schedule. Other income attach schedule. Total* Add lines 1 through 11. Compensation of officers directors trustees etc* Other employee salaries and wages. Pension plans employee benefits. Legal fees attach schedule. Accounting fees attach schedule. Other professional fees...attach schedule. Interest. Taxes attach schedule see instructions. Depreciation attach schedule and depletion. Occupancy. Travel conferences and meetings. Printing and publications. Other expenses attach schedule Total operating and administrative expenses. Add lines 13 through 23. a b c B Telephone number see instructions C If exemption application is pending check here G Check all that apply 5a 6a 10a 16a A Employer identification number City or town state or province country and ZIP or...foreign postal code Analysis of Revenue and Expenses The total of amounts in columns b c and d may not necessarily equal the amounts in column a see instructions. Open to Public Inspection 2017 and ending Name of foundation Operating and Administrative Expenses Do For calendar year 2017 or tax year beginning Part I OMB No* 1545-0052 Total expenses and disbursements. Add lines 24 and 25 Subtract line 26 from line 12 Excess of revenue over expenses and disbursements For Paperwork Reduction Act...Notice see instructions.
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How to fill out IRS 990-PF
Filling out IRS 990-PF requires attention to detail. Start by gathering necessary financial information, including income, expenses, and assets. Follow these steps:
01
Use IRS guidelines to determine eligibility to file the form.
02
Complete each section based on your organization's financial activities.
03
Double-check all entries for accuracy before submission.
Completing the form accurately is crucial as it reflects your organization's financial health and operational status.
About IRS 990-PF previous version
What is IRS 990-PF?
IRS 990-PF is a tax form used by private foundations in the United States to report their financial condition, activities, and contributions. This form is essential for transparency and compliance with IRS regulations, allowing the public to view a foundation’s expenditures and investment income.
When am I exempt from filling out this form?
Organizations that fall under certain income or asset thresholds may be exempt from filing IRS 990-PF. Specifically, those with gross receipts averaging $50,000 or less over a three-year period may qualify for this exemption. Additionally, certain types of private foundations may also be exempt based on specific IRS criteria.
Due date
The due date for filing IRS 990-PF generally falls on the 15th day of the 5th month after the end of the foundation's accounting period. For organizations operating on a calendar year, this typically means the form is due by May 15th. Extensions may be available, but it is crucial to request this in advance through the appropriate IRS procedures.
What information do you need when you file the form?
When filing IRS 990-PF, gather vital information including:
01
Financial statements and balance sheets.
02
Details of all grant distributions made during the year.
03
Information about board members and governing documents.
Ensuring you have all pertinent information will facilitate a smoother filing process and help avoid errors.
Where do I send the form?
Completed IRS 990-PF forms should be mailed to the address specified by the IRS according to your organization's state of residence. Check the IRS website for the most current mailing address to ensure your filing is directed appropriately.
What is the purpose of this form?
The purpose of IRS 990-PF is to ensure that private foundations disclose their financial activities to the IRS and the public. It helps monitor compliance with tax laws and provides information about charities' grants and distributions.
Who needs the form?
Private foundations must file IRS 990-PF if they meet certain thresholds regarding income and assets. This includes organizations categorized as private foundations that have annual gross receipts of $100,000 or more, or total assets of $250,000 or more.
Components of the form
IRS 990-PF contains several components, including sections that cover income, expenses, assets, and grant distributions. Other key components include schedules that provide additional information about the foundation's operations and governance structure. Understanding these sections is vital for accurate completion.
What are the penalties for not issuing the form?
Failure to file IRS 990-PF can result in significant penalties, including monetary fines. The penalty for late filing can range from $20 per day to a maximum of $10,000, depending on the size of the organization. Additionally, repeated failures to file may jeopardize the organization's tax-exempt status.
Is the form accompanied by other forms?
IRS 990-PF may be accompanied by various schedules that detail additional financial activities or provide contextual information. For instance, Schedule B is often required to list substantial contributors, while other schedules may be necessary based on the foundation's specific activities.
FAQ about IRS 990-PF
What should I do if I realize I've made a mistake on my IRS 990-PF after filing?
If you've filed the IRS 990-PF and notice an error, you can submit an amended return. It's crucial to follow the IRS guidelines on amendments, which usually involve filling out the original form and indicating the changes clearly. Make sure to review any corrections prior to resubmission to avoid further issues.
How can I verify if the IRS has received my filed 990-PF?
To verify the receipt of your IRS 990-PF, you can contact the IRS directly or check your submission status through the e-filing platform if applicable. Ensure you have your submission details handy for a smoother inquiry process.
Are there common mistakes that filers make when completing the IRS 990-PF?
Yes, common errors include incorrect financial reporting, missing schedules, and providing outdated information. Always double-check your entries for accuracy and completeness to minimize mistakes and potential rejections.
What are the legal requirements for retaining documents related to my IRS 990-PF?
It’s important to retain records for your IRS 990-PF for at least three years from the date of filing. This ensures you can provide any necessary documentation if questioned by the IRS or during an audit and helps maintain compliance with legal requirements.
What should I know about e-signatures when submitting the IRS 990-PF?
E-signatures are acceptable for the IRS 990-PF when filing electronically, provided the filing software meets IRS standards. Be aware that you must be authorized to sign on behalf of the organization, ensuring all contributions comply with IRS guidelines.
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