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Return of Private Foundation 990-PF f Form or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation Department of the Treasury Internal Revenue Service For calendar year 2009,

How to fill out return of private foundation

How to fill out return of private foundation:

1. Gather all necessary financial documents and records of the private foundation. This includes information on revenues, expenses, grants, investments, and any other financial activities.
2. Use the appropriate tax form for private foundations, typically Form 990-PF. Make sure to download and use the most recent version of the form from the Internal Revenue Service (IRS) website.
3. Provide basic information about the private foundation, such as its name, address, employer identification number (EIN), and fiscal year.
4. Fill out Part I - Summary, which includes information on the foundation's assets, activities, and compliance with tax regulations.
5. Complete Part II - Balance Sheets, which requires providing details on the foundation's financial position, including assets, liabilities, and net assets.
6. In Part III - Statement of Revenue, provide information on the foundation's revenues, sources of income, and any grants or contributions received.
7. Move on to Part IV - Statement of Functional Expenses, where you should detail the foundation's expenses, categorized by program services, management and general expenses, and fundraising activities.
8. If the private foundation engaged in any lobbying activities, complete Part V - Lobbying Expenditures.
9. Provide information on any foreign activities or grants in Part VI - Foreign Grants and Assistance.
10. Part VII - Supplemental Information requires reporting on certain transactions or activities, such as excess benefit transactions, investments, and specific grants.
11. Finally, complete Part VIII - Statement of Revenue - Supporting Schedule and Part IX - Statement of Functional Expenses - Supporting Schedule, if necessary, to provide further breakdown and details of the foundation's financial data.
12. Review the completed form for accuracy and completeness, ensuring that all required schedules and attachments are included.
13. Sign and date the form, and submit it to the IRS by the applicable deadline.

Who needs return of private foundation:

1. Private foundations registered as tax-exempt organizations with the IRS are required to file a return each year, known as Form 990-PF.
2. This return is necessary to report the foundation's financial activities, revenues, expenses, grants, investments, and other relevant information to the IRS.
3. Filing a return is crucial to maintaining the foundation's tax-exempt status and complying with the IRS regulations governing private foundations.
4. Private foundations with a significant amount of assets or that meet certain requirements set by the IRS may be subject to additional reporting and disclosure obligations.
5. It is essential for private foundation stakeholders, including foundation managers, board members, and accountants, to understand and fulfill their responsibilities in completing and submitting the return on time.

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