Get the free 2023 Form 990

This document is the 2023 tax return for the Fields & Futures Foundation, detailing its financial activities, tax-exempt status, grant giving, and fundraising initiatives aimed at supporting athletic programs and facilities in Oklahoma City Public Schools. The organization focuses on improving sports participation and providing resources to students to enhance their educational outcomes.

How to fill out 2023 form 990

How to fill out 2023 form 990

1. Gather necessary financial documents including income statements, balance sheets, and cash flow statements.
2. Obtain the organization's Employer Identification Number (EIN) and legal name.
3. Download the 2023 Form 990 from the IRS website.
4. Start by completing the basic information section including the organization's name, address, and EIN.
5. Fill out the revenue section, detailing all sources of income for the year.
6. Complete the expenses section, listing all expenses incurred during the tax year.
7. Provide information on the organization's program services, including a description of activities and expenses associated.
8. Answer the governance and management questions as required, detailing the board of directors and any conflict of interest policies.
9. Review the schedule requirements to determine if additional forms (e.g., Schedule A, B, C) are needed based on the organization’s activities.
10. Review the completed form for accuracy and ensure all required schedules are attached before submitting.

Who needs 2023 form 990?

1. Tax-exempt organizations with gross receipts of $200,000 or more.
2. Organizations with total assets of $500,000 or more at the end of the tax year.
3. Nonprofits seeking to maintain their tax-exempt status with the IRS.
4. Charitable organizations that wish to provide transparency to donors and the public.

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What is form 990?

Form 990 is an annual reporting return that certain tax-exempt organizations in the United States must file with the IRS. It provides the federal government and the public with information about the organization's mission, programs, and finances.

Who is required to file form 990?

Organizations that are recognized as tax-exempt under section 501(c)(3) and certain other sections of the Internal Revenue Code are required to file Form 990, unless they are eligible for and choose to file Form 990-EZ or Form 990-N.

How to fill out form 990?

To fill out Form 990, organizations must provide detailed information on their financial activities, governance, and compliance with tax laws. This includes income statements, balance sheets, and disclosures of executive compensation. Organizations may use IRS Form 990 instructions as a guide, and many utilize accounting software or professionals to assist with preparation.

What is the purpose of form 990?

The purpose of Form 990 is to provide transparency and accountability for tax-exempt organizations. It allows the IRS and the public to evaluate an organization's activities, financial health, and compliance with tax regulations.

What information must be reported on form 990?

Form 990 requires reporting of a variety of information, including the organization's mission, list of directors, financial statements (income, expenses, assets, and liabilities), and information about compensation for highest-paid employees.