Form 990-PF

Form 990-PF

A form that some private foundations file with the IRS to report the tax owed on their investment income, as well as to report grants and other charitable distributions made during the tax year.
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The organization can expect that it will take a while to get approval when it submits Form 1023, but it must file the Form 990-PF in the meantime.
A private foundation filing Form 990-PF, Return of Private Foundation, should consider reporting diversions in Part WI-B, "Statements Regarding Activities for Which Form 4720 May Be Required.
Private foundations use the annual information return Form 990-PF to report detailed financial information as well as compliance with IRS regulations.
But its 2008 IRS Form 990-PF, the latest available, notes $43.
The IRS has not revised the tax information Form 990-PF filed by private foundations to include the questions added to the Form 990.
Individuals who will be the tax return preparer of a tax-exempt organization's Form 990 or Form 990-PF that is due after December 31, 2007 are now faced with a significant challenge.
The 2007 Return of Private Foundation on IRS Form 990-PF (the "2007 Return"), which Mr.
Usually, professional fees are incurred to draft the organizational document, ensure that all state filing requirements are met, file the application for exemption from federal income tax (Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code), maintain accounting records, and annually file Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust Treated as a Private Foundation.
Most corporate foundations are set up as private foundations and as such must disclose their assets and grants annually on Internal Revenue Service (IRS) Form 990-PF.
A foundation must report each grant with expenditure responsibility on its annual IRS Form 990-PF return.
Private foundations and charitable trusts must electronically file Form 990-PF, regardless of their asset size, if they file 250 or more returns a year.
1) Operating costs for the 40,049 foundations reporting to the IRS were tabulated from line 24(d) of IRS Form 990-PF.