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Under the expenditure responsibility, PRIs are not "taxable expenditures" so long as foundation managers establish procedures to ensure the funds are used for the foundation's exempt purpose, get reports from the recipient of the PRI, and report on the PRI to the Treasury Secretary on Form 990PF.
Most nonprofits file Form 990 or 990-EZ (Return of Organization Exempt From Income Tax); while a private foundation files Form 990PF, nonprofits with gross receipts under $200,000 and assets below $500,000 need only file Form 990-EZ.
Minimum investment return was reported on Form 990PF, Part X, line 6.
Informational return Form 990PF required for IRS When is Form 990 or 990-PF Always required?
According to data collected from Form 990PF filings of nearly 500 Foundation Source clients, 83% exceeded this minimum distribution requirement by at least 0.
Many paid preparers of IRS Form 990PF for private foundations fail to check the self-dealing question "yes" and provide the required explanation for compensation and benefits paid to foundation managers.
The foundation must file Form 990PF annually by the 15th day of the fifth month following the end of the foundation's taxable year.