That form is called a 990. only), youth Adoption agencies, Community food and housing, and emergency and other relief services, Meal delivery programs, Soup kitchens, or Food banks, Spectator sports (including sports clubs and racetracks), Promoters of performing arts, sports and similar events, All other amusement and recreation industries (including skiing facilities, marinas, and bowling centers), RV (recreational vehicle) parks and recreational camps, Rooming and boarding houses, dormitories, and workers’ camps, Investment activities of section 501(c)(7), (9), or (17) organizations, Passive income activities with controlled organizations, Electronic Federal Tax Payment System (EFTPS), Instructions for Form 990 Return of Organization Exempt From Income Tax - Introductory Material, B. For this purpose, a conflict of interest doesn't include questions involving a person's competing or respective duties to the organization and to another organization, such as by serving on the boards of both organizations, that don't involve a material financial interest of, or benefit to, such person. One of the requirements that an organization must meet to qualify under section 501(c)(12) is that at least 85% of its gross income consists of amounts collected from members for the sole purpose of meeting losses and expenses. In completing line 1a, the VEBA will report one voting member of the governing body. Some donors or laws may require that a portion of income, gains, or both be added to the gift and invested subject to similar restrictions. Answer "Yes" or "No" to indicate on line 2a or line 2b whether the organization's financial statements for the tax year were compiled, reviewed, or audited by an independent accountant. For instance, a bank or trust company serving as the trustee of a trust is an institutional trustee. The organization must separately report the amount, if any, of unrelated business income taxes that it paid or accrued during the tax year on line 24. If the amount on line 11g exceeds 10% of the amount on line 25, column (A), the organization must list the type and amount of each line 11g expense on Schedule O (Form 990 or 990-EZ). Reportable compensation paid to the person by a related organization at any time during the entire calendar year ending with or within the filing organization's tax year should be reported in column (E). Also, enter in Schedule O (Form 990 or 990-EZ) which parts and schedules of the Form 990 were amended and describe the amendments. Expenses incurred to manage investments must be reported in column (C). C was Board Chair of X school during the tax year. If the organization changes its accounting period, it must file a Form 990 for the short period resulting from the change. Contributions are reported on line 1 regardless of whether they are deductible by the contributor. Same facts as in Example 3, except that the Board Chair position wasn't designated as an officer position under X's bylaws, board resolutions, or state law. List persons in the following order: individual, For each person listed in column (A), estimate the average hours per week, For each person listed in column (A), check the box that reflects the person's position with the organization during the tax year. The amount on line 33 must equal the amount, Effective for reporting years ending after December 15, 2017, ASC 958-205, Not-for-Profit Entities–Presentation of Financial Statements. For group returns, answer "Yes" if any subordinate included in the group return operated such a hospital facility. A trust or estate in which listed persons own more than 35% of the beneficial interest. From any nuclear decommissioning transaction. If the 5-year period ended within the organization's tax year, the organization may treat the person as a disqualified person for the entire tax year. Fees and contracts from government agencies for a service, facility, or product that primarily benefited the government agencies. See Rev. Amounts received from fundraising events when the organization gives items of only nominal value to recipients. The following checkboxes are under Item B. Land, buildings, equipment, and leasehold improvements. X's reportable compensation for the calendar year exceeds $150,000, and X meets the Responsibility Test. If none of the listed codes, or other 6-digit codes listed on the NAICS website at, A section 501(c)(3) organization that is an S corporation shareholder must treat all allocations of income from the S corporation as, In column (D), report any revenue excludable from. All filers must file Schedule O (Form 990 or 990-EZ). 24; Rev. Even though the information on policies and procedures requested in Section B generally isn't required under the Code, the IRS considers such policies and procedures to generally improve tax compliance. Additional schedules are required to be completed depending upon the activities and type of the organization. 34); or. If Worksheet line 1 is fewer than 500, the organization is not subject to the section 4968 excise tax on net investment income. The individual received reportable compensation, from the organization and/or related organizations, in the calendar year ending with or within the organization's current tax year in excess of the threshold amount ($100,000 for former officers and key employees, $10,000 paid to former directors and trustees for services rendered in their former capacity as directors or trustees). Control in this context means (i) in the case of a corporation, ownership (by vote or value) of more than 50% of the stock in such corporation, (ii) in the case of a partnership, ownership of more than 50% of the profits interests or capital interests in such partnership, or (iii) in any other case, ownership of more than 50% of the beneficial interests in the entity. These include (a) name change amendment to organizing document required by Item B under Heading; (b) list of subordinate organizations included in a group return required by Item H under Heading; (c) articles of merger or dissolution, resolutions, and plans of liquidation or merger required by Schedule N (Form 990 or 990-EZ); (d) reasonable cause explanation for a late-filed return; and (e) for hospital organizations only, a copy of the most recent audited financial statements. For example, report expenses for employee events such as a picnic or holiday party on line 9. Report those expenses on line 4. See Section A. The policy change doesn't need to be reported on line 4. Management companies and similar entities that are independent contractors shouldn't be reported as key employees. Report those expenses on line 24. Special rules apply to disregarded entities of which the organization is the sole member. Enter the three largest sources on lines 11a through 11c and all other revenue on line 11d. An organization with an investment in a foreign corporation would need to take into account dividends it receives from the corporation, but wouldn't need to take into account or report any portion of the revenues, expenses, or expenditures of a foreign corporation in which it holds an investment, provided that the corporation is treated as a separate corporation for U.S. tax purposes. Enter the total interest expense for the year. However, if the trust does not have any taxable income under Subtitle A of the Code, it can file Form 990 or 990-EZ, and does not have to file Form 1041 to meet its section 6012 filing requirement. Fundraising expenses are the expenses incurred in soliciting cash and noncash contributions, gifts, and grants. Sales of inventory items by hospitals, colleges, and universities. All other organizations, including state colleges and universities described in the first sentence of section 511(a)(2)(B) are not subject to this tax, and therefore check the "No" box on line 16, and go to Part VI. For expenditures that aren't specifically identifiable to a particular individual, the organization can use any reasonable allocation method to estimate the cost of the expenditure to an individual. A credit counseling organization collects amounts from debtors to remit to creditors and reports the amounts temporarily in its possession as cash on line 1 of the balance sheet. Tax exemption of a group of organizations all exempt under the same Code section, applied for and obtained by a central organization on behalf of subordinate organizations under the central organization's general supervision or control. Of program service revenue not reportable on lines 26 and 32 to show total liabilities and assets! 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