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Formulár 990-PF Inštrukcie

Pokyny pre formulár 990-PF, Návrat súkromnej nadácie alebo Oddiel 4947 (a) (1) Neexempt Charitable Trust Treated ako súkromná nadácia

Rev. 2023

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  • Formulár 990-PF - Návrat súkromnej nadácie alebo § 4947(a) (1) Trust Treated ako súkromná nadácia
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Department of the Treasury  
Internal Revenue Service  
2023  
Instructions for Form 990-PF  
Return of Private Foundation or Section 4947(a)(1) Nonexempt Charitable Trust  
Treated as a Private Foundation  
Section references are to the Internal Revenue Code unless  
otherwise noted.  
Contents  
Page  
Part VI-B. Statements Regarding Activities for  
Which Form 4720 May Be Required . . . . . . . . 28  
Contents  
Page  
Part VII. Information About Officers, Directors,  
General Instructions . . . . . . . . . . . . . . . . . . . . . . . . . 2  
A. Who Must File . . . . . . . . . . . . . . . . . . . . . . . . 2  
B. Which Parts To Complete . . . . . . . . . . . . . . . . 2  
C. Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . 4  
D. Other Forms You May Need To File . . . . . . . . . 4  
E. Useful Publications . . . . . . . . . . . . . . . . . . . . . 6  
Trustees, Foundation Managers, Highly  
Paid Employees, and Contractors . . . . . . . . . 29  
Part VIII-A. Summary of Direct Charitable  
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . 30  
Part VIII-B. Summary of Program-Related  
Investments . . . . . . . . . . . . . . . . . . . . . . . . . 31  
F. Use of Form 990-PF To Satisfy State  
Part IX. Minimum Investment Return . . . . . . . . . . 31  
Part X. Distributable Amount . . . . . . . . . . . . . . . 33  
Part XI. Qualifying Distributions . . . . . . . . . . . . . 33  
Part XII. Undistributed Income . . . . . . . . . . . . . . 33  
Part XIII. Private Operating Foundations . . . . . . . 35  
Part XIV. Supplementary Information . . . . . . . . . 36  
Reporting Requirements . . . . . . . . . . . . . . . . . 7  
G. Furnishing Copies of Form 990-PF to State  
Officials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7  
H. Accounting Period . . . . . . . . . . . . . . . . . . . . . 7  
I. Accounting Methods . . . . . . . . . . . . . . . . . . . . 8  
J. When and How To File . . . . . . . . . . . . . . . . . . . 8  
K. Extension of Time To File . . . . . . . . . . . . . . . . 8  
L. Amended Return . . . . . . . . . . . . . . . . . . . . . . . 8  
Part XV-A. Analysis of Income-Producing  
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . 36  
Part XV-B. Relationship of Activities to the  
M. Penalty for Failure To File Timely,  
Accomplishment of Exempt Purposes . . . . . . 37  
Completely, or Correctly . . . . . . . . . . . . . . . . . 8  
Part XVI. Information Regarding Transfers to  
N. Penalties for Not Paying Tax on Time . . . . . . . . 9  
O. Figuring and Paying Estimated Tax . . . . . . . . . 9  
and Transactions and Relationships With  
Noncharitable Exempt Organizations . . . . . . . 37  
P. Tax Payment Methods for Domestic Private  
Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38  
Paid Preparer . . . . . . . . . . . . . . . . . . . . . . . . . . 38  
Paid Preparer Authorization . . . . . . . . . . . . . . . . . . . 39  
How To Get Forms and Publications . . . . . . . . . . . . . 39  
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42  
Foundations . . . . . . . . . . . . . . . . . . . . . . . . . . 9  
Q. Public Inspection Requirements . . . . . . . . . . 10  
R. Disclosures Regarding Certain Information  
and Services Furnished . . . . . . . . . . . . . . . . . 12  
S. Organizations Organized or Created in a  
Foreign Country . . . . . . . . . . . . . . . . . . . . . . 12  
Future Developments  
T. Liquidation, Dissolution, Termination, or  
For the latest information about developments related to Form  
990-PF and its instructions, such as legislation enacted after  
they were published, go to IRS.gov/Form990PF.  
Substantial Contraction . . . . . . . . . . . . . . . . . 12  
U. Section 507(b)(1)(B) Termination—Notice  
and Filing Requirements . . . . . . . . . . . . . . . . 13  
Reminders  
V. Payment of Section 4940 Tax During  
Announcement (Ann.) 2021-18, 2021-52 I.R.B. 910. Ann.  
2021-18, 2021-52 I.R.B. 910, revoked Ann. 2001-33, 2001-17  
I.R.B. 1137, which provided tax-exempt organizations with  
reasonable cause for purposes of relief from the penalty  
imposed under section 6652(c)(1)(A)(ii) of the Internal Revenue  
Code if they reported compensation on their annual information  
returns in the manner described in Ann. 2001-33 instead of in  
accordance with certain form instructions. Ann. 2021-18 revoked  
Ann. 2001-33 and instructs affected tax-exempt organizations to  
follow the specific instructions to the Form 990, Form 990-EZ,  
and Form 990-PF, effective for annual information returns  
required for taxable years beginning on or after January 1, 2022.  
Section 507(b)(1)(B) Termination . . . . . . . . . . 13  
W. Rounding, Currency, and Attachments . . . . . . 14  
Specific Instructions . . . . . . . . . . . . . . . . . . . . . . . . 14  
Heading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14  
Part I. Analysis of Revenue and Expenses . . . . . 15  
Part II. Balance Sheets . . . . . . . . . . . . . . . . . . . 20  
Part III. Analysis of Changes in Net Assets or  
Fund Balances . . . . . . . . . . . . . . . . . . . . . . . 22  
Part IV. Capital Gains and Losses for Tax on  
Investment Income . . . . . . . . . . . . . . . . . . . . 22  
Part V. Excise Tax Based on Investment  
Reduced tax on net investment income repealed. The  
Taxpayer Certainty and Disaster Tax Relief Act reduced the 2%  
section 4940(a) excise tax on net investment income of private  
foundations to 1.39%. The legislation also repealed section  
4940(e), Reduced Tax on Net Investment Income.  
Income (Section 4940(a), 4940(b), or  
4948) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23  
Part VI-A. Statements Regarding Activities . . . . . 24  
Dec 14, 2023  
Cat. No. 11290Y  
Required electronic filing by exempt organizations. For tax  
years beginning on or after July 2, 2019, the Taxpayer First Act,  
section 3101 of P. L. 116-25, requires that returns by exempt  
organizations be filed electronically. Accordingly, you must file  
the return electronically for tax years beginning in 2021. See  
Electronic Filing, later, for more information.  
IRS e-Services Makes Taxes Easier  
Now more than ever before, businesses can enjoy the benefits of  
filing and paying their federal taxes electronically. Whether you  
rely on a tax professional or handle your own taxes, the IRS  
offers you convenient programs to make taxes easier.  
You can e-file your Form 990-PF, Form 940 and 941  
employment tax returns, and Forms 1099 and other information  
and-Filing for details.  
Reporting standard for net assets updated. Part II of Form  
990-PF was updated to reflect the Financial Accounting  
Standard Board’s (FASB’s) reclassification of net assets into two  
classes, net assets without donor restrictions and net assets with  
donor restrictions. For more information, see Part II. Balance  
later.  
You can pay taxes online or by phone using the free Electronic  
Federal Tax Payment System (EFTPS). To get more information  
about EFTPS or to enroll in EFTPS, visit EFTPS.gov or call  
800-555-4477. To contact EFTPS using the Telecommunications  
Relay Services (TRS), for people who are deaf, hard of hearing,  
or have a speech disability, dial 711 and provide the TRS  
assistant the 800-555-4477 number above or 800-733-4829.  
Pub. 15-T. Pub. 15-T, Federal Income Tax Withholding Methods,  
contains the federal income tax withholding tables that were  
previously provided in Pubs. 15 and 15-A and explains how to  
use the tables.  
Electronic Funds Withdrawal (EFW) from a checking or  
savings account is also available to those who file electronically.  
Exception from the excise tax on excess business hold-  
ings. Section 4943(g) provides an exception from the excise tax  
on excess business holdings for certain independently operated  
enterprises whose voting stock is wholly owned by a private  
foundation. For more details, see Part VI-B, Line 3a, later.  
General Instructions  
Purpose of form. Form 990-PF is used:  
To figure the tax based on investment income, and  
To report charitable distributions and activities.  
Tax on excess executive compensation. Section 4960  
imposes an excise tax on a foundation that pays to any covered  
employee more than $1 million in remuneration or pays an  
excess parachute payment. See section 4960 and Form 4720,  
Return of Certain Excise Taxes Under Chapters 41 and 42 of the  
Internal Revenue Code, for more information.  
Also, Form 990-PF serves as a substitute for the section  
4947(a)(1) nonexempt charitable trust's income tax return, Form  
1041, U.S. Income Tax Return for Estates and Trusts, when the  
trust has no taxable income.  
A. Who Must File  
Initial Form 990-PF by former public charity. If you are filing  
Form 990-PF because you no longer meet a public support test  
under section 509(a)(1) and you haven't previously filed Form  
990-PF, check Initial return of a former public charity in Item G of  
the Heading section on page 1 of your return. Before filing Form  
990-PF for the first time, you may want to go to IRS.gov/EO for  
the latest information and filing tips to confirm you are no longer  
a publicly supported organization.  
Form 990-PF is an annual information return that must be filed by  
the following.  
Exempt private foundations (section 6033(a), (b), and (c)).  
Taxable private foundations (section 6033(d)).  
Organizations that agree to private foundation status and  
whose applications for exempt status are pending on the due  
date for filing Form 990-PF.  
Organizations that claim private foundation status, haven't yet  
Automatic revocation. Most tax-exempt organizations are  
required to file an annual Form 990, 990-EZ, or 990-PF with the  
IRS, or to submit a Form 990-N e-Postcard to the IRS. For  
information on the exception requirement, visit IRS.gov/Annual  
Exempt Organizations: Who Must File. If a tax-exempt private  
foundation fails to file an annual return as required for 3  
consecutive years, it will automatically lose its tax-exempt status  
and will become a taxable private foundation. See M. Penalty for  
applied for exempt status, and whose application isn't yet  
untimely under section 508(a) for retroactive recognition of  
exemption.  
Organizations that made an election under section 41(e)(6)  
(D)(iv).  
Private foundations that are making a section 507(b)  
termination.  
Section 4947(a)(1) nonexempt charitable trusts treated as  
private foundations (section 6033(d)).  
Don’t include social security numbers on publicly dis-  
closed forms. Because the IRS is required to publicly disclose  
the organization's annual information returns, social security  
numbers shouldn't be included on this form. Documents subject  
to disclosure include schedules and attachments filed with the  
form.  
Include on the foundation's return the financial and other  
information of any disregarded entity owned by the  
foundation. See Regulations sections 301.7701-1  
TIP  
through 3 for information on the classification of certain business  
organizations, including an eligible entity that is disregarded as  
an entity separate from its owner (disregarded entity).  
Other section 4947(a)(1) nonexempt charitable trusts.  
Section 4947(a)(1) nonexempt charitable trusts not treated as  
private foundations don't file Form 990-PF. However, they may  
need to file Form 990, Return of Organization Exempt From  
Income Tax, or Form 990-EZ, Short Form Return of Organization  
Exempt From Income Tax. With either of these forms, the trust  
must also file Schedule A (Form 990 or 990-EZ), Public Charity  
Status and Public Support, and other required schedules. See  
the Form 990 and Form 990-EZ instructions.  
Photographs of Missing Children  
The IRS is a proud partner with the National Center for Missing &  
Exploited Children® (NCMEC). Photographs of missing children  
selected by the Center may appear in instructions on pages that  
would otherwise be blank. You can help bring these children  
home by looking at the photographs and calling  
1-800-THE-LOST (1-800-843-5678) if you recognize a child.  
Phone Help  
If you have questions and/or need help completing this form,  
please call 877-829-5500. This toll-free telephone service is  
available Monday through Friday.  
B. Which Parts To Complete  
See the chart showing which parts of the form must be  
completed, later.  
2
Instructions for Form 990-PF (2023)  
             
B. Which Parts To Complete  
Some parts of the form listed below don't apply to some filers. See How to avoid filing an incomplete return, earlier, for  
information on what to do if a part or an item doesn't apply.  
Part of Form 990-PF  
Foundations Which Must Complete This Part  
Heading  
All  
All  
Part I (analysis of revenues and expenses), columns (a) (revenue and expenses  
per books) and (d) (disbursements for charitable purposes)  
Part I (analysis of revenues and expenses), column (b) (net investment income)  
All except (1) foreign taxable foundations, and (2) foreign nonexempt charitable  
trusts; foreign 501(c)(3) foundations need not complete line 7 (capital gain net  
income) or expense lines  
Part I (analysis of revenues and expenses), column (c) (adjusted net income)  
Only foundations claiming operating foundation status, foundations (not  
described in section 4948(b)) that derive income from a charitable activity and  
claim a qualifying distribution for net losses from the activity, and domestic 501(c)  
(3) foundations that maintain a common fund as described in section 170(b)(1)(F)  
(iii)  
Part II (balance sheets), columns (a) and (b) (beginning and end-of-year book  
value)  
All  
Part II (balance sheets), column (c) (end-of-year fair market value)  
All foundations with at least $5,000 in assets per books at some time during tax  
year; other foundations complete only line 16  
Part III (analysis of changes in net assets or fund balances)  
Part IV (capital gains and losses for tax on investment income)  
All  
All except foreign foundations; line 3 must be completed only by foundations that  
must complete Part I, column (c)  
Part V (excise tax based on investment income)  
Part VI-A (statements regarding activities)  
All except (1) organizations electing private foundation status under section 41(e)  
(6)(D), (2) foreign taxable foundations, and (3) foreign nonexempt charitable trusts  
All; foreign foundations described in section 4948(b) need not complete lines 6  
and 8, and in line 10, foreign foundations don't list persons who aren't U.S.  
citizens  
Part VI-B (statements regarding activities for which Form 4720 may be required)  
All; foreign foundations described in section 4948(b) need not complete line 2  
All  
Part VII (information about officers, directors, trustees, foundation managers,  
highly paid employees, and contractors)  
Part VIII-A (summary of direct charitable activities)  
Part VIII-B (summary of program-related investments)  
Part IX (minimum investment return)  
All  
All  
All except foreign foundations described in section 4948(b) that aren't claiming  
operating foundation status  
Part X (distributable amount)  
Part XI (qualifying distributions)  
Part XII (undistributed income)  
All except (1) foreign foundations described in section 4948(b), and (2)  
foundations claiming operating foundation status  
All except foreign foundations described in section 4948(b) that aren't claiming  
operating foundation status  
All except foreign foundations described in section 4948(b); if the foundation  
claims operating foundation status for any of the years shown in Part XII, it  
doesn't complete those portions of Part XII that apply to those years  
Part XIII (private operating foundations)  
Part XIV (supplementary information)  
Only foundations claiming operating foundation status  
All except (1) foundations with less than $5,000 of assets per books at all times  
during tax year, and (2) foreign foundations described in section 4948(b)  
Part XV-A (analysis of income-producing activities)  
All  
All  
All  
Part XV-B (relationship of activities to the accomplishment of exempt purposes)  
Part XVI (information regarding transfers to and transactions and relationships  
with noncharitable exempt organizations)  
Signature block  
All  
3
Instructions for Form 990-PF (2023)  
 
a. A substantial contributor (see the instructions for Part  
VI-A, line 10, later).  
How to avoid filing an incomplete return.  
Complete all applicable line items.  
Answer “Yes,No,” or “N/A” (not applicable) to each question  
b. A foundation manager.  
on the return.  
c. A person who owns more than 20% of a corporation,  
partnership, trust, or unincorporated enterprise that is itself a  
substantial contributor.  
Make an entry (including a zero when appropriate) on all total  
lines.  
Enter “None” or “N/A” if an entire part doesn't apply.  
d. A family member of an individual described in (a), (b), or  
(c) above.  
Sequencing Chart To Complete the Form  
e. A corporation, partnership, trust, or estate in which  
persons described in (a), (b), (c), or (d) above own a total  
beneficial interest of more than 35%.  
f. For purposes of section 4941 (self-dealing), a disqualified  
person also includes certain government officials. (See section  
4946(c) and the related regulations.)  
You may find the following chart helpful. It limits jumping from  
one part of the form to another to figure an amount needed to  
complete an earlier part. If you complete the parts in the listed  
order below, any information you may need from another part will  
already be entered.  
Step  
Part  
Step  
Part  
g. For purposes of section 4943 (excess business holdings),  
1 .  
2 .  
3 .  
4 .  
5 .  
6 .  
7 .  
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IV  
8.  
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XI, lines 1–4  
a disqualified person also includes:  
I & II  
Heading  
III  
V
i. A private foundation effectively controlled (directly or  
indirectly) by the same persons who control the private  
foundation in question; or  
XI, lines 5–6  
X
XII  
VI-A  
VII  
VIII-A – X  
VI-B  
XIII – XVI  
ii. A private foundation to which substantially all  
contributions were made (directly or indirectly) by one or more of  
the persons described in (a), (b), and (c) above, or members of  
their families, within the meaning of section 4946(d).  
C. Definitions  
8. An organization is controlled by a foundation or by one or  
more disqualified persons with respect to the foundation if any of  
these persons may, by combining their votes or positions of  
authority, require the organization to make an expenditure or  
prevent the organization from making an expenditure, regardless  
of the method of control. “Control” is determined regardless of  
how the foundation requires the contribution to be used.  
1. A private foundation is a domestic or foreign organization  
exempt from income tax under section 501(a), described in  
section 501(c)(3), and is other than an organization described in  
sections 509(a)(1) through (4).  
Churches, hospitals, schools, broadly publicly supported  
organizations, supporting organizations, and organizations that  
test for public safety are excluded from private foundation status  
by sections 509(a)(1) through (4). These organizations may be  
required to file Form 990, Form 990-EZ, or Form 990-N  
(“e-Postcard”) instead of Form 990-PF.  
2. A nonexempt charitable trust treated as a private  
foundation is a trust that isn't exempt from tax under section  
501(a) and all of the unexpired interests of which are devoted to  
religious, charitable, or other purposes described in section  
170(c)(2)(B), and for which a charitable deduction was allowed  
under a section of the Code listed in section 4947(a)(1).  
3. A taxable private foundation is an organization that  
previously was recognized as being exempt under section  
501(a) as an organization described in section 501(c)(3), but has  
lost that recognition. Though it may operate as a taxable entity, it  
will continue to be treated as a private foundation until that status  
is terminated under section 507.  
D. Other Forms You May Need To File  
Form W-2, Wage and Tax Statement.  
Form W-3, Transmittal of Wage and Tax Statements.  
Form 940, Employer's Annual Federal Unemployment (FUTA)  
Tax Return (section 4947(a)(1) trusts and taxable private  
foundations may need to file).  
Form 941, Employer's QUARTERLY Federal Tax Return.  
These forms are used to report social security, Medicare, and  
income taxes withheld by an employer and social security and  
Medicare taxes paid by an employer.  
If income, social security, and Medicare taxes that must be  
withheld aren't withheld or aren't paid to the IRS, a trust fund  
recovery penalty may apply. The penalty is 100% of such unpaid  
taxes.  
4. A private operating foundation is an organization that is  
described under section 4942(j)(3) or (5). It means any private  
foundation that spends at least 85% of the smaller of its adjusted  
net income (figured in Part I) or its minimum investment return  
(figured in Part IX) directly for the active conduct of the exempt  
purpose or functions for which it is organized and operated and  
that also meets the assets test, the endowment test, or the  
support test (discussed in Part XIII). Also, certain elderly care  
facilities created before 1970 are treated as private operating  
foundations.  
5. A nonoperating private foundation is a private foundation  
that isn't a private operating foundation. These often are referred  
to as “grant-making foundations.”  
6. A foundation manager is an officer, director, or trustee of a  
foundation, or an individual who has powers similar to those of  
officers, directors, or trustees. In the case of any act or failure to  
act, the term “foundation manager” may also include employees  
of the foundation who have the authority to act.  
This penalty may be imposed on all persons (including  
volunteers (see below)) whom the IRS determines to be  
responsible for collecting, accounting for, and paying over these  
taxes, and who willfully didn't do so.  
This penalty doesn't apply to any volunteer, unpaid member  
of any board of trustees or directors of a tax-exempt organization  
if this member:  
Is solely serving in an honorary capacity;  
Doesn’t participate in the day-to-day or financial activities of  
the organization; and  
Doesn’t have actual knowledge of the failure to collect,  
account for, and pay over these taxes.  
However, this exception doesn't apply if it results in no person  
being liable for the penalty.  
Form 720, Quarterly Federal Excise Tax Return. In addition  
to various federal excise taxes that are paid with the filing of this  
form, the Patient-Centered Outcomes Research Institute fee that  
is imposed on health insurers and employers who maintain  
self-insured health plans is payable annually and reported on the  
7. A disqualified person is any of the following.  
4
Instructions for Form 990-PF (2023)  
                     
Form 720 that is filed for the second quarter of each year, which  
is due no later than July 31 of each calendar year.  
IRAs, insurance contracts, etc.; and proceeds from real estate  
transactions. Also, use certain of these returns to report amounts  
that were received as a nominee on behalf of another person.  
Form 926, Return by a U.S. Transferor of Property to a For-  
eign Corporation. U.S. persons (including domestic  
corporations and trusts) must file Form 926 to report certain  
transfers of tangible or intangible property to a foreign  
corporation, as required by section 6038B.  
Form 1120, U.S. Corporation Income Tax Return. Filed by  
nonexempt taxable private foundations that have taxable income  
under the income tax provisions (subtitle A of the Code). Form  
990-PF is also filed by these taxable foundations.  
Form 990-T, Exempt Organization Business Income Tax Re-  
turn. Every organization exempt from income tax under section  
501(a) with total gross income of $1,000 or more from all trades  
or businesses unrelated to the organization's exempt purpose  
must file Form 990-T. The form is also used by tax-exempt  
organizations to report other additional taxes, including the  
additional tax figured in Part IV of Form 8621, Return by a  
Shareholder of a Passive Foreign Investment Company or  
Qualified Electing Fund.  
Form 1120-POL, U.S. Income Tax Return for Certain Politi-  
cal Organizations. Section 501(c) organizations must file Form  
1120-POL if they are treated as having political organization  
taxable income under section 527(f)(1).  
Form 1128, Application To Adopt, Change, or Retain a Tax  
Year. Form 1128 is used to request approval from the IRS to  
change a tax year or to adopt or retain a certain tax year.  
Form 2220, Underpayment of Estimated Tax by Corpora-  
tions. Form 2220 is used by corporations and trusts filing Form  
990-PF to see if the foundation owes a penalty and to figure the  
amount of the penalty. Generally, the foundation isn't required to  
file this form because the IRS can figure the amount of any  
penalty and bill the foundation for it. However, complete and  
attach Form 2220 even if the foundation doesn't owe the penalty  
if:  
Form 990-W, Estimated Tax on Unrelated Business Taxable  
Income for Tax-Exempt Organizations. Use of this form is  
optional. It is provided only to aid you in determining your tax  
liability. You must use electronic funds transfer to make all  
depository tax deposits. See P. Tax Payment Methods for  
Domestic Private Foundations, later, for information about  
electronic deposits.  
The annualized income or the adjusted seasonal installment  
Form 1023, Application for Recognition of Exemption Un-  
der Section 501(c)(3) of the Internal Revenue Code. This  
form for recognition of exemption from federal income tax under  
section 501(c)(3) must be used by private foundations that don't  
qualify to use Form 1023-EZ or that are also requesting advance  
approval of individual grant procedures or recognition as an  
operating foundation. Form 8940 may also be used for  
requesting advance approval of individual grant procedures or  
recognition as an operating foundation.  
method is used; or  
The foundation is a “large organization,(see O. Figuring and  
Paying Estimated Tax, later) figuring its first required installment  
based on the prior year's tax.  
If Form 2220 is attached, check the box on Form 990-PF, Part V,  
line 8, and enter the amount of any penalty on this line.  
Form 2848, Power of Attorney and Declaration of Repre-  
sentative. Used to authorize an individual to represent you in  
matters before the IRS, such as the filing of Form 1023.  
Form 1023-EZ, Streamlined Application for Recognition of  
Exemption Under Section 501(c)(3) of the Internal Revenue  
Code. Certain small private foundations may apply for  
recognition of exemption under section 501(c)(3) using this form  
instead of Form 1023.  
Form 3115, Application for Change in Accounting Method.  
Used to request a change in either an overall method of  
accounting or the accounting treatment of any item, in situations  
not covered by Rev. Proc. 85-58, 1985-18 I.R.B. 5.  
Form 3520, Annual Return To Report Transactions With  
Foreign Trusts and Receipt of Certain Foreign Gifts. Used  
by U.S. persons to report certain transactions with foreign trusts,  
ownership of foreign trusts under the grantor trust rules of  
sections 671–679, and receipt of certain large gifts or bequests  
from certain foreign persons.  
Form 1041, U.S. Income Tax Return for Estates and Trusts.  
Required of section 4947(a)(1) nonexempt charitable trusts that  
also file Form 990-PF. However, if the trust doesn't have any  
taxable income under the income tax provisions (subtitle A of the  
Code), it may use the filing of Form 990-PF to satisfy its Form  
1041 filing requirement under section 6012. If this condition is  
met, check the box on line 15, Part VI-A, of Form 990-PF and  
don't file Form 1041.  
Form 4506, Request for Copy of Tax Return. Used by the  
organization or designated third party to get a complete copy of  
the organization's return.  
Form 1041-ES, Estimated Income Tax for Estates and  
Form 4506-A, Request for Public Inspection or Copy of Ex-  
empt or Political Organization IRS Form. Used to inspect or  
request a copy of an exempt or political organization's return,  
report, notice, or exemption application by the public or the  
organization.  
Trusts. Used to make estimated tax payments.  
Form 1096, Annual Summary and Transmittal of U.S. Infor-  
mation Returns. Used to transmit Forms 1097, 1098, 1099,  
3921, 3922, 5498, and W-2G to the IRS. Don’t use it to transmit  
electronically.  
Form 4720, Return of Certain Excise Taxes Under Chapters  
41 and 42 of the Internal Revenue Code. Is primarily used to  
determine the excise taxes imposed on:  
Form 1098 series. Information returns to report mortgage  
interest, student loan interest, qualified tuition and related  
expenses, and a contribution of a qualified vehicle that has a  
claimed value of more than $500.  
Acts of self-dealing between private foundations and  
disqualified persons,  
Form 1099 series. Information returns to report acquisitions or  
abandonments of secured property; proceeds from broker and  
barter exchange transactions; cancellation of debt; dividends  
and distributions; certain government and state qualified tuition  
program payments; taxable distributions from cooperatives;  
interest payments; payments of long-term care and accelerated  
death benefits; miscellaneous income payments; nonemployee  
compensation; distributions from an HSA, Archer MSA or  
Medicare Advantage MSA; original issue discount; distributions  
from pensions, annuities, retirement or profit-sharing plans,  
Failure to distribute income,  
Excess business holdings,  
Investments that jeopardize a foundation's charitable  
purposes,  
Making political or other noncharitable expenditures,  
Prohibited tax shelter transactions, and  
Excess executive compensation.  
Form 5471, Information Return of U.S. Persons for Certain  
Foreign Corporations. Used by certain U.S. persons that are  
5
Instructions for Form 990-PF (2023)  
shareholders in certain foreign corporations, in compliance with  
sections 6038 and 6046.  
Form 8868, Application for Extension of Time To File an Ex-  
empt Organization Return or Excise Taxes Related to Em-  
ployee Benefit Plans. Used by an exempt organization to  
request an automatic 6-month extension of time to file its return  
or, by a Form 5330 filer to request an extension of up to 6 months  
to file a return for excise taxes related to employee benefit plans.  
Form 5500, Annual Return/Report of Employee Benefit  
Plan. Used to report information concerning employee benefit  
plans and Direct Filing Entities.  
Form 7004, Application for Automatic Extension of Time To  
File Certain Business Income Tax, Information, and Other  
Returns. Used by nonexempt charitable trusts and taxable  
foundations to request extension of time to file income tax  
returns.  
Form 8870, Information Return for Transfers Associated  
With Certain Personal Benefit Contracts. Used to identify  
those personal benefit contracts for which funds were transferred  
to the organization, directly or indirectly, as well as the  
transferors and beneficiaries of those contracts.  
Form 8282, Donee Information Return. Required of the  
donee of “charitable deduction property” that sells, exchanges,  
or otherwise disposes of the property within 3 years after the  
date it received the property. Also required of any successor  
donee that disposes of charitable deduction property within 3  
years after the date the donor gave the property to the original  
donee. It doesn't matter who gave the property to the successor  
donee. It may have been the original donee or another  
successor donee.  
Form 8886, Reportable Transaction Disclosure Statement.  
Used to disclose information for each reportable transaction in  
which the organization participated, including but not limited to a  
prohibited tax shelter transaction. Exempt organizations may  
also be required to file Form 8886-T in such case.  
Form 8886-T, Disclosure by Tax-Exempt Entity Regarding  
Prohibited Tax Shelter Transaction. Used by an exempt  
organization to disclose that it was a party to a prohibited tax  
shelter transaction.  
Form 8283, Noncash Charitable Contributions. Donors must  
file Form 8283 to report information about certain noncash  
charitable contributions in order to substantiate a charitable  
deduction under section 170. The donor may need to obtain an  
acknowledgement by the donee foundation in Part IV of Form  
8283.  
Form 8899, Notice of Income From Donated Intellectual  
Property. Used to report income from qualified intellectual  
property.  
Form 8940, Request for Miscellaneous Determination.  
Used by private foundations, government entities requesting  
voluntary termination of exempt status under section 501(c)(3),  
and nonexempt charitable trusts to obtain certain determinations  
including advance approval of individual grant procedures  
(section 4945(g)), advance approval of certain set-asides  
(section 4942(g)(2)), advance approval of voter registration  
activities (section 4945(f)), and termination of private foundation  
status (section 507(b)(1)(B)). Nonexempt charitable trusts also  
file this form to request an initial determination under section  
509(a)(3). Canadian registered charities file this form to be listed  
as an organization described in section 501(c)(3) on IRS.gov or  
request classification as a public charity rather than a private  
foundation.  
Form 8275, Disclosure Statement. Taxpayers and tax return  
preparers should attach this form to Form 990-PF to disclose  
items or positions (except those contrary to a regulation—see  
Form 8275-R below) that aren't otherwise adequately disclosed  
on the tax return. The disclosure is made to avoid parts of the  
accuracy-related penalty imposed for substantial  
understatement of tax or disregard of rules or regulations  
language in 1.6662-3(b)(2) and 1.6662-3(c)(2). See also IRM  
20.1.5.8.2.1. Form 8275 is also used for disclosures relating to  
preparer penalties for understatements due to unrealistic  
positions or for willful or reckless conduct.  
Form 8275-R, Regulation Disclosure Statement. Use this  
form to disclose any item on a tax return for which a position has  
been taken that is contrary to Treasury regulations.  
FinCEN Form 114, Report of Foreign Bank and Financial  
Accounts. Used by organizations formed or organized in or  
under the laws of the United States to report a financial interest  
in or signature authority over a foreign financial account if the  
aggregate value exceeds $10,000 at any time during the  
calendar year.  
Form 8300, Report of Cash Payments Over $10,000 Re-  
ceived in a Trade or Business. Used to report cash amounts  
in excess of $10,000 received in a single transaction (or in two or  
more related transactions) in the course of a trade or business  
(as defined in section 162).  
E. Useful Publications  
Form 8621, Information Return by a Shareholder of a Pas-  
sive Foreign Investment Company or Qualified Electing  
Fund. A U.S. person that is a direct or indirect shareholder of a  
passive foreign investment company (PFIC) may need to file. But  
see Regulations section 1.1291–1(e) with respect to tax-exempt  
foundations.  
The following publications may be helpful in preparing Form  
990-PF or for other tax compliance purposes.  
Pub. 15 (Circular E), Employer’s Tax Guide.  
Pub. 15-A, Employer’s Supplemental Tax Guide (Fringe  
Benefits).  
Pub. 15-T, Federal Income Tax Withholding Methods.  
Pub. 525, Taxable and Nontaxable Income.  
Form 8821, Tax Information Authorization. Used to authorize  
an individual or organization to inspect and/or receive your  
confidential tax information on designated matters.  
Pub. 526, Charitable Contributions.  
Pub. 538, Accounting Periods and Methods.  
Pub. 557, Tax-Exempt Status for Your Organization.  
Pub. 561, Determining the Value of Donated Property.  
Pub. 583, Starting a Business and Keeping Records.  
Pub. 598, Tax on Unrelated Business Income of Exempt  
Form 8822-B, Change of Address or Responsible Par-  
ty—Business. Used by taxpayers to notify the IRS of changes  
in business mailing address, business location, or responsible  
party.  
Organizations.  
Form 8865, Return of U.S. Persons With Respect to Certain  
Foreign Partnerships. Used by U.S. persons to report  
information required under section 6038 (controlled foreign  
partnerships), section 6038B (transfers to foreign partnerships),  
or section 6046A (acquisitions, dispositions, and changes in  
foreign partnership interests).  
Pub. 892, How To Appeal an IRS Determination on  
Tax-Exempt Status.  
Pub. 946, How To Depreciate Property.  
Pub. 966, Electronic Federal Tax Payment System: A Guide to  
Getting Started.  
Pub. 1771, Charitable Contributions—Substantiation and  
Disclosure Requirements.  
6
Instructions for Form 990-PF (2023)  
 
Pub. 3079, Tax-Exempt Organizations and Gaming.  
Method of accounting. Many states require that all amounts  
Pub. 3833, Disaster Relief, Providing Assistance Through  
be reported based on the accrual method of accounting.  
Charitable Organizations.  
Time for filing may differ. The time for filing Form 990-PF with  
Pub. 4220, Applying for 501(c)(3) Tax-Exempt Status.  
Pub. 4221-PF, Compliance Guide for 501(c)(3) Private  
the IRS may differ from the time for filing state reports.  
Foundations.  
G. Furnishing Copies of Form 990-PF  
to State Officials  
Pub. 4302, A Charity’s Guide to Vehicle Donations.  
Pub. 4303, A Donor’s Guide to Vehicle Donations.  
Pub. 4386, Compliance Checks—Examination, Audit, or  
The foundation managers must furnish a copy of Form 990-PF  
and Form 4720 (if applicable) to the Attorney General of:  
Compliance Check?  
Pub. 4630, Exempt Organizations Products and Services  
Each state required to be listed in Part VI-A, line 8a;  
Catalog.  
The state in which the foundation's principal office is located;  
and  
Publications and forms are available at no charge on the IRS  
The state in which the foundation was incorporated or  
website at IRS.gov/FormsPubs.  
created.  
F. Use of Form 990-PF To Satisfy State  
Reporting Requirements  
A copy of the annual return must be sent to the Attorney  
General at the same time the annual return is filed with the IRS.  
Some states and local government units will accept a copy of  
Form 990-PF and required attachments instead of all or part of  
their own financial report forms.  
Other requirements. If the Attorney General or other  
appropriate state official of any state requests a copy of the  
annual return, the foundation managers must comply with the  
request.  
If the organization plans to use Form 990-PF to satisfy state  
or local filing requirements, such as those from state charitable  
solicitation acts, note the following.  
Exceptions. These rules don't apply to any foreign foundation  
that, from the date of its creation, has received at least 85% of its  
support (excluding gross investment income) from sources  
outside the United States. See S. Organizations Organized or  
Created in a Foreign Country, later, for other exceptions that  
affect this type of organization.  
Determine state filing requirements. Consult the appropriate  
officials of all states and other jurisdictions in which the  
organization does business to determine their specific filing  
requirements. “Doing business” in a jurisdiction may include any  
of the following.  
Coordination with state reporting requirements. If the  
foundation managers submit a copy of Form 990-PF and Form  
4720 (if applicable) to a state Attorney General to satisfy a state  
reporting requirement, they don't have to furnish a second copy  
to that Attorney General to comply with the Internal Revenue  
Code requirements discussed in this section.  
If there is a state reporting requirement to file a copy of Form  
990-PF with a state official other than the Attorney General (for  
instance, the Secretary of State), then the foundation managers  
must also send a copy of the Form 990-PF and Form 4720 (if  
applicable) to the Attorney General of that state.  
Soliciting contributions or grants by mail or otherwise from  
individuals, businesses, or other charitable organizations.  
Conducting programs.  
Having employees within that jurisdiction.  
Maintaining a checking account or owning or renting property  
there.  
Monetary tests may differ. Some or all of the dollar limitations  
that apply to Form 990-PF when filed with the IRS may not apply  
when using Form 990-PF instead of state or local report forms.  
IRS dollar limitations that may not meet some state requirements  
are the $5,000 total assets minimum that requires completion of  
Part II, column (c), and Part XIV; and the $50,000 minimum for  
listing the highest paid employees and for listing professional  
fees in Part VII.  
H. Accounting Period  
Calendar or fiscal year. File the 2023 return for the calendar  
year 2023 or fiscal year beginning in 2023. If the return is for a  
fiscal year, fill in the beginning and ending dates of the tax year  
in the spaces at the top of the return.  
The return must be filed on the basis of the established  
annual accounting period of the organization. If the organization  
has no established accounting period, the return should be on  
the calendar-year basis.  
Additional information may be required. State and local filing  
requirements may require attaching to Form 990-PF one or more  
of the following.  
Additional financial statements, such as a complete analysis  
of functional expenses or a statement of changes in net assets.  
Notes to financial statements.  
Additional financial schedules.  
Short period. For an initial or final return or for a short tax year  
resulting from a change in accounting period, the 2023 form may  
also be used as the return for a short period (less than 12  
months) ending November 30, 2023, or earlier. The 2023 form  
may also be used for a short period beginning after November  
30, 2023, and ending before December 31, 2024 (not on or after  
December 31, 2024). Note on the short period return the change  
of accounting period.  
A report on the financial statements by an independent  
accountant.  
Answers to additional questions and other information.  
Each jurisdiction may require the additional material to be  
presented on forms they provide. The additional material doesn't  
have to be submitted with the Form 990-PF filed with the IRS.  
If required information isn't provided to a state, the  
organization may be asked by the state to provide it or to submit  
an amended return even if the Form 990-PF is accepted by the  
IRS as complete.  
Accounting period change. In general, to change its  
accounting period, the organization must file Form 990-PF by the  
due date for the short period resulting from the change. At the  
top of this short period return, write “Change of Accounting  
Period.”  
If the organization has previously changed its accounting  
period within the 10-calendar-year period that includes the  
beginning of the short period resulting from the current change in  
accounting period, and it had a Form 990-PF filing requirement  
Amended returns. If the organization submits supplemental  
information or files an amended Form 990-PF with the IRS, it  
must also submit a copy of the information or amended return to  
any state with which it filed a copy of Form 990-PF.  
7
Instructions for Form 990-PF (2023)  
           
at any time during that 10-year period, it must also file Form  
1128, Application to Adopt, Change, or Retain a Tax Year, with  
the short-period return. See Rev. Proc. 85-58, 1985-2 C.B. 740,  
1985-18 I.R.B. 5.  
Alternatively, if a taxpayer, including a tax-exempt entity, has  
not yet adopted an accounting method for an item of income or  
deduction, a change in how the entity reports the item is not a  
change in accounting method. In this case, the procedures  
applicable to requests for accounting method changes (for  
example, the requirement to file a Form 3115) are not applicable.  
Thus, a tax-exempt entity that has never taken into account  
an item of income or deduction in determining taxable income  
does not have to request consent to change its method of  
reporting that item on Form 990-PF. Additionally, a tax-exempt  
entity that has never been subject to federal income tax on an  
item of income or deduction but that is required to file a Form  
990-T solely due to owing a section 6033(e)(2) proxy tax does  
not have to request consent to change its method for reporting  
the item.  
I. Accounting Methods  
An “accounting method,” for federal income tax purposes, is a  
practice a taxpayer follows to determine the taxable year in  
which to report revenue and expenses for federal income tax  
purposes. An accounting method includes not only the overall  
plan of accounting for gross income or deductions (for example,  
an accrual method or the cash receipts and disbursement  
method), but also the treatment of any item that involves the  
proper time for the inclusion of an item in income or the taking of  
an item as a deduction, or both. However, a practice that does  
not affect the timing for reporting an item of income or deduction  
for purposes of determining taxable income is not an accounting  
method. A taxpayer, including a tax-exempt entity, generally  
adopts any permissible accounting method in the first year in  
which it uses the method in determining its taxable income. See  
Exception. Complete Part I, column (d), on the cash receipts  
and disbursements method of accounting.  
J. When and How To File  
This return must be filed by the 15th day of the 5th month  
following the close of the foundation's tax year. If the regular due  
date falls on a Saturday, Sunday, or legal holiday, file by the next  
business day. If the return is filed late, see M. Penalty for Failure  
An exempt organization may adopt an accounting  
method not only for purposes of calculating taxable  
!
CAUTION  
income, but also for purposes of determining whether  
taxable income will be subject to federal income tax. For  
example, a tax-exempt entity may adopt an accounting method  
for an item of income from an unrelated trade or business activity  
even if the gross income from such activity is less than $1,000  
and is therefore not taxed for federal income tax purposes  
pursuant to Regulations section 1.6012-2(e).  
In the case of a complete liquidation, dissolution, or  
termination, file the return by the 15th day of the 5th month  
following complete liquidation, dissolution, or termination.  
Required electronic filing. If you are filing a 2023 Form  
990-PF, you are required to file electronically.  
An accounting method for an item of income or deduction  
may generally be adopted separately for each of the taxpayer’s  
trades or businesses. However, in order to be permissible, an  
accounting method must clearly reflect the taxpayer’s income.  
Unless instructed otherwise, the organization should generally  
use the same accounting method on the return (including the  
Form 990-PF and all schedules) to report revenue and expenses  
that it regularly uses to keep its books and records.  
For additional information on the electronic filing requirement  
and e-file providers, visit IRS.gov/EOefile.  
K. Extension of Time To File  
A foundation generally uses Form 8868 to request an automatic  
extension of time to file its return.  
An automatic extension will be granted if you properly  
complete this form, file it, and pay any balance due by the due  
date for Form 990-PF.  
Accounting method change. Once a taxpayer, including a  
tax-exempt entity, adopts an accounting method for federal  
income tax purposes, the taxpayer must generally request the  
IRS’s consent before it can change its accounting method (even  
if the year in which the taxpayer seeks to make the change is a  
year in which it generates only tax-exempt income or is  
otherwise not taxed on its taxable income). In most cases, a  
taxpayer requests consent to change an accounting method by  
filing a Form 3115, Application for Change in Accounting  
Method. See Rev. Proc. 2015-13, or any successor, for general  
procedures for obtaining consent to change an accounting  
method.  
L. Amended Return  
To change the organization's return for any year, file an amended  
return, including attachments, with the correct information. The  
amended return must provide all the information required by the  
form and instructions, not just the new or corrected information.  
Check “Amended return” in Item G at the top of page 1 of the  
form. See Line 9. Tax due, later.  
If the organization files an amended return to claim a refund of  
tax paid under section 4940 or 4948, it must file the amended  
return within 3 years after the date the original return was filed, or  
within 2 years from the date the tax was paid, whichever date is  
later.  
Depending upon the specific accounting method change  
being requested, the taxpayer may be able to request  
!
CAUTION  
“automatic” consent. This means that as long as the  
taxpayer follows the applicable procedures, the taxpayer does  
not have to wait for formal approval by the IRS before applying  
the new accounting method. See Rev. Proc. 2019-43, 2019-48  
337, or its successor, for a list of accounting method changes  
that generally qualify for automatic consent.  
State reporting requirements. See Amended returns, earlier.  
Need a copy of an old return or form? Use Form 4506 to  
obtain a copy of a previously filed return. You can download  
items from the IRS website at IRS.gov/FormsPubs.  
M. Penalty for Failure To File Timely,  
Completely, or Correctly  
For example, a tax-exempt entity that has adopted an  
accounting method for an item of income from an unrelated trade  
or business must generally request consent before it can change  
its method of accounting for that item in any subsequent year.  
This is true regardless of whether gross income from the  
unrelated trade or business is greater than or equal to $1,000 in  
such subsequent year.  
To avoid filing an incomplete return or having to respond to  
requests for missing information, see B. Which Parts To  
Complete, earlier.  
Against the organization. If an organization doesn't file timely  
and completely, or doesn't furnish the correct information, it must  
8
Instructions for Form 990-PF (2023)  
                       
pay $20 for each day the failure continues ($120 a day if it is a  
large organization), unless it can show that the failure was due to  
reasonable cause. The maximum penalty for each return won't  
exceed the smaller of $12,000 ($60,000 for a large organization)  
or 5% of the gross receipts of the organization for the year.  
Large organization. A large organization is one that has  
gross receipts exceeding $1,208,500 for the tax year.  
sections 11 and 12 of Pub. 15 (Circular E), Employer’s Tax  
Guide, for details.  
O. Figuring and Paying Estimated Tax  
A domestic exempt private foundation, a domestic taxable  
private foundation, or a nonexempt charitable trust treated as a  
private foundation must make estimated tax payments for the  
excise tax based on investment income if it can expect its  
estimated tax (section 4940 tax minus allowable credits) to be  
$500 or more. The number of installment payments it must make  
under the depository method is determined at the time during  
the year that it first meets this requirement. For calendar-year  
taxpayers, the first deposit of estimated taxes for a year should  
generally be made by May 15 of the year.  
Gross receipts. Gross receipts means the gross amount  
received during the foundation's annual accounting period from  
all sources without reduction for any costs or expenses.  
To calculate the foundation's gross receipts, figure the  
following.  
1. Part I, line 12, column (a).  
2. Add lines 6b and 10b.  
3. Subtract line 6a.  
Although Form 990-W is used primarily to figure the  
installment payments of unrelated business income tax, it is also  
used to determine the timing and amounts of installment  
payments of the section 4940 tax based on investment income.  
Figure separately any required deposits of excise tax based on  
investment income and unrelated business income tax.  
Against the responsible person. The IRS will make written  
demand that the delinquent return be filed or the information  
furnished within a reasonable time after the mailing of the notice  
of the demand. The person failing to comply with the demand on  
or before the date specified will have to pay $10 for each day the  
failure continues, unless there is reasonable cause. The  
maximum penalty imposed on all persons for any one return is  
$6,000. If more than one person is liable for any failures, all such  
persons are jointly and severally liable for such failures. See  
section 6652(c) for further information.  
To figure the estimated tax for the excise tax based on  
investment income, see Part V. Enter the tax you figured on  
line 10a of Form 990-W.  
The Form 990-W line items and instructions for large  
organizations also apply to private foundations. For purposes of  
paying the estimated tax on net investment income, a “large  
organization” is one that had net investment income of $1 million  
or more for any of the 3 tax years immediately preceding the tax  
year involved.  
Other penalties. Because this return also satisfies the filing  
requirements of a tax return under section 6011 for the tax on  
investment income imposed by section 4940 (or 4948 if an  
exempt foreign organization), the penalties imposed by section  
6651 for not filing a return (without reasonable cause) also apply.  
There are also criminal penalties for willful failure to file and  
for filing fraudulent returns and statements. See sections 7203,  
7206, and 7207.  
Penalty. A foundation that doesn't pay the proper estimated tax  
when due may be subject to the estimated tax penalty for the  
period of the underpayment. See sections 6655(b) and (d) and  
the Form 2220 instructions for further information.  
Most tax-exempt organizations, other than churches, are  
required to file an annual Form 990, 990-EZ, 990-PF, or 990-N  
e-Postcard with the IRS. If an organization fails to file an annual  
return or notice for 3 consecutive years, it will automatically lose  
its tax-exempt status. A private foundation that loses its  
exemption must file income tax returns and pay income taxes  
and must file Form 990-PF as a taxable private foundation. For  
details, go to IRS.gov/EO.  
With regard to figuring and paying employment taxes, see  
Pub. 15 (Circular E).  
Special Rules  
Section 4947(a)(1) nonexempt charitable trusts. Form  
1041-ES should be used to pay any estimated tax on income  
subject to tax under section 1. Form 1041-ES also contains the  
estimated tax rules for paying the tax on that income.  
N. Penalties for Not Paying Tax on  
Time  
Taxable private foundations. Form 1120-W, Estimated Tax for  
Corporations, should be used to figure any estimated tax on  
income subject to tax under section 11. Form 1120-W contains  
the estimated tax rules for paying the tax on that income.  
There is a penalty for not paying tax when due (section 6651).  
The penalty is generally 1/2 of 1% of the unpaid tax for each  
month or part of a month the tax remains unpaid, not to exceed  
25% of the unpaid tax. If there was reasonable cause for not  
paying the tax on time, the penalty can be waived. However,  
interest is charged on any tax not paid on time, at the rate  
provided by section 6621.  
P. Tax Payment Methods for Domestic  
Private Foundations  
The foundation must deposit all depository taxes (such as  
employment tax, excise tax, and unrelated business income tax)  
electronically using electronic funds transfer. Generally, such  
transfers are made using the Electronic Federal Tax Payment  
System (EFTPS). To get more information about EFTPS or to  
enroll in EFTPS, visit EFTPS.gov, or call 800-555-4477. To  
contact EFTPS using the Telecommunications Relay Services  
(TRS), for people who are deaf, hard of hearing, or have a  
speech disability, dial 711 and provide the TRS assistant the  
800-555-4477 number above or 800-733-4829. Additional  
information about EFTPS is also available in Pub. 966, Electronic  
Federal Tax Payment System: A Guide to Getting Started. See  
below for an exception to this rule for small foundations.  
Estimated tax penalty. The section 6655 penalty for failure to  
pay estimated tax applies to the tax on net investment income of  
domestic private foundations and section 4947(a)(1) nonexempt  
charitable trusts. The penalty also applies to any tax on  
unrelated business income of a private foundation. Generally, if a  
private foundation's tax liability is $500 or more and it didn't  
make the required payments on time, then it is subject to the  
penalty.  
For more details, see the discussion of Form 2220,  
Underpayment of Estimated Tax by Corporations, in D. Other  
Depositing on time. For deposits made by EFTPS to be on  
time, the foundation must generally submit the transaction at  
least 1 business day before the date the deposit is due. See Pub.  
A private foundation is also subject to the section 6656  
penalty for failure to deposit employment taxes when due. See  
9
Instructions for Form 990-PF (2023)  
                   
15 (Circular E) for information on a same-day payment option  
under some circumstances.  
Must allow an individual to make photocopies of documents at  
no charge but only if the individual brings photocopying  
equipment to the place of inspection.  
Q. Public Inspection Requirements  
Determining if a site is a regional or district office. A  
regional or district office is any office of a private foundation,  
other than its principal office, that has paid employees whose  
total number of paid hours a week are normally 120 hours or  
more. Include the hours worked by part-time (as well as full-time)  
employees in making that determination.  
A private foundation must make its annual returns and exemption  
application available for public inspection.  
Definitions  
Annual returns. Annual returns include an exact copy of the  
What sites aren't considered a regional or district office?  
following documents as filed with the IRS.  
A site isn't considered a regional or district office if:  
Form 990-PF, including all schedules, attachments, and  
supporting documents, and any amended return that is 3 or  
fewer years old from:  
1. The only services provided at the site further the  
foundation's exempt purposes (for example, day care, health  
care, or scientific or medical research); and  
2. The site doesn't serve as an office for management staff,  
other than managers who are involved only in managing the  
exempt function activities at the site.  
1. The date the original return was filed or required to be  
filed, or  
2. The date the return was required to be filed.  
Form 990-T, if it was used to report any tax on unrelated  
business income.  
What if the private foundation doesn't maintain a perma-  
nent office? If the private foundation doesn't maintain a  
permanent office, it will comply with the public inspection by  
office visitation requirement by making the annual returns and  
exemption application available at a reasonable location of its  
choice. It must permit public inspection:  
Exemption application. An application for tax exemption  
includes (except as described later):  
Any prescribed application form (such as Form 1023 or Form  
1024),  
Any letter application where a form isn't required,  
All documents and statements the IRS requires an applicant  
Within a reasonable amount of time after receiving a request  
to file with the form or letter application,  
for inspection (normally, not more than 2 weeks), and  
Any statement or other supporting document submitted in  
At a reasonable time of day.  
support of the application, and  
Any letter or other document issued by the IRS concerning the  
Optional method of complying. If a private foundation that  
doesn't have a permanent office wishes not to allow an  
inspection by office visitation, it may mail a copy of the requested  
documents instead of allowing an inspection. However, it must  
mail the documents within 2 weeks of receiving the request and  
may charge for copying and postage only if the requester  
consents to the charge.  
application.  
An application for tax exemption doesn't include:  
Any application for tax exemption filed before July 15, 1987,  
unless the private foundation filing the application had a copy of  
the application on July 15, 1987; or  
Any material that isn't available for public inspection under  
Private foundations with a permanent office but limited  
or no hours. Even if a private foundation has a permanent  
office but no office hours or very limited hours during certain  
times of the year, it must still meet the office visitation  
requirement. To meet this requirement during those periods  
when office hours are limited or not available, follow the rules  
permanent office, earlier.  
section 6104.  
Who Must Make the Annual Returns and  
Exemption Application Available for Public  
Inspection?  
The foundation's Form 990-PF, Form 990-T, and exemption  
application must be made available to the public by the  
foundation and the IRS.  
Public Inspection—Providing Copies  
How Does a Private Foundation Make Its Annual  
Returns and Exemption Application Available  
for Public Inspection?  
A private foundation must provide copies of its annual returns or  
exemption application to any individual who makes a request for  
a copy in person or in writing unless it makes these documents  
widely available.  
A private foundation must make its annual returns and exemption  
application available in three ways.  
In-person requests for document copies. A private  
foundation must provide copies to any individual who makes a  
request in person at the private foundation's principal, regional,  
or district offices during regular business hours on the same day  
that the individual makes the request.  
By office visitation.  
By providing copies.  
By Internet posting.  
Public Inspection by Office Visitation  
Accepted delay in fulfilling an in-person request. If  
unusual circumstances exist and fulfilling a request on the same  
day places an unreasonable burden on the private foundation, it  
must provide copies by the earlier of:  
A private foundation must make its annual returns and exemption  
application available for public inspection without charge at its  
principal, regional, and district offices during regular business  
hours.  
The next business day following the day that the unusual  
circumstances end, or  
The fifth business day after the date of the request.  
Conditions that may be set for public inspection at the of-  
Examples of unusual circumstances include:  
fice. A private foundation:  
Receipt of a volume of requests (for document copies) that  
May have an employee present,  
exceeds the private foundation's daily capacity to make copies,  
Must allow the individual conducting the inspection to take  
Requests received shortly before the end of regular business  
notes freely during the inspection, and  
hours that require an extensive amount of copying, or  
10  
Instructions for Form 990-PF (2023)  
   
Requests received on a day when the organization's  
Example. The ABC Foundation retained an agent to provide  
copies for all written requests for documents. However, ABC  
Foundation received a request for document copies before the  
agent did.  
The deadline for providing a response is referenced by the  
date the ABC Foundation received the request and not when the  
agent received it. If the agent received the request first, then a  
response would be referenced to the date the agent received it.  
managerial staff capable of fulfilling the request is conducting  
official duties (for instance, student registration or attending an  
off-site meeting or convention) instead of its regular  
administrative duties.  
Use of local agents for providing copies. A private  
foundation may use a local agent to handle in-person requests  
for document copies. If a private foundation uses a local agent, it  
must immediately provide the local agent's name, address, and  
telephone number to the requester.  
Can a fee be charged for providing copies? A private  
foundation may charge a reasonable fee for providing copies.  
Also, it can require the fee to be paid before providing a copy of  
the requested document.  
What is a reasonable fee? A fee is reasonable only if it is no  
more than the per-page copying fee charged by the IRS for  
providing copies, plus no more than the actual postage costs  
incurred to provide the copies.  
What forms of payment must the private foundation  
accept? The form of payment depends on whether the request  
for copies is made in person or in writing.  
Cash and money orders must be accepted for in-person  
requests for document copies. The private foundation, if it  
wishes, may accept additional forms of payment.  
A certified check, money order, and either a personal check  
or credit card must be accepted for written requests for  
document copies. The private foundation, if it wishes, may  
accept additional forms of payment.  
Other fee information. If a private foundation provides a  
requester with notice of a fee and the requester doesn't pay the  
fee within 30 days, the private foundation may ignore the  
request.  
The local agent must:  
Be located within reasonable proximity to the principal,  
regional, or district office where the individual makes the request;  
and  
Provide document copies within the same time frames as the  
private foundation.  
Written requests for document copies. If a private foundation  
receives a written request for a copy of its annual returns or  
exemption application (or parts of these documents), it must give  
a copy to the requester. However, this rule only applies if the  
request:  
Is addressed to a private foundation's principal, regional, or  
district office;  
Is delivered to that address by mail, electronic mail (email),  
facsimile (fax), or a private delivery service approved by the IRS  
(go to IRS.gov/PDS for the current list of approved services); and  
Gives the address to which the document copies should be  
sent.  
How and when a written request is fulfilled. Requested  
document copies must be mailed within 30 days from the date  
the private foundation receives the request.  
If a requester's check doesn't clear on deposit, the private  
Unless other evidence exists, a mailed request or payment is  
considered to be received by the private foundation 7 days after  
the postmark date.  
foundation may ignore the request.  
If a private foundation doesn't require prepayment and the  
requester doesn't prepay, the private foundation must receive  
consent from the requester if the copying and postage charge  
exceeds $20.  
If an advance payment is required, copies must be provided  
within 30 days from the date payment is received.  
If the private foundation requires payment in advance and it  
receives a request without payment or with insufficient payment,  
it must notify the requester of the prepayment policy and the  
amount due within 7 days from the date it receives the request.  
A request that is transmitted to the private foundation by email  
or fax is considered received the day the request is transmitted  
successfully.  
Requested documents can be emailed instead of the  
traditional method of mailing if the requester consents to this  
method.  
Private foundations subject to a harassment campaign. If  
the IRS determines that a private foundation is being harassed, it  
isn't required to comply with any request for copies that it  
reasonably believes is part of the harassment campaign.  
A group of requests for a private foundation's annual returns  
or exemption application is indicative of a harassment campaign  
if the requests are part of a single coordinated effort to disrupt  
the operations of the private foundation rather than to collect  
information about it.  
See Regulations section 301.6104(d)-3 for more information.  
A document copy is considered as provided on the:  
Postmark date,  
Requests that may be disregarded without IRS approval. A  
private foundation may disregard any request for copies of all or  
part of any document beyond the first two received within any  
30-day period or the first four received within any 1-year period  
from the same individual or the same address.  
Private delivery date,  
Registration date for certified or registered mail,  
Postmark date on the sender's receipt for certified or  
registered mail, or  
Day the email is successfully transmitted (if the requester  
agreed to this method).  
Making the Annual Returns and Exemption  
Application Widely Available  
Requests for parts of a document copy. A person can  
request all or any specific part or schedule of the annual returns  
or exemption application, and the private foundation must fulfill  
the person's request for a copy.  
A private foundation doesn't have to provide copies of its annual  
returns and/or its exemption application if it makes these  
documents widely available. However, it must still allow public  
inspection by office visitation.  
Can an agent be used to provide copies? A private  
foundation can use an agent to provide document copies for the  
written requests it receives. However, the agent must provide the  
document copies under the same conditions imposed on the  
private foundation itself. Also, if an agent fails to provide the  
documents as required, the private foundation will continue to be  
subject to penalties.  
How does a private foundation make its annual returns and  
exemption application widely available? A private  
foundation's annual returns and/or exemption application is  
widely available if it meets all four of the following requirements.  
1. Internet posting requirement—This is met if:  
11  
Instructions for Form 990-PF (2023)  
The document is posted on the foundation's website, or  
The document is posted as part of a database of like  
could be obtained by the individual from a federal government  
agency free or for a nominal charge must disclose that fact  
conspicuously when making such offer or solicitation.  
Any organization that intentionally disregards this requirement  
will be subject to a penalty for each day the offers or solicitations  
are made. The penalty is the greater of $1,000 or 50% of the  
total cost of the offers and solicitations made on that day.  
documents of other tax-exempt organizations on a website  
established and maintained by another entity.  
2. Additional posting information requirement—This is met if:  
The website through which the document is available clearly  
informs readers that the document is available and provides  
instructions for downloading the document;  
After it is downloaded and viewed, the web document exactly  
S. Organizations Organized or  
Created in a Foreign Country  
reproduces the image of the annual returns or exemption  
application as it was originally filed with the IRS, except for any  
information permitted by statute to be withheld from public  
disclosure; and  
If the organization applies any provision of any U.S. tax treaty to  
figure the foundation's taxable income, tax liability, or tax credits  
in a manner different from these instructions, attach an  
explanation.  
Any individual with access to the Internet can access,  
download, view, and print the document without special  
computer hardware or software required for that format (except  
software that is readily available to members of the public  
without payment of any fee) and without payment of a fee to the  
private foundation or to another entity maintaining the web page.  
Section 4948(a) imposes a 4% tax on the gross investment  
income (but not capital gain net income) of an exempt foreign  
private foundation from U.S. sources, such as dividends;  
interest; rents; payments received on securities loans, as defined  
in section 512(a)(5); and royalties. Amounts taken into income  
on Form 990-T are excepted. The section 4948(a) tax replaces  
the section 4940 tax on the net investment income of a domestic  
private foundation. A foreign foundation doesn't complete Form  
990-PF, Part IV.  
Under section 4948(b), sections 507 and 508 and chapter 42  
(other than section 4948) don't apply to a foreign organization  
that from the date of its creation has received at least 85% of its  
support (as defined in section 509(d), excluding gross  
3. Reliability and accuracy requirements—To meet this, the  
entity maintaining the website must:  
Have procedures for ensuring the reliability and accuracy of  
the document that it posts on the page;  
Take reasonable precautions to prevent alteration,  
destruction, or accidental loss of the document when posted on  
its page; and  
Correct or replace the document if a posted document is  
altered, destroyed, or lost.  
4. Notice requirement—To meet this, a private foundation  
must notify any individual requesting copies of its annual returns  
and/or exemption application where the documents are available  
(including the Internet address). If the request is made in person,  
the private foundation must notify the individual immediately. If  
the request is in writing, it must notify the individual within 7 days  
of receiving the request.  
investment income) from sources outside the United States. The  
foreign foundation's section 501(c)(3) status can be revoked,  
however, if it commits a violation of chapter 42 (other than  
section 4942) after receiving a warning of a violation from the  
IRS, or if it commits a willful and flagrant violation. A foreign  
foundation described in section 4948(b) doesn't complete Form  
990-PF, Parts IX (unless claiming status as an operating  
foundation), X, XII, and XIV; isn't required to send a copy of its  
annual return to a state official; and isn't required to comply with  
the public inspection requirements for annual returns (see G.  
Public Inspection Requirements, earlier). The foundation must  
attach a computation of the 85% test to the return.  
Taxable foreign private foundations and foreign section  
4947(a)(1) nonexempt charitable trusts aren't subject to excise  
tax under section 4948(a) or 4940, but are subject to income tax  
under subtitle A of the Code.  
For these purposes, U.S. territories are considered part of the  
United States, and thus territories' organizations aren't  
considered foreign organizations.  
Penalties  
A penalty may be imposed on any person who doesn't make the  
annual returns (including all required attachments to each return)  
or the exemption application available for public inspection  
according to the section 6104(d) rules discussed above. If more  
than one person fails to comply, each person is jointly and  
severally liable for the full amount of the penalty. The penalty  
amount is $20 for each day during which a failure occurs. The  
maximum penalty that may be imposed on all persons for any  
one annual return is $12,000. There is no maximum penalty  
amount for failure to make the exemption application available for  
public inspection.  
T. Liquidation, Dissolution,  
Termination, or Substantial  
Contraction  
Any person who willfully fails to comply with the section  
6104(d) public inspection requirements is subject to an  
additional penalty of $5,000.  
If there is a liquidation, dissolution, termination, or substantial  
contraction (defined below) of the organization, attach the  
following to the return.  
Requirements Placed on the IRS  
The IRS makes available a private foundation's Form 990-PF,  
Form 990-T, and approved exemption application. You may view  
exempt organization forms free of charge on Tax Exempt  
Organization Search (TEOS) at IRS.gov/TEOS. You may contact  
the IRS to obtain a copy of a return if it is not available online.  
Complete information is available on the IRS website at IRS.gov/  
A statement to the return that describes the transaction.  
A certified copy of the liquidation plan, resolution, etc. (if any)  
and all amendments or supplements that weren't previously filed.  
A schedule that lists the names and addresses of all  
recipients of assets.  
An explanation of the nature and fair market value of the  
assets distributed to each recipient.  
R. Disclosures Regarding Certain  
Information and Services Furnished  
Additional requirements. For a complete corporate liquidation  
or trust termination, attach a statement as to whether a final  
distribution of assets was made and the date it was made (if  
applicable).  
A section 501(c) organization that offers to sell or solicits money  
for specific information or a routine service to any individual that  
12  
Instructions for Form 990-PF (2023)  
       
Also, an organization must indicate:  
An organization gives the IRS notice of termination under  
section 507(b)(1)(B) by submitting Form 8940, Request for  
Miscellaneous Determinations, on which it provides the  
information set forth in Regulations section 1.507-2(b)(3).  
That it has ceased to exist and check Final return in Item G of  
the Heading section on page 1 of the return; or  
That it is terminating its private foundation status under  
section 507(b)(1)(B), according to U. Section 507(b)(1)(B)  
or  
An organization may also give the notice with a request for an  
advance ruling that the organization can be expected to meet the  
requirements of public charity status during the 60-month period.  
Form 8940, Request for Miscellaneous Determination, is also  
used for this purpose. No user fee is required to provide the  
required notice, but a user fee is required if an advance ruling is  
requested. See the Instructions for Form 8940 for more  
information.The advantage of an advance ruling is that the  
organization’s grantors and contributors can generally rely on it  
during the 60-month period, and the ruling constitutes  
reasonable cause for abatement of penalties for failure to pay  
section 4940 tax during the period. The organization itself can't  
rely on the ruling to avoid private foundation status during or after  
the 60-month period.  
Although an organization terminating its private foundation  
status under section 507(b)(1)(B) may be regarded as a public  
charity for certain purposes, it is considered a private foundation  
for filing requirement purposes and must file an annual return on  
Form 990-PF. The return must be filed for each year in the  
60-month termination period, if that period hasn't expired before  
the due date of the return.  
Within 90 days after the end of the termination period, the  
organization must supply information to the IRS establishing that  
it has terminated its private foundation status and, as a result,  
qualifies as a public charity. This information is provided on Form  
8940.  
If information is furnished establishing a successful  
termination, then, for the final year of the termination period, the  
organization should comply with the filing requirements for the  
type of public charity it has become. See the Instructions for  
Form 990 and the Instructions for Schedule A (Form 990 or  
990-EZ) for details on filing requirements. This applies even if the  
IRS hasn't confirmed that the organization has terminated its  
private foundation status by the time the return for the final year  
of the termination is due (or would be due if a return were  
required).  
That it is voluntarily terminating its private foundation status  
under section 507(a)(1) and owes a termination tax and must  
send the notice (and tax payment, if applicable) required by Rev.  
Rul. 2003-13, 2003-4 I.R.B. 305, and Rev. Rul. 2002-28,  
2002-20 I.R.B. 941, to the Manager, Exempt Organizations  
Determinations, at the address given in U. Section 507(b)(1)(B)  
Relief from public inspection requirements. If the  
organization has terminated its private foundation status under  
section 507(b)(1)(A), it doesn't have to comply with the notice  
and public inspection requirements of the return for the  
termination year.  
Filing date. See J. When and How To File, earlier, for the filing  
date.  
Definitions. The term “substantial contraction” includes any  
partial liquidation or any other significant disposition of assets.  
However, this doesn't include transfers for full and adequate  
consideration or distributions of current income.  
A significant disposition of assets doesn't include any  
disposition for a tax year if:  
1. The total of the dispositions for the tax year is less than  
25% of the fair market value of the net assets of the organization  
at the beginning of the tax year, and  
2. The total of the related dispositions made during prior tax  
years (if a disposition is part of a series of related dispositions  
made during these prior tax years) is less than 25% of the fair  
market value of the net assets of the organization at the  
beginning of the tax year in which any of the series of related  
dispositions was made.  
The facts and circumstances of the particular case will  
determine whether a significant disposition has occurred through  
a series of related dispositions. Ordinarily, a distribution  
described in section 170(b)(1)(F)(ii) (relating to private  
foundations making qualifying distributions out of corpus equal  
to 100% of contributions received during the foundation's tax  
year) won't be taken into account as a significant disposition of  
assets. See Regulations section 1.170A-9(h)(2).  
The organization will be allowed a reasonable period of time  
to file any private foundation returns required (for the last year of  
the termination period) but not previously filed if it is later  
determined that the organization didn't terminate its private  
foundation status. Interest on any tax due will be charged from  
the original due date of Form 990-PF, but penalties under  
sections 6651 and 6652 won't be assessed if Form 990-PF is  
filed within the period allowed by the IRS.  
U. Section 507(b)(1)(B)  
Termination—Notice and Filing  
Requirements  
V. Payment of Section 4940 Tax  
During Section 507(b)(1)(B)  
Termination  
A private foundation or nonexempt charitable trust (other than a  
foundation or trust described in section 4948(b)) may terminate  
its private foundation status under section 507(b)(1)(B) by  
meeting the requirements of public charity status under section  
509(a)(1), (2), or (3) over a continuous 60-month period that  
begins with the beginning of a tax year of the organization. The  
organization must give proper notice to the IRS prior to the start  
of the 60-month period, and establish to the satisfaction of the  
IRS within 90 days after the end of the 60-month period that it so  
qualified.  
An organization terminating its private foundation status under  
section 507(b)(1)(B) may file Form 990-PF without paying the  
section 4940 tax based on investment income if it filed a consent  
under section 6501(c)(4) with its notice of termination prior to the  
start of the 60-month period. The consent provides that the  
period of limitation on the assessment of tax under chapter 42,  
based on investment income for any tax year in the 60-month  
period, won't expire until at least 1 year after the period for  
assessing a deficiency for the last tax year in which the  
60-month period would normally expire. Any foundation not  
paying the tax when it files Form 990-PF must attach a copy of  
the signed consent.  
If the organization fails to qualify as a public charity over the  
entire 60-month period, then it will be treated as a private  
foundation after the end of the 60-month period, and for any tax  
year within the 60-month period in which it didn't qualify as a  
public charity.  
If the foundation didn't file the consent, the tax must be paid in  
the normal manner as explained in O. Figuring and Paying  
13  
Instructions for Form 990-PF (2023)  
             
Foundations, earlier. The organization may file a claim for refund  
after completing termination or during the termination period.  
The claim for refund must be filed on time and the organization  
must supply information establishing that it qualified as a public  
charity for the period for which it paid the tax.  
telephone, enter a telephone number of a foundation official who  
can provide this information during normal business hours.  
Item D2. Foreign Organizations  
If the foreign organization meets the 85% test of Regulations  
section 53.4948-1(b), then:  
Check the box in D2 in the Heading section on page 1 of Form  
W. Rounding, Currency, and  
Attachments  
Rounding off to whole dollars. You must round off cents to  
whole dollars on your return and schedules. To round, drop  
amounts under 50 cents and increase amounts from 50 to 99  
cents to the next dollar. For example, $1.39 becomes $1 and  
$2.50 becomes $3.  
990-PF,  
Check the box at the top of Part X,  
Don’t fill in Parts X and XII,  
Don’t fill in Part IX unless it is claiming status as a private  
operating foundation, and  
Attach the computation of the 85% test to Form 990-PF.  
Note. In addition to these requirements, foreign organizations  
checking the box in D1 of the Heading on Form 990-PF don't  
complete Part IV or Part I, line 7. See B. Which Parts To  
Complete, earlier, for more details.  
If you have to add two or more amounts to figure the amount  
to enter on a line, include cents when adding the amounts and  
round off only the total.  
Currency and language requirements. Report all amounts in  
U.S. dollars. State the conversion rate used. Report all items in  
total, including amounts from both U.S. and non-U.S. sources.  
All information must be in English.  
Item E. Section 507(b)(1)(A) Terminations  
A private foundation that has terminated its private foundation  
status under section 507(b)(1)(A) during the tax year being  
reported, by distributing all its net assets to one or more public  
charities without keeping any right, title, or interest in those  
assets, should check this box. See Q. Public Inspection  
Attachments. Use the schedules on Form 990-PF. If you need  
more space, use attachments that are the same size as the  
printed forms.  
On each attachment, write:  
“Form 990-PF,”  
Item F. 60-Month Termination Under Section  
507(b)(1)(B)  
The tax year,  
The corresponding schedule number or letter,  
The organization's name and EIN, and  
The information requested using the format and line sequence  
Check this box if the organization is terminating its private  
foundation status under the 60-month provisions of section  
507(b)(1)(B) during the period covered by this return. To begin  
such a termination, a private foundation must have given  
advance notice to TE/GE at the Cincinnati address given earlier  
and provided the information outlined in Regulations section  
and Filing Requirements, earlier, for information regarding filing  
requirements during a section 507(b)(1)(B) termination.  
of the printed form.  
Also, show totals on the printed forms.  
Specific Instructions  
Heading  
(B) Termination, earlier, for information regarding payment of the  
tax based on investment income (figured in Part V) during a  
section 507(b)(1)(B) termination.  
Name and Address  
If the organization operates under a name different from its legal  
name, give the legal name of the organization but identify its  
alternate name, after the legal name, by writing “aka” (also  
known as) and the alternate name of the organization. The  
address used must be that of the principal office of the  
foundation.  
Item G. Initial Return of Certain Former Public  
Charities  
If this is the initial Form 990-PF return of a former public charity  
under section 170(b)(1)(A)(vi) or 509(a)(2) or 509(a)(3), then the  
organization is treated as a private foundation for the tax year  
being reported only for purposes of section 6033 (filing Form  
990-PF), section 4940 (paying excise tax on investment income),  
and section 507 (terminating private foundation status).  
Include the suite, room, or other unit number after the street  
address. If the post office doesn't deliver mail to the street  
address and the organization has a P.O. box, show the box  
number instead of the street address.  
Item A. Employer Identification Number  
The organization should have only one EIN. If it has more than  
one EIN, notify the Internal Revenue Service Center at the  
address shown under J. When and How To File, earlier. Explain  
what numbers the organization has, the name and address to  
which each number was assigned, and the address of the  
organization's principal office. The IRS will then advise which  
number to use.  
Item H. Type of Organization  
Check the box for “Section 501(c)(3) exempt private foundation”  
if the foundation has a ruling or determination letter from the IRS  
in effect that recognizes its exemption from federal income tax as  
an organization described in section 501(c)(3) or if the  
organization's exemption application is pending with the IRS.  
Check the “Section 4947(a)(1) nonexempt charitable trust”  
box if the trust is a nonexempt charitable trust treated as a  
private foundation. All others, check the “Other taxable private  
foundation” box.  
Item B. Telephone Number  
Enter a foundation telephone number (including the area code)  
that the public and government regulators may use to obtain  
information about the foundation's finances and activities. This  
information should be available at this telephone number during  
normal business hours. If the foundation doesn't have a  
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Instructions for Form 990-PF (2023)  
               
For example, investment income from debt-financed property  
unrelated to the organization's charitable purpose and certain  
rents (and related expenses) treated as unrelated trade or  
business income should be reported on Form 990-T. Income  
from debt-financed property that isn't taxed under section 511 is  
taxed under section 4940. Thus, if the debt/basis percentage of  
a debt-financed property is 80%, only 80% of the gross income  
(and expenses) for that property is used to figure the section 511  
tax on Form 990-T. The remaining 20% of the gross income (and  
expenses) of that property is used to figure the section 4940 tax  
on net investment income on Form 990-PF. (See Form 990-T  
and its instructions for more information.)  
Item I. Fair Market Value of All Assets  
In Item I in the Heading on page 1 of Form 990-PF, enter the fair  
market value of all assets the foundation held at the end of the  
tax year.  
This amount should be the same as the figure reported  
in Part II, line 16, column (c).  
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Part I. Analysis of Revenue and  
Expenses  
Investment expenses. Include in column (b) all ordinary and  
necessary expenses paid or incurred to produce or collect  
investment income from interest, dividends, rents, amounts  
received from payments on securities loans (as defined in  
section 512(a)(5)), royalties, income from notional principal  
contracts, annuities, substantially similar income from ordinary  
and routine investments, and income from similar sources; or for  
the management, conservation, or maintenance of property held  
for the production of income that is taxable under section 4940.  
Column Instructions  
The total of amounts in columns (b), (c), and (d) (or any  
combination of them, such as columns (b) and (d)) may differ  
from the amount in column (a).  
The amounts entered in column (a) and on line 5b must be  
analyzed in Part XV-A.  
Column (a). Revenue and Expenses per Books  
If any of the expenses listed in column (a) are paid or incurred  
for both investment and charitable purposes, they must be  
allocated on a reasonable basis between the investment  
activities and the charitable activities so that only expenses from  
investment activities appear in column (b). Examples of  
allocation methods are given in the instructions for Part VIII-A.  
Limitation. The deduction for expenses paid or incurred in  
any tax year for producing gross investment income earned  
incident to a charitable function can't be more than income  
earned from the function includible as gross investment income  
for the year.  
For example, if rental income is incidentally realized in 2021  
from historic buildings held open to the public, deductions for  
amounts paid or incurred in 2021 for the production of this  
income may not be more than the amount of rental income  
includible as gross investment income in column (b) for 2021.  
Expenses related to tax-exempt interest. Don’t include on  
lines 13–23 of column (b) any expenses paid or incurred that are  
allocable to tax-exempt interest that is excluded from lines 3 and  
4.  
Enter in column (a) all items of revenue and expense shown in  
the books and records that increased or decreased the net  
assets of the organization. However, don't include the value of  
services donated to the foundation or items such as free use of  
equipment or facilities in contributions received. Also, don't  
include any expenses used to figure capital gains and losses on  
lines 6, 7, and 8 or expenses included in cost of goods sold on  
line 10b. For foundations that don't use the cash method of  
accounting for book purposes, charitable expenditures reported  
in column (a) won't necessarily match amounts reported in  
column (d).  
Column (b). Net Investment Income  
All domestic private foundations (including section 4947(a)(1)  
nonexempt charitable trusts) are required to pay an excise tax  
each tax year on net investment income.  
Exempt foreign foundations are subject to an excise tax on  
gross investment income from U.S. sources. These foreign  
organizations should complete lines 3, 4, 5a, 5b, 11, 12, and 27b  
of column (b) and report only income derived from U.S. sources.  
No other income should be included. No expenses are allowed  
as deductions.  
If the foundation is a partner in a partnership, then  
pertinent items of income, gain, loss, deduction, or credit  
from the entity's Schedule K-1 (Form 1065) should  
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generally be reported in columns (b) and (c) for the tax year of  
the entity ending with or within the foundation's tax year. See  
Regulations sections 53.4940-1(c)(1) and 53.4942(a)-2(d)(1).  
Definitions. See below.  
Gross investment income. Gross investment income is the  
total amount of investment income that was received by a private  
foundation from all sources. However, it doesn't include any  
income subject to the unrelated business income tax. It includes  
interest, dividends, rents, payments with respect to securities  
loans (as defined in section 512(a)(5)), royalties received from  
assets devoted to charitable activities, income from notional  
principal contracts (as defined in Regulations section 1.863-7),  
annuities, substantially similar income from ordinary and routine  
investments, and income from similar sources. Therefore,  
interest received on a student loan is includible in the gross  
investment income of a private foundation making the loan.  
Net investment income. Net investment income is the  
amount by which the sum of gross investment income and the  
capital gain net income exceeds the allowable deductions  
discussed later. Tax-exempt interest on governmental obligations  
and related expenses are excluded.  
By contrast, if the foundation is a beneficiary of a trust,  
distributions from the trust aren't included in income in column  
(c) if the trust was created and funded by a person other than the  
foundation, and aren't included in column (b). See Regulations  
section 53.4942(a)-2(d)(2)(vii) and Notice 2004-35, 2004-19  
I.R.B. 889, available at IRS.gov/irb/2004-19_IRB/index.html.  
Column (c). Adjusted Net Income  
Nonoperating private foundations should see  
Nonoperating private foundations, later, to find out if they  
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need to complete column (c).  
Private operating foundations. All organizations that claim  
status as private operating foundations under section 4942(j)(3)  
or (5) must complete all lines of column (c) that apply, according  
to the general rules for income and expenses that apply to this  
column, the specific line instructions for lines 3–27c, the Special  
rule, later, and Examples 1 and 2, later.  
Investment income. Include in column (b) all or part of any  
amount from column (a) that applies to investment income.  
However, don't include in column (b) any income and related  
expenses reported on Form 990-T.  
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Instructions for Form 990-PF (2023)  
           
Use the cash receipts and disbursements method of  
General rules. In general, adjusted net income is the amount of  
a private foundation's gross income that is more than the  
expenses of earning the income. The modifications and  
exclusions explained below are applied to gross income and  
expenses in figuring adjusted net income.  
For income and expenses, include on each line of column (c)  
only that portion of the amount from column (a) allocable to the  
adjusted net income computation.  
Income. For column (c), include income from charitable  
functions, investments, related and unrelated business, and  
amounts set aside; short-term capital gains and losses;  
recoveries of amounts that were treated as qualifying  
distributions in prior tax years; and amounts set aside that are  
determined not to be needed for the purposes for which they  
were set aside. Don’t include gifts, grants or contributions, or  
long-term capital gains or losses.  
Expenses. Deductible expenses include the part of a private  
foundation's operating expenses paid or incurred to produce or  
collect gross income reported on lines 3–11 of column (c). If only  
part of the property produces income includible in column (c),  
deductions such as interest, taxes, and rent must be divided  
between the charitable and noncharitable uses of the property. If  
the deductions for property used for a charitable, educational, or  
other similar purpose are more than the income from the  
property, the excess won't be allowed as a deduction but may be  
treated as a qualifying distribution in Part I, column (d). See  
Examples 1 and 2, below.  
accounting no matter what accounting method is used in  
keeping the books of the foundation;  
Don’t include any amount or part of an amount included in  
column (b) or (c);  
Include on lines 13–25 all expenses, including necessary and  
reasonable administrative expenses, paid by the foundation for  
religious, charitable, scientific, literary, educational, or other  
public purposes, or for the prevention of cruelty to children or  
animals;  
Include a distribution of property at the fair market value on  
the date the distribution was made; and  
Include only the part entered in column (a) that is allocable to  
the charitable purposes of the foundation.  
Example. An educational seminar produced $1,000 in  
income that was reportable in columns (a) and (c). Expenses  
attributable to this charitable activity were $1,900. Only $1,000 of  
expense should be reported in column (c) and the remaining  
$900 in expense should be reported in column (d).  
Qualifying distributions. Generally, amounts paid to  
accomplish the foundation’s exempt purposes are qualifying  
distributions. Special rules apply in certain situations—see the  
line 25, column (d), instructions.  
The total of the expenses and disbursements on line 26  
is also entered on line 1a in Part XI to figure qualifying  
distributions.  
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Alternative to completing lines 13–25. If you want to provide  
an analysis of disbursements that is more detailed than column  
(d), you may attach a schedule instead of completing lines 13–  
25. The schedule must include all the specific items of lines 13–  
25, and the total from the schedule must be entered on line 26,  
column (d).  
Special rule. The expenses attributable to each specific  
charitable activity, limited by the amount of income from the  
activity, must be reported in column (c) on lines 13–26. If the  
expenses of any charitable activity exceed the income generated  
by that activity, only the excess of these expenses over the  
income should be reported in column (d).  
Examples.  
Line Instructions  
Line 1. Contributions, gifts, grants, etc., received. Enter the  
total of gross contributions, gifts, grants, and similar amounts  
received.  
1. A charitable activity generated $5,000 of income and  
$4,000 of expenses. Report all income and expenses in column  
(c) and none in column (d).  
2. A charitable activity generated $5,000 of income and  
$6,000 of expenses. Report $5,000 of income and $5,000 of  
expenses in column (c) and the excess expenses of $1,000 in  
column (d).  
The Coronavirus Aid, Relief, and Economic Security Act  
(CARES Act) established the Paycheck Protection  
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Program (PPP) to provide loans to small businesses as a  
direct incentive to keep their workers on the payroll. The loans  
are forgiven if all employee retention criteria are met and the  
funds are used for eligible expenses. Amounts of PPP loans that  
are forgiven may be reported on line 1 as contributions from a  
governmental unit in the taxable year that the amounts are  
forgiven or at such other time as provided in Rev. Proc. 2021-48,  
2021-49 I.R.B. 835.  
Nonoperating private foundations. A foundation that doesn't  
claim status as a private operating foundation isn't required to  
complete column (c) unless either of the following applies.  
1. The foundation received income from a charitable activity  
and wishes to claim a qualifying distribution for expenses  
incurred in the activity in excess of the income. The foundation  
must report such income only on lines 10 and/or 11 in column  
(c), and any expenses relating to this income following the  
general rules and the special rule above. See Examples 1 and 2,  
above. The foundation need not report other kinds of income and  
expenses (such as investment income and expenses) in column  
(c).  
Schedule B (Form 990). If money, securities, or other  
property valued at $5,000 or more was received directly or  
indirectly from any one person during the year, complete  
Schedule B and attach it to the return. If the foundation isn't  
required to complete Schedule B (no person contributed $5,000  
or more), be sure to check the box on line 2.  
To determine whether a person has contributed $5,000 or  
more, total only gifts of $1,000 or more from each person.  
Separate and independent gifts need not be totaled if less than  
$1,000. If a contribution is in the form of property, describe the  
property and include its fair market value.  
The term “person” includes individuals, fiduciaries,  
partnerships, corporations, associations, trusts, and exempt  
organizations.  
Split-interest trusts. Distributions from split-interest trusts  
should be entered on line 1, column (a). They are a part of the  
amount on line 1.  
2. The foundation claims status under section 170(b)(1)(F)  
(iii) (relating to foundations that maintain a common fund). The  
foundation must complete all lines of column (c) that apply.  
Column (d). Disbursements for Charitable  
Purposes  
Expenses entered in column (d) relate to activities that constitute  
the charitable purpose(s) of the foundation.  
For amounts entered in column (d):  
16  
Instructions for Form 990-PF (2023)  
         
Substantiation requirements. An organization must keep  
ratably over the life of the bond on line 4. See section 1272 for  
more information.  
records, as required by the regulations under section 170.  
In column (b). Enter the amount of dividend and interest  
income and payments on securities loans from column (a). Don’t  
include interest on tax-exempt government obligations.  
In column (c). Enter the amount of dividend and interest  
income and payments on securities loans from column (a).  
Include interest on tax-exempt government obligations.  
Generally, a donor making a charitable contribution of $250 or  
more won't be allowed a federal income tax deduction unless the  
donor obtains a written acknowledgment from the donee  
organization by the earlier of the date on which the donor files a  
tax return for the tax year in which the contribution was made or  
the due date, including extensions, for filing that return. However,  
see section 170(f)(8)(D) and Regulations section 1.170A-13(f)  
for exceptions to this rule.  
Line 5a. Gross rents. Enter in the columns below.  
In column (a). Enter the gross rental income for the year  
from investment property reportable in Part II, line 11.  
In columns (b) and (c). Enter the gross rental income from  
column (a).  
The written acknowledgment the foundation provides to the  
donor must show:  
1. The amount of cash contributed;  
2. A description of any property contributed;  
Line 5b. Net rental income or (loss). Figure the net rental  
income or (loss) for the year and enter that amount on the entry  
line to the left of column (a).  
3. Whether the foundation provided any goods or services to  
the donor; and  
Report rents from other sources on line 11. Enter any  
expenses attributable to the rental income reported on line 5,  
such as interest and depreciation, on lines 13–23.  
4. A description and a good-faith estimate of the value of  
any goods or services the foundation gave in return for the  
contribution, unless:  
a. The goods and services have insubstantial value, or  
Line 6a. Net gain or (loss) from sale of assets. Enter the net  
gain or (loss) per books from all asset sales not included on  
line 10.  
b. A statement is included that these goods and services  
consist solely of intangible religious benefits.  
For assets sold and not included in Part IV, attach a schedule  
Generally, if a charitable organization solicits or receives a  
contribution of more than $75 for which it gives the donor  
something in return (a quid pro quo contribution), the  
organization must inform the donor, by written statement, that the  
amount of the contribution deductible for federal income tax  
purposes is limited to the amount by which the contribution  
exceeds the value of the goods or services received by the  
donor. The written statement must also provide the donor with a  
good-faith estimate of the value of goods or services given in  
return for the contribution.  
Penalties. An organization that doesn't make the required  
disclosure for each quid pro quo contribution will incur a penalty  
of $10 for each failure, not to exceed $5,000 for a particular  
fundraising event or mailing, unless it can show reasonable  
cause for not providing the disclosure.  
For more information. See Regulations section 1.170A-13  
for more information on charitable recordkeeping and  
substantiation requirements.  
showing:  
Date acquired;  
Manner of acquisition;  
Gross sales price;  
Cost, other basis, or value at time of acquisition (if donated)  
and which of these methods was used;  
Date sold;  
To whom sold;  
Expense of sale and cost of improvements made subsequent  
to acquisition; and  
Depreciation since acquisition (if depreciable property).  
Line 6b. Gross sales price for all assets on line 6a. Enter  
the gross sales price from all asset sales whose net gain or loss  
was reported on line 6a.  
Line 7. Capital gain net income. Enter the capital gain net  
income from Part IV, line 2. See the Part IV instructions.  
Line 8. Net short-term capital gain. Include only net  
short-term capital gain for the year (assets sold or exchanged  
that were held not more than 1 year). Don’t include net long-term  
capital gain or net loss in column (c).  
Don’t include on line 8 a net gain from the sale or exchange of  
depreciable property, or land used in a trade or business  
(section 1231) and held for more than 1 year. However, include  
net loss from such property on line 23 as an Other expense.  
In general, foundations may carry to line 8 the net short-term  
capital gain reported in Part IV, line 3. However, if the foundation  
had any short-term capital gain from sales of debt-financed  
property, add it to the amount reported in Part IV, line 3, to figure  
the amount to include on line 8. For information dealing with  
“debt-financed property,” see the Instructions for Form 990-T.  
Line 2. Check this box if the foundation isn't required to attach  
Schedule B.  
Line 3. Interest on savings and temporary cash invest-  
ments. Enter in the columns below.  
In column (a). Enter the total amount of interest income from  
investments reportable in Part II, line 2. These include savings or  
other interest-bearing accounts and temporary cash  
investments, such as money market funds, commercial paper,  
certificates of deposit, and U.S. Treasury bills or other  
government obligations that mature in less than 1 year.  
In column (b). Enter the amount of interest income shown in  
column (a). Don’t include interest on tax-exempt government  
obligations.  
In column (c). Enter the amount of interest income shown in  
column (a). Include interest on tax-exempt government  
obligations.  
Only private operating foundations report their  
short-term capital gains on line 8.  
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Line 4. Dividends and interest from securities. Enter in the  
columns below.  
Line 9. Income modifications. Include on this line:  
1. Amounts received or accrued as repayments of amounts  
In column (a). Enter the amount of dividend and interest  
income from securities (stocks and bonds) reportable in Part II,  
line 10. Include amounts received from payments on securities  
loans, as defined in section 512(a)(5). Don’t include any capital  
gain dividends reportable on line 6a. Report income from  
program-related investments on line 11. For debt instruments  
with an original issue discount, report the original issue discount  
taken into account as qualifying distributions;  
2. Amounts received or accrued from the sale or other  
disposition of property to the extent that the acquisition of the  
property was considered a qualifying distribution for any tax  
year;  
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Instructions for Form 990-PF (2023)  
     
3. Any amount set aside for a specific project (see  
explanation in the instructions for Part XI) that wasn't necessary  
for the purposes for which it was set aside;  
4. Income received from an estate, but only if the estate was  
considered terminated for income tax purposes due to a  
prolonged administration period; and  
In columns (b), (c), and (d). Enter the portion of the  
compensation included in column (a) that is applicable to the  
column. For example, in column (c), enter the portion of the  
compensation included in column (a) paid or incurred to produce  
or collect income included in column (c).  
Line 14. Other employee salaries and wages. Enter the  
salaries and wages of all employees other than those included  
on line 13.  
5. Amounts treated in an earlier tax year as qualifying  
distributions to:  
Employee leasing companies and professional employer  
organizations. In some cases, an exempt organization “leases”  
one or more “employees” from another company, which may be  
in the business of leasing employees. Alternatively, the  
organization may enter into an agreement with a professional  
employer organization to perform some or all of the federal  
employment tax withholding, reporting, and payment functions  
related to workers performing services for the organization. The  
organization should treat employees of an employee leasing  
company or a professional employer organization (whether or  
not certified under the Certified Professional Employer  
Organization Program (CPEO)) as the organization's own  
employees and should report the compensation and other items  
in Part IV as if the organization had paid the officers, directors,  
trustees, and key employees directly. For more information, visit  
IRS.gov/CPEO. An employee is defined as, any individual who,  
under the usual common law rules applicable in determining the  
employer-employee relationship, has the status of an employee,  
and any other individual who is treated as an employee for  
federal employment tax purposes under section 3121(d). See  
Pub. 1779 for more information.  
A nonoperating private foundation if the amounts weren't  
redistributed by the grantee organization by the close of its tax  
year following the year in which it received the funds, or  
An organization controlled by the distributing foundation or a  
disqualified person if the amounts weren't redistributed by the  
grantee organization by the close of its tax year following the  
year in which it received the funds.  
Lines 10a, b, c. Gross profit from sales of inventory. Enter  
the gross sales (less returns and allowances), cost of goods  
sold, and gross profit or (loss) from the sale of all inventory  
items, including those sold in the course of special events and  
activities. These inventory items are the ones the organization  
either makes to sell to others or buys for resale.  
Don’t report any sales or exchanges of investments on  
line 10.  
Don’t include any profit or (loss) from the sale of capital items  
such as securities, land, buildings, or equipment on line 10.  
Enter these amounts on line 6a.  
Don’t include any business expenses such as salaries, taxes,  
rent, etc., on line 10. Include them on lines 13–23.  
Line 15. Contributions to employee pension plans and oth-  
er benefits. Enter the employer's share of contributions the  
organization paid to qualified and nonqualified pension plans  
and the employer's share of contributions to employee benefit  
programs (such as insurance, health, and welfare programs) that  
aren't an incidental part of a pension plan. Complete the return/  
report of the Form 5500 series appropriate for the organization's  
plan. See the Instructions for Form 5500 for information about  
employee welfare benefit plans required to file that form.  
Attach a schedule showing the following items: gross sales,  
cost of goods sold, and gross profit or (loss). These items should  
be classified according to type of inventory sold (such as books,  
tapes, other educational or religious material, etc.). The totals  
from the schedule should agree with the entries on lines 10a–  
10c.  
In column (c), enter the gross profit or (loss) from sales of  
inventory shown on line 10c, column (a).  
Also include the amount of federal, state, and local payroll  
taxes for the year, but only include those that are imposed on the  
organization as an employer. This includes the employer's share  
of social security and Medicare taxes, FUTA tax, state  
unemployment compensation tax, and other state and local  
payroll taxes. Don’t include taxes withheld from employees'  
salaries and paid over to the various governmental units (such as  
federal and state income taxes and the employee's share of  
social security and Medicare taxes).  
Line 11. Other income. Enter the total of all the foundation's  
other income for the year. Attach a schedule that gives a  
description and the amount of the income. Include all income not  
reported on lines 1 through 10c. Also, see Part XV-A, Line 11,  
later.  
Include imputed interest on certain deferred payments figured  
under section 483 and any investment income not reportable on  
lines 3 through 5, including income from program-related  
investments (defined in the instructions for Part VIII-B).  
Don’t include unrealized gains and losses on investments  
carried at market value. Report those as fund balance or net  
asset adjustments in Part III.  
In column (b). Enter the amount of investment income  
included in line 11, column (a). Include dividends, interest, rents,  
and royalties derived from assets devoted to charitable activities,  
such as interest on student loans.  
Lines 16a, b, and c. Legal, accounting, and other professio-  
nal fees. On the appropriate line(s), enter the legal, accounting,  
auditing, and other professional fees (such as fees for  
fundraising or investment services) charged by outside firms and  
individuals who aren't employees of the foundation.  
Attach a schedule for lines 16a, b, and c. Show the type of  
service and expense for each. If the same person provided more  
than one of these services, include an allocation of those  
expenses.  
In column (c). Include all other items includible in adjusted  
net income not covered elsewhere in column (c).  
Report any fines, penalties, or judgments imposed against  
Line 12. Total. Enter the total of lines 1–11 in columns (a)–(c).  
In column (b). Domestic organizations should enter the total  
of lines 3–11. Tax-exempt foreign foundations should exclude the  
line 7 amount from the total.  
the foundation as a result of legal proceedings on line 23.  
Line 18. Taxes. Attach a schedule listing the type and amount  
of each tax reported on line 18. Don’t enter any taxes included  
on line 15.  
In column (a). Enter the taxes paid (or accrued) during the  
year. Include all types of taxes recorded on the books, including  
real estate tax not reported on line 20, the tax on investment  
income, and any income tax.  
Line 13. Compensation of officers, directors, trustees, etc.  
Enter in the columns below.  
In column (a). Enter the total compensation for the year of all  
officers, directors, and trustees. If none was paid, enter zero.  
Complete line 1 of Part VII to show the compensation of officers,  
directors, trustees, and foundation managers.  
18  
Instructions for Form 990-PF (2023)  
 
In column (b). Enter only those taxes included in column (a)  
related to investment income taxable under section 4940. Don’t  
include the section 4940 tax paid or incurred on net investment  
income or the section 511 tax on unrelated business income.  
Sales taxes may not be deducted separately but must be treated  
as a part of the cost of acquired property or as a reduction of the  
amount realized on disposition of the property.  
In column (c). Enter only those taxes included in column (a)  
that relate to income included in column (c). Don’t include any  
excise tax paid or incurred on the net investment income (as  
shown in Part V) or any tax reported on Form 990-T.  
In column (d). Don’t include any excise tax paid on  
investment income (as reported in Part V of this return or the  
equivalent part of a return for prior years) unless the organization  
is claiming status as a private operating foundation and  
completes Part XIII.  
Line 22. Printing and publications. Enter the expenses for  
printing or publishing and distributing any newsletters,  
magazines, etc. Also include the cost of subscriptions to, or  
purchases of, magazines, newspapers, etc.  
Line 23. Other expenses. Enter all other expenses for the year.  
Include all expenses not reported on lines 13–22. Attach a  
schedule showing the type and amount of each expense.  
If a deduction is claimed for amortization, attach a schedule  
showing:  
Description of the amortized expenses;  
Date acquired, completed, or expended;  
Amount amortized;  
Deduction for prior years;  
Amortization period (number of months);  
Current-year amortization; and  
Total amount of amortization.  
Line 19. Depreciation and depletion.  
In column (a). Enter the expense recorded in the books for  
the year.  
In column (c). In addition to the applicable portion of  
expenses from column (a), include any net loss from the sale or  
exchange of land or depreciable property that was held for more  
than 1 year and used in a trade or business.  
For depreciation, attach a schedule showing:  
A description of the property,  
A deduction for amortization is allowed but only for assets  
The date acquired,  
used for the production of income reported in column (c).  
The cost or other basis (exclude any land),  
The depreciation allowed or allowable in prior years,  
The method of computation,  
Line 25. Contributions, gifts, grants paid. Don’t report on  
line 25 direct program expenditures that aren't contributions,  
gifts, or grants. These amounts should be reported on lines 13–  
24.  
In column (a). Enter the total of all contributions, gifts, grants,  
and similar amounts paid (or accrued) for the year. List each  
contribution, gift, grant, etc., in Part XIV, or attach a schedule of  
the items included on line 25 and list:  
The rate (%) or life (years), and  
The depreciation this year.  
On a separate line on the schedule, show the amount of  
depreciation included in cost of goods sold and not included on  
line 19.  
In columns (b) and (c). A deduction for depreciation is  
allowed only for property used in the production of income  
reported in the column, and only using the straight line method of  
figuring depreciation. A deduction for depletion is allowed but  
must be figured only using the cost depletion method.  
The basis used in figuring depreciation and depletion is the  
basis determined under normal basis rules, without regard to the  
special rules for using the fair market value on December 31,  
1969, that relate only to gain or loss on dispositions for purposes  
of the tax on net investment income.  
1. Name and address of donee;  
2. Relationship of donee if related by:  
a. Blood,  
b. Marriage,  
c. Adoption, or  
d. Employment (including children of employees) to any  
disqualified person (see C. Definitions, earlier, for definitions);  
and  
3. The organizational status of donee (for instance, public  
charity—an organization described in section 509(a)(1), (2), or  
(3)).  
Line 20. Occupancy. Enter the amount paid or incurred for the  
use of office space or other facilities. If the space is rented or  
leased, enter the amount of rent. If the space is owned, enter the  
amount of mortgage interest, real estate taxes, and similar  
expenses, but not depreciation reportable on line 19. In either  
case, include the amount for utilities and related expenses (for  
example, heat, lights, water, power, telephone, sewer, trash  
removal, outside janitorial services, and similar services). Don’t  
include any salaries of the organization's own employees  
reportable on line 14.  
You don't have to give the name of any indigent person who  
received one or more gifts or grants from the foundation unless  
that individual is a disqualified person or one who received a  
total of more than $1,000 from the foundation during the year.  
Activities should be described according to purpose and in  
greater detail than merely charitable, educational, religious, or  
scientific activities. For example, use identification such as  
payments for nursing service, for fellowships, or for assistance to  
indigent families.  
Foundations may include, as a single entry on the schedule,  
the total of amounts paid as grants for which the foundation  
exercised expenditure responsibility. Attach a separate report for  
each grant.  
When the fair market value of the property at the time of  
disbursement is the measure of a contribution, the schedule  
must also show:  
Line 21. Travel, conferences, and meetings. Enter the  
expenses for officers, employees, or others during the year for  
travel, attending conferences, meetings, etc. Include  
transportation (including fares, mileage allowance, or automobile  
expenses), meals and lodging, and related costs whether paid  
on the basis of a per diem allowance or actual expenses  
incurred. Don’t include any compensation paid to those who  
participate.  
In column (b). Only 50% of the expense for business meals  
paid or incurred in connection with travel, meetings, etc., relating  
to the production of investment income may be deducted in  
figuring net investment income (section 274(n)).  
In column (c). Subject to the Special rule, earlier, limiting  
amounts reported in column (c) by the income generated by a  
charitable activity, enter the total amount of expenses paid or  
incurred by officers, employees, or others for travel, conferences,  
meetings, etc., related to income included in column (c).  
A description of the contributed property,  
The book value of the contributed property,  
The method used to determine the book value,  
The method used to determine the fair market value, and  
The date of the gift.  
19  
Instructions for Form 990-PF (2023)  
         
The difference between fair market value and book value  
should be shown in the books of account and as a net  
asset adjustment in Part III.  
Foundations with less than $5,000 of total assets per books at  
all times during the year must complete all of columns (a) and (b)  
and only line 16 of column (c).  
TIP  
Line 1. Cash—Non-interest-bearing. Enter the amount of  
cash on deposit in checking accounts, deposits in transit,  
change funds, petty cash funds, and any other  
non-interest-bearing account. Don’t include advances to  
employees or officers or refundable deposits paid to suppliers or  
others.  
In column (d). Enter on line 25 all contributions, gifts, and  
grants the foundation paid during the year with the following  
exceptions.  
Don’t include contributions to organizations controlled by the  
foundation or by one or more disqualified persons, or  
contributions to nonoperating private foundations, unless the  
donee organization is exempt from tax under section 501(c)(3)  
and redistributes the contributions, and the foundation maintains  
sufficient evidence of redistribution, in accordance with section  
4942(g)(3) and Regulations section 53.4942(a)-3(c).  
Line 2. Savings and temporary cash investments. Enter the  
total of cash in savings or other interest-bearing accounts and  
temporary cash investments, such as money market funds,  
commercial paper, certificates of deposit, and U.S. Treasury bills  
or other governmental obligations that mature in less than 1 year.  
Don’t include contributions paid from a nonoperating private  
foundation to a Type III supporting organization, as defined  
under section 4943(f)(5), that isn't a functionally integrated Type  
III supporting organization, as defined under section 4943(f)(5)  
(B). See Regulations section 1.509(a)-4(i).  
Line 3. Accounts receivable. On the dashed lines to the left of  
column (a), enter the year-end figures for total accounts  
receivable and allowance for doubtful accounts from the sale of  
goods and/or the performance of services. In columns (a), (b),  
and (c), enter net amounts (total accounts receivable reduced by  
the corresponding allowance for doubtful accounts). Claims  
against vendors or refundable deposits with suppliers or others  
may be reported here if not significant in amount. (Otherwise,  
report them on line 15.) Any receivables due from officers,  
directors, trustees, foundation managers, or other disqualified  
persons must be reported on line 6. Report receivables  
(including loans and advances) due from other employees on  
line 15.  
Don’t include contributions paid from a nonoperating private  
foundation to any supporting organization if a disqualified person  
of the private foundation controls the supporting organization or  
any of its supported organizations. See Regulations section  
53.4942(a)-3(a)(3).  
Don’t reduce the amount of grants paid in the current year by  
the amount of grants paid in a prior year returned or recovered in  
the current year. Report those repayments on Part I, line 9,  
column (c), and in Part X, line 4.  
Don’t include any payments of set-asides (see the instructions  
for Part XI, line 3) taken into account as qualifying distributions in  
the current year or any prior year. All set-asides are included in  
qualifying distributions (Part XI, line 3) in the year of the  
set-aside, regardless of when paid.  
Line 4. Pledges receivable. On the dashed lines to the left of  
column (a), enter the year-end figures for total pledges  
receivable and allowance for doubtful accounts (pledges  
estimated to be uncollectible). In columns (a), (b), and (c), enter  
net amounts (total pledges receivable reduced by the  
corresponding allowance for doubtful accounts).  
Don’t include current-year write-offs of prior years'  
program-related investments. All program-related investments  
are included in qualifying distributions (Part XI, line 1b) in the  
year the investment is made.  
Line 5. Grants receivable. Enter the total grants receivable  
from governmental agencies, foundations, and other  
organizations as of the beginning and end of the year.  
Don’t include any payments that aren't qualifying distributions,  
as defined in section 4942(g)(1).  
Line 6. Receivables due from officers, directors, trustees,  
and other disqualified persons. Enter here (and on an  
attached schedule described below) all receivables due from  
officers, directors, trustees, foundation managers, and other  
disqualified persons and all secured and unsecured loans  
(including advances) to such persons. Don’t adjust the amounts  
reported by any amount(s) estimated to be uncollectible.  
“Disqualified person” is defined in C. Definitions, earlier.  
Attached schedules. 1. On the required schedule, report  
each loan separately, even if more than one loan was made to  
the same person or the same terms apply to all loans made.  
Salary advances and other advances for the personal use and  
benefit of the recipient and receivables subject to special terms  
or arising from transactions not functionally related to the  
foundation's charitable purposes must be reported as separate  
loans for each officer, director, etc.  
Net Amounts  
Line 27a. Excess of revenue over expenses and disburse-  
ments. Subtract line 26, column (a), from line 12, column (a),  
and enter the result. Generally, the amount shown in column (a)  
on this line is also the amount by which net assets (or fund  
balances) have increased or decreased for the year. See Part III.  
Line 27b. Net investment income. Domestic organizations  
should subtract line 26, column (b), from line 12, column (b), and  
enter the result. Exempt foreign organizations should enter the  
amount shown on line 12, column (b). However, if the  
organization is a domestic organization and line 26, column (b),  
is more than line 12, column (b) (such as when expenses exceed  
income), enter zero (not a negative amount).  
2. Receivables that are subject to the same terms and  
conditions (including credit limits and rate of interest) as  
receivables due from the general public from an activity  
functionally related to the foundation's charitable purposes may  
be reported as a single total for all the officers, directors, etc.  
Travel advances made for official business of the organization  
may also be reported as a single total.  
For each outstanding loan or other receivable that must be  
reported separately, the attached schedule should show the  
following information (preferably using columns).  
Line 27c. Adjusted net income. Subtract line 26, column (c),  
from line 12, column (c), and enter the result.  
Part II. Balance Sheets  
For column (b), show the book value at the end of the year. For  
column (c), show the fair market value at the end of the year.  
Attached schedules must show the end-of-year value for each  
asset listed in columns (b) and (c).  
Foundations whose books of account included total assets of  
$5,000 or more at any time during the year must complete all of  
columns (a), (b), and (c).  
1. Borrower's name and title.  
2. Original amount.  
3. Balance due.  
20  
Instructions for Form 990-PF (2023)  
   
4. Date of note.  
5. Maturity date.  
6. Repayment terms.  
7. Interest rate.  
8. Security provided by the borrower.  
9. Purpose of the loan.  
value of all land, buildings, and equipment held for investment  
less accumulated depreciation. In column (c), enter the fair  
market value of these assets. Attach a schedule listing these  
investment fixed assets held at the end of the year and showing,  
for each item or category listed, the original cost or other basis,  
accumulated depreciation, and ending book value.  
Line 12. Investments—mortgage loans. Enter the amount of  
mortgage loans receivable held as investments but don't include  
program-related investments (see the instructions for line 15).  
10. Description and fair market value of the consideration  
furnished by the lender (for example, cash—$1,000; or 100  
shares of XYZ, Inc., common stock— $9,000).  
Line 13. Investments—other. Enter the amount of all other  
investment holdings not reported on lines 10 through 12. Attach  
a schedule listing and describing each of these investments held  
at the end of the year. Show the book value for each and indicate  
whether the investment is listed at cost or end-of-year market  
value. Don’t include program-related investments (see the  
instructions for line 15).  
The above detail isn't required for receivables or travel advances  
that may be reported as a single total (see the discussion of  
receivables in (2) above); however, report and identify those  
totals separately on the attachment.  
Line 7. Other notes and loans receivable. On the dashed  
lines to the left of column (a), enter the combined total year-end  
figures for other notes receivable and loans receivable and the  
allowance for doubtful accounts.  
Notes receivable. In columns (a), (b), and (c), enter the  
amount of all notes receivable not listed on line 6 and not  
acquired as investments. Attach a schedule similar to the one for  
line 6. The schedule should also identify the relationship of the  
borrower to any officer, director, trustee, foundation manager, or  
other disqualified person.  
Line 14. Land, buildings, and equipment. On the first dashed  
line to the left of column (a), enter the year-end book value  
(excluding accumulated depreciation), and on the second  
dashed line, enter the accumulated depreciation of all land,  
buildings, and equipment owned by the organization and not  
held for investment. In columns (a) and (b), enter the book value  
of all land, buildings, and equipment not held for investment less  
accumulated depreciation. In column (c), enter the fair market  
value of these assets. Include any property, plant, and  
equipment owned and used by the organization to conduct its  
charitable activities. Attach a schedule listing these fixed assets  
held at the end of the year and showing the original cost or other  
basis, accumulated depreciation, and ending book value of each  
item or category listed.  
For a note receivable from any section 501(c)(3) organization,  
list only the name of the borrower and the balance due on the  
required schedule.  
Loans receivable. In columns (a), (b), and (c), enter the  
gross amount of loans receivable, minus the allowance for  
doubtful accounts, from the normal activities of the filing  
organization (such as scholarship loans). An itemized list of  
these loans isn't required, but attach a schedule showing the  
total amount of each type of outstanding loan. Report loans to  
officers, directors, trustees, foundation managers, or other  
disqualified persons on line 6 and loans to other employees on  
line 15.  
Line 15. Other assets. List and show the book value of each  
category of assets not reportable on lines 1 through 14. Attach a  
separate schedule if more space is needed.  
One type of asset reportable on line 15 is program-related  
investments. These are investments made primarily to  
accomplish a charitable purpose of the filing organization with no  
significant purpose to produce income.  
Line 8. Inventories for sale or use. Enter the amount of  
materials, goods, and supplies purchased or manufactured by  
the organization and held for sale or use in some future period.  
Line 16. Total assets. All filers must complete line 16 of  
columns (a), (b), and (c). These entries represent the totals of  
lines 1 through 15 of each column. However, foundations that  
have assets of less than $5,000 per books at all times during the  
year need not complete lines 1 through 15 of column (c).  
Line 9. Prepaid expenses and deferred charges. Enter the  
amount of short-term and long-term prepayments of expenses  
attributable to one or more future accounting periods. Examples  
include prepayments of rent, insurance, and pension costs, and  
expenses incurred in connection with a solicitation campaign to  
be conducted in a future accounting period.  
The column (c) amount is also entered on the entry  
space for Item I in the Heading section on page 1.  
TIP  
Line 17. Accounts payable and accrued expenses. Enter  
the total of accounts payable to suppliers and others and  
accrued expenses, such as salaries payable, accrued payroll  
taxes, and interest payable.  
Lines 10a, b, and c. Investments— government obligations,  
corporate stock and bonds. Enter the book value (which may  
be market value) of these investments.  
Attach a schedule that lists each security held at the end of  
the year and shows whether the security is listed at cost  
(including the value recorded at the time of receipt in the case of  
donated securities) or end-of-year market value. Don’t include  
amounts shown on line 2. Governmental obligations reported on  
line 10a are those that mature in 1 year or more. Debt securities  
of the U.S. Government may be reported as a single total rather  
than itemized. Obligations of state and municipal governments  
may also be reported as a lump-sum total. Don’t combine U.S.  
Government obligations with state and municipal obligations on  
this schedule.  
Line 18. Grants payable. Enter the unpaid portion of grants  
and awards the organization has made a commitment to pay  
other organizations or individuals, whether or not the  
commitments have been communicated to the grantees.  
Line 19. Deferred revenue. Include revenue that the  
organization has received but not yet earned as of the balance  
sheet date under its method of accounting.  
Line 20. Loans from officers, directors, trustees, and other  
disqualified persons. Enter the unpaid balance of loans  
received from officers, directors, trustees, and other disqualified  
persons. For loans outstanding at the end of the year, attach a  
schedule that shows (for each loan) the name and title of the  
lender and the information listed in items 2 through 10 of the  
instructions for line 6, earlier.  
Line 11. Investments—land, buildings, and equipment. On  
the first dashed line to the left of column (a), enter the year-end  
book value (excluding accumulated depreciation), and on the  
second dashed line, enter the accumulated depreciation of all  
land, buildings, and equipment held for investment purposes,  
such as rental properties. In columns (a) and (b), enter the book  
21  
Instructions for Form 990-PF (2023)  
stated value, total amount received upon issuance) of all classes  
of stock issued and, as yet, uncanceled. For trusts, enter the  
amount in the trust principal or corpus account. For foundations  
continuing to use the fund method of accounting, enter the fund  
balances for the foundation's current restricted and unrestricted  
funds.  
Line 21. Mortgages and other notes payable. Enter the  
amount of mortgages and other notes payable at the beginning  
and end of the year. Attach a schedule showing, as of the end of  
the year, the total amount of all mortgages payable and, for each  
nonmortgage note payable, the name of the lender and the other  
information specified in items 2 through 10 of the instructions for  
line 6, earlier. The schedule should also identify the relationship  
of the lender to any officer, director, trustee, foundation manager,  
or other disqualified person.  
Line 27. Paid-in or capital surplus, or land, building, and  
equipment fund. Enter the balance per books for all paid-in  
capital in excess of par or stated value for all stock issued and  
uncanceled. If stockholders or others gave donations that the  
organization records as paid-in capital, include them here.  
Report any current-year donations you included on line 27 in Part  
I, line 1. The fund balance for the land, building, and equipment  
fund would be entered here.  
Line 22. Other liabilities. List and show the amount of each  
liability not reportable on lines 17 through 21. Attach a separate  
schedule if more space is needed.  
Lines 24 Through 30. Net Assets or Fund  
Balances  
FASB Accounting Standards Codification 958, Not-for-Prof-  
it Entities (ASC 958). ASC 958 provides standards for external  
financial statements certified by an independent accountant for  
certain types of nonprofit organizations.  
While some states may require reporting according to ASC  
958, the IRS does not. However, a Form 990-PF return prepared  
according to ASC 958 will be acceptable to the IRS.  
Line 28. Retained earnings, accumulated income, endow-  
ment, or other funds. For corporations, enter the balance in  
the retained earnings, or similar account, minus the cost of any  
corporate treasury stock. For trusts, enter the balance per books  
in the accumulated income or similar account. For foundations  
using fund accounting, enter the total of the fund balances for  
the permanent and term endowment funds as well as balances  
of any other funds not reported on lines 26 and 27.  
Line 29. Total net assets or fund balances. For foundations  
that follow FASB ASC 958, enter the total of lines 24 and 25. For  
all other foundations, enter the total of lines 26 through 28. Enter  
the beginning-of-year figure in Part III, line 1. The end-of-year  
figure in column (b) must agree with the figure in Part III, line 6.  
Foundations that follow ASC 958. Check the box above  
line 24, and complete lines 24 and 25 and lines 29 and 30.  
Classify and report net assets in two groups in Part II (net assets  
without donor restrictions and net assets with donor restrictions)  
based on the existence or absence of donor-imposed  
Line 30. Total liabilities and net assets/fund balances.  
Enter the total of lines 23 and 29. This amount must equal the  
amount for total assets reported on line 16 for both the beginning  
and end of the year.  
restrictions and the nature of those restrictions. Enter the sum of  
the two classes of net assets on line 29. On line 30, add the  
amounts on lines 23 and 29 to show total liabilities and net  
assets. The amount on line 16 must equal line 30.  
Part III. Analysis of Changes in Net  
Assets or Fund Balances  
Effective for reporting years ending after December 15,  
2017, ASC 958-205, Not-for-Profit  
!
CAUTION  
Entities—Presentation of Financial Statements (ASC  
Generally, the excess of revenue over expenses, or vice versa,  
accounts for the difference between the net assets at the  
beginning and end of the year.  
958), addresses reporting of donor-restricted endowments and  
board-designated (quasi) endowments. Further, many states  
have enacted the Uniform Prudent Management of Institutional  
Funds Act (UPMIFA). If the organization is subject to the UPMIFA  
or ASC 958, it may affect the amounts reported on lines 24 and  
25.  
On Part III, line 2, re-enter the figure from Part I, line 27(a),  
column (a).  
On lines 3 and 5, list any changes in net assets that weren't  
caused by the receipts or expenses shown in Part I, column (a).  
For example, if a foundation follows FASB ASC 958 (formerly  
“SFAS 115”) (ASC 320-10-35) and shows an asset in the ending  
balance sheet at a higher value than in the beginning balance  
sheet because of an increased market value (after a larger  
decrease in a prior year), include the increase in Part III, line 3.  
If the organization uses a stepped-up basis to determine  
gains on sales of assets included in Part I, column (a), then  
include the amount of step-up in basis in Part III. If you entered a  
contribution, gift, or grant of property valued at fair market value  
in Part I, line 25, column (a), the difference between fair market  
value and book value should be shown in the books of account  
and as a net asset adjustment in Part III.  
Line 24. Net assets without donor restrictions. Enter the  
balances per books of the net assets without donor restrictions  
class of net assets. For years ending after December 15, 2017,  
ASC 958 refers to “unrestricted net assets” as “net assets  
without donor restrictions.Net assets without donor restrictions  
are neither permanently restricted nor temporarily restricted by  
donor-imposed stipulations. All funds without donor-imposed  
restrictions must be classified as net assets without donor  
restrictions, regardless of the existence of any board  
designations or appropriations.  
Line 25. Net assets with donor restrictions. This line can be  
used to show the balance per books of net assets with donor-  
imposed restrictions that may require resources to be used after  
a specified date (time restrictions), or used for a specified  
purpose (purpose restrictions), or both.  
Part IV. Capital Gains and Losses for  
Tax on Investment Income  
Foundations that don’t follow ASC 958. Check the box above  
line 26 and report account balances on lines 26 through 30.  
Report capital stock, trust principal, or current funds on line 26.  
Report paid-in capital surplus or land, building, or equipment  
funds on line 27. Report retained earnings, endowment,  
accumulated income, or other funds on line 28.  
Use Part IV to figure the amount of net capital gain to report on  
lines 7 and 8 of Part I.  
Part IV doesn't apply to foreign organizations.  
Nonoperating private foundations may not have to figure their  
short-term capital gain or loss on line 3. See Nonoperating  
private foundations, earlier.  
Line 26. Capital stock, trust principal, or current funds. For  
corporations, enter the balance per books for capital stock  
accounts. Show par or stated value (or for stock with no par or  
Reportable gains and losses. Capital gains or losses include  
gains or losses from the sale or other disposition of property that:  
22  
Instructions for Form 990-PF (2023)  
       
Is used for a charitable purpose (for sales or other  
Other gains and losses. For sales of anything other than  
publicly traded securities sold, each transaction must be listed  
and reported separately, completing all appropriate columns in  
Part IV.  
dispositions in tax years beginning after August 17, 2006),  
Is held for investment, or  
Is used in the production of income. Don't include the gain or  
loss that is included in figuring the foundation's unrelated  
business taxable income.  
Part V. Excise Tax Based on  
Investment Income (Section 4940(a),  
4940(b), or 4948)  
However, don't include gains or losses for any portion of  
property if:  
The property was used for 1 year or more in furthering the  
foundation's exempt purpose or function; and  
Immediately following the use, is exchanged for property of  
General Rules  
like kind that is to be used primarily in furthering the foundation's  
exempt purpose or function. Rules similar to the rules of section  
1031 relating to exchange of property held for productive use or  
investment apply. See Gross investment income, earlier.  
Domestic exempt private foundations. These foundations  
are subject to a 1.39% tax on net investment income under  
section 4940(a). However, certain exempt operating foundations  
described in section 4940(d)(2) may not owe any tax.  
Exception. The section 4940 tax doesn't apply to an  
organization making an election under section 41(e)(6)(D). Enter  
“N/A” on line 1 in Part V.  
Capital gains and losses may arise from the deemed sale of  
section 1256 contracts (marked to market).  
Basis. The basis for determining gain from the sale or other  
disposition of property is the larger of:  
The fair market value of the property on December 31, 1969,  
Domestic taxable private foundations and section 4947(a)  
(1) nonexempt charitable trusts. These organizations are  
subject to a modified 1.39% tax on net investment income under  
section 4940(b). However, they must first figure the tax under  
section 4940(a) as if that tax applied to them.  
plus or minus all adjustments after December 31, 1969, and  
before the date of disposition, if the foundation held the property  
on that date and continuously after that date until disposition; or  
The basis of the property on the date of disposition under  
normal basis rules (actual basis). See sections 1011–1016.  
Foreign organizations. Under section 4948, exempt foreign  
private foundations are subject to a 4% tax on their gross  
investment income derived from U.S. sources.  
To figure a loss, basis on the date of disposition is determined  
under normal basis rules.  
The rules that generally apply to property dispositions  
reported in this part are:  
Under section 871(m), added by the Hiring Incentives to  
Restore Employment Act (HIRE), a “dividend equivalent”  
!
Section 1011, adjusted basis for determining gain or loss;  
Section 1012, basis of property-cost;  
CAUTION  
is treated as a dividend from U.S. sources for certain  
purposes, including U.S. withholding tax rules applicable to  
foreign organizations. See section 871(m) for more information.  
Section 1014, basis of property acquired from a decedent;  
Section 1015, basis of property acquired by gifts and transfers  
in trust; and  
Taxable foreign private foundations that filed Form 1040-NR,  
U.S. Nonresident Alien Income Tax Return, or Form 1120-F, U.S.  
Income Tax Return of a Foreign Corporation should not complete  
Part V.  
Section 1016, adjustments to basis.  
Section 1015 provides in most circumstances for a  
carryover basis of property acquired by gift, that is, the  
basis in the hands of the donor carries over to the  
TIP  
Estimated tax. Domestic exempt and taxable private  
foundations and section 4947(a)(1) nonexempt charitable trusts  
may have to make estimated tax payments for the excise tax  
based on investment income. See O. Figuring and Paying  
Estimated Tax, earlier, for more information.  
foundation. Section 1014 generally provides for a stepped-up  
basis of property acquired by bequest (other than an item of  
income in respect of a decedent), that is, the fair market value of  
the property at the decedent's death.  
Losses. If the disposition of investment property results in a  
loss, that loss may be subtracted from capital gains realized from  
the disposition of property during the same tax year but only to  
the extent of the gains. If losses are more than gains, the excess  
may not be subtracted from gross investment income nor may  
the losses be carried back or forward to other tax years.  
Tax Computation  
Line 1a only applies to domestic exempt operating  
foundations described in section 4940(d)(2) that have a  
!
CAUTION  
ruling or determination letter from the IRS establishing  
exempt operating foundation status. If your organization doesn't  
have this letter, skip line 1a.  
Reporting Transactions in Part IV  
Line 1a. A domestic exempt private foundation that qualifies as  
an exempt operating foundation under section 4940(d)(2) isn't  
liable for any tax on net investment income on this return.  
Publicly traded securities. For sales of publicly traded  
securities through a broker, enter the description “publicly traded  
securities” on line 1, column (a). Leave columns (b), (c), and (d)  
blank. Total the gross sales price, the cost or other basis, and the  
expense of sale on all such securities sold. Report these  
lump-sum figures in columns (e) through (l), as appropriate. You  
must maintain detailed records of each transaction in your books  
and records.  
If your organization qualifies, check the box and enter the  
date of the ruling or determination letter on line 1a and enter  
“N/A” on line 1. Leave the rest of Part V blank. For the first year,  
the organization must attach a copy of the ruling or determination  
letter establishing exempt operating foundation status. As long  
as the organization retains this status, enter the date of the ruling  
or determination letter in the space on line 1a. If the organization  
no longer qualifies under section 4940(d)(2), leave the date line  
blank and figure the section 4940 tax in the normal manner.  
Qualification. To qualify as an exempt operating foundation  
for a tax year, an organization must meet the following  
Publicly traded securities are securities that are listed and  
regularly traded on an over-the-counter market or an established  
exchange in which market quotations are published or otherwise  
readily available. Securities include:  
Common and preferred stock,  
Bonds (including governmental obligations), and  
Mutual fund shares.  
requirements of section 4940(d)(2).  
It is an operating foundation described in section 4942(j)(3).  
23  
Instructions for Form 990-PF (2023)  
               
It has been publicly supported for at least 10 tax years or was  
organization and not subject to this withholding, the organization  
can claim credit for the amount withheld.  
a private operating foundation on January 1, 1983, or for its last  
tax year ending before January 1, 1983.  
Don't claim erroneous backup withholding on line 6d if  
Its governing body, at all times during the tax year, consists of  
you claim it on Form 990-T.  
!
individuals, at least 75% of whom aren't disqualified individuals  
(as defined in section 4940(d)(3)), and is broadly representative  
of the general public.  
CAUTION  
Line 8. Penalty. Enter any penalty for underpayment of  
It has no officer who was a disqualified individual at any time  
estimated tax shown on Form 2220.  
during the tax year.  
Line 9. Tax due. Domestic foundations should see P. Tax  
Line 1c. Exempt foreign organizations shouldn't include net  
capital gain income when figuring the excise tax due under  
section 4948(a).  
Amended return. If you are amending Part V, be sure to  
combine any tax due that was paid with the original return (or  
any overpayment credited or refunded) in the total for line 7. On  
the dotted line to the left of the line 7 entry space, write “Tax Paid  
w/ O.R.” and the amount paid. If you had an overpayment, write  
“O.R. Overpayment” and the amount credited or refunded in  
brackets.  
If you file more than one amended return, attach a schedule  
listing the tax due amounts that were paid and overpayment  
amounts that were credited or refunded. Write “See Attachment”  
on the dotted line and enter the net amount in the entry space for  
line 7.  
Line 2. Section 511 tax. Under section 4940(b), a domestic  
section 4947(a)(1) nonexempt charitable trust or taxable private  
foundation must add to the tax figured under section 4940(a) (on  
line 1) the tax which would have been imposed under section  
511 for the tax year if it had been exempt from tax under section  
501(a). If the domestic section 4947(a)(1) nonexempt charitable  
trust or taxable private foundation has unrelated business  
taxable income that would have been subject to the tax imposed  
by section 511, the computation of tax must be shown in an  
attachment. Form 990-T may be used as the attachment. All  
other filers, enter zero.  
Part VI-A. Statements Regarding  
Activities  
Line 4. Subtitle A (income) tax. Domestic section 4947(a)(1)  
nonexempt charitable trusts and taxable private foundations,  
enter the amount of subtitle A (income) tax for the year reported  
on Form 1041 or Form 1120. All other filers, enter zero.  
Each question in this section must be answered “Yes,No,” or  
“N/A” (not applicable).  
Line 5. Tax based on investment income. Subtract line 4  
from line 3 and enter the difference (but not less than zero) on  
line 5. Any overpayment entered on line 10 that is the result of a  
negative amount shown on line 5 won't be refunded. Unless the  
organization is a domestic section 4947(a)(1) nonexempt  
charitable trust or taxable private foundation, the amount on  
line 5 is the same as on line 1.  
Line 1. “Political purposes” include, but aren't limited to, directly  
or indirectly accepting contributions or making payments to  
influence the selection, nomination, election, or appointment of  
any individual to any federal, state, or local public office or office  
in a political organization, or the election of Presidential or Vice  
Presidential electors, whether or not the individual or electors are  
actually selected, nominated, elected, or appointed.  
Line 6a. Enter the amount of 2023 estimated tax payments and  
any 2022 overpayment of taxes that the organization specified  
on its 2022 return to be credited toward payment of 2023  
estimated taxes.  
Line 3. A “conformed copy” of an organizational document is  
one that agrees with the original document and all its  
amendments. If copies aren't signed, attach a written declaration  
signed by an officer authorized to sign for the organization,  
certifying that they are complete and accurate copies of the  
original documents.  
Line 6a applies only to domestic foundations.  
!
CAUTION  
Note. If you are filing electronically, send a conformed copy of  
the changes to the IRS at the address listed in U. Section 507(b)  
Trust payments treated as beneficiary payments. A trust  
may treat any part of estimated taxes it paid as taxes paid by the  
beneficiary. If the filing organization was a beneficiary that  
received the benefit of such a payment from a trust, include the  
amount on line 6a of Part V and write, “Includes section 643(g)  
payment.See section 643(g) for more information about  
estimated tax payments treated as paid by a beneficiary.  
Line 4a. See Pub. 598, Tax on Unrelated Business Income of  
Exempt Organizations, for a description of unrelated business  
income and Form 990-T filing requirements for foundations  
having such income.  
Line 6b. Exempt foreign foundations must enter the amount of  
tax withheld at the source. Attach Form 1042-S, Foreign  
Person's U.S. Source Income Subject to Withholding, or other  
form that verifies the withheld tax reported on line 6b (Form  
8288-A, Statement of Withholding on Dispositions by Foreign  
Persons of U.S. Real Property Interests, or Form 8805, Foreign  
Partner's Information Statement of Section 1446 Withholding  
Tax).  
Line 6. For a private foundation to be exempt from income tax,  
its governing instrument must include provisions that require it to  
act or refrain from acting so as not to engage in an act of  
self-dealing (section 4941) or subject the foundation to the taxes  
imposed by sections 4942 (failure to distribute income), 4943  
(excess business holdings), 4944 (investments that jeopardize  
charitable purpose), and 4945 (taxable expenditures). A private  
foundation may satisfy these section 508(e) requirements either  
by express language in its governing instrument or by application  
of state law that imposes the above requirements on the  
foundation or treats these requirements as being contained in  
the governing instrument. If an organization claims it satisfies the  
requirements of section 508(e) by operation of state law, the  
provisions of state law must effectively impose the section  
508(e) requirements on the organization. See Rev. Rul. 75-38,  
1975-1 C.B. 161, for a list of states with legislation that satisfies  
the requirements of section 508(e).  
Line 6d. Enter the amount of any backup withholding  
erroneously withheld. Recipients of interest or dividend  
payments must generally certify their correct taxpayer  
identification number to the bank or other payer on Form W-9,  
Request for Taxpayer Identification Number and Certification. If  
the payer doesn't get this information, it must withhold part of the  
payments as “backup withholding.If the organization files Form  
990-PF and was subject to erroneous backup withholding  
because the payer didn't realize the payee was an exempt  
24  
Instructions for Form 990-PF (2023)  
     
However, if the state law doesn't apply to a governing  
instrument that contains mandatory directions conflicting with  
any of its requirements and the organization has such mandatory  
directions in its governing instrument, then the organization  
hasn't satisfied the requirements of section 508(e) by the  
operation of that legislation.  
The term “related person” includes any other person who  
would be a disqualified person because of a relationship with the  
substantial contributor (section 4946). When the substantial  
contributor is a corporation, the term also includes any officer or  
director of the corporation. The term “substantial contributor”  
doesn't include public charities (organizations described in  
section 509(a)(1), (2), or (3)).  
Line 6 doesn't apply to foreign foundations described in  
section 4948(b).  
A foreign foundation described in section 4948(b) should  
report only substantial contributors that are U.S. citizens.  
Line 8a. In the space provided, list all states:  
Line 11. Controlled entities. Answer “Yes” if at any time during  
the tax year the foundation owned a controlled entity. A  
controlled entity is an entity in which the foundation owns more  
than 50% of the:  
1. To which the organization reports in any way about its  
organization, assets, or activities; and  
2. With which the organization has registered (or which it  
has otherwise notified in any manner) that it intends to be, or is,  
a charitable organization or that it is, or intends to be, a holder of  
property devoted to a charitable purpose.  
1. Stock (by vote or value) in a corporation,  
2. Interest (of profit or capital) in a partnership, or  
3. Beneficial interest of any other entity.  
Attach a separate list if you need more space.  
Line 8 doesn't apply to foreign foundations described in  
The foundation must apply section 318 in determining its  
ownership of stock in a corporation and use similar principles in  
determining its ownership interests in other entities.  
Attached schedule of controlled entities. If at any time  
during the tax year the foundation was the controlling  
organization of a controlled entity under section 512(b)(13),  
attach a schedule listing the name, address, and EIN of each  
controlled entity and stating whether the controlled entity is an  
excess business holding.  
section 4948(b).  
Line 8b. If the organization hasn't furnished a copy of its Form  
990-PF to the Attorney General (or the person designated) of  
each state required to be listed in the response to line 8a, then  
explain in an attached statement why not. If the Attorney General  
(or the person designated) won't accept such filings, then so  
state.  
Line 9. If the organization claims status as a private operating  
foundation for 2023 and, in fact, meets the private operating  
foundation requirements for that year (as reflected in Part XIII),  
any excess distributions carryover from 2022 or prior years may  
not be carried over to 2023 or any year after 2023 even if it  
doesn't meet the private operating foundation requirements. See  
Attached schedule for transfers to controlled entities. If at  
any time during the tax year, the foundation made any loans or  
transfers to a corporation, partnership, or other entity, which it  
controlled within the meaning of section 512(b)(13), attach a  
schedule using the format provided in the sample schedule,  
Transfers to a Controlled Entity, later. In column (c), describe  
each loan or transfer. In column (d), enter the amount for each  
loan or transfer to each controlled entity.  
Line 10. Substantial contributors. If you answer “Yes,attach  
a schedule listing the names and addresses of all persons who  
became substantial contributors during the year.  
Attached schedule for transfers from controlled entities. If  
at any time during the tax year, the foundation received any  
transfers of funds or payments from a controlled entity within the  
meaning of section 512(b)(13), attach a schedule using the  
format provided in the sample schedule, Line 11—Example B  
Entity, later. In column (c), describe each transfer or payment  
received, including payment of interest, annuities, royalties,  
rents, dividends, fees or other payments for services,  
The term “substantial contributor” means any person whose  
contributions or bequests, during the current tax year and prior  
tax years, total more than $5,000 and are more than 2% of the  
total contributions and bequests received by the foundation from  
its creation through the close of its tax year. An individual is  
treated as making all contributions and bequests made by the  
individual's spouse (section 507(d)(2)(B)(iii)). In the case of a  
trust, the term “substantial contributor” also means the creator of  
the trust (section 507(d)(2)(A)).  
contributions to capital, and loans. In column (d), enter the  
amount of each loan or transfer from each controlled entity.  
The term “person” includes individuals, trusts, estates,  
partnerships, associations, corporations, and other exempt  
organizations.  
Note. For both schedules, if additional space is needed, make a  
copy of the schedule, and enter one total amount on the first  
page of the schedule.  
Each contribution or bequest must be valued at fair market  
value on the date it was received.  
Line 12. Distribution to a donor-advised fund. If a  
Any person who is a substantial contributor on any date will  
remain a substantial contributor for all later periods.  
distribution was made from the foundation to a donor-advised  
fund over which the foundation or a disqualified person had  
advisory privileges, then in an attachment state whether the  
foundation treated any distribution to a donor-advised fund as a  
qualifying distribution, and explain how the distributions will be  
used to accomplish a purpose described in section 170(c)(2)(B).  
However, a person will cease to be a substantial contributor  
with respect to any private foundation if:  
1. The person, and all related persons, made no  
contributions to the foundation during the 10-year period ending  
with the close of the tax year;  
Line 13. Public inspection requirements and website ad-  
dress. All domestic private foundations (including section  
4947(a)(1) nonexempt charitable trusts treated as private  
foundations) are subject to the public inspection requirements.  
See Q. Public Inspection Requirements, earlier, for information  
on making the foundation's annual returns and exemption  
application available for public inspection.  
2. The person, or any related person, was never the  
foundation's manager during this 10-year period; and  
3. The aggregate contributions made by the person, and  
related persons, are determined by the IRS to be insignificant  
compared to the aggregate amount of contributions to the  
foundation by any other person and the appreciated value of  
contributions held by the foundation.  
Enter the foundation's website address if the foundation has a  
website. Otherwise, enter “N/A.”  
25  
Instructions for Form 990-PF (2023)  
   
b. The accounts weren't with a U.S. military banking facility  
operated by a U.S. financial institution.  
Line 15. Section 4947(a)(1) trusts. Section 4947(a)(1)  
nonexempt charitable trusts that file Form 990-PF instead of  
Form 1041 must complete this line. The trust should include  
exempt-interest dividends received from a mutual fund or other  
regulated investment company as well as tax-exempt interest  
received directly.  
2. The foundation owns more than 50% of the stock in any  
corporation that would answer “Yes” to item 1 above.  
If “Yes,electronically file FinCEN Form 114, Report of Foreign  
Bank and Financial Accounts (FBAR), with the Department of  
the Treasury using the FinCEN's BSA E-Filing System. Because  
FinCEN Form 114 isn't a tax form, don't file it with Form 990-PF.  
Line 16. Foreign accounts. Answer “Yes” if either (1) or (2)  
below applies.  
1. At any time during the calendar year ending with or within  
the foundation's tax year, the foundation had an interest in, or  
signature or other authority over, a financial account in a foreign  
country (such as a bank account, securities account, or other  
financial account); and  
Go to www.fincen.gov for more information.  
If you are required to file FinCEN Form 114 but don't do  
so, you may have to pay a penalty of up to $10,000  
!
CAUTION  
(more in some cases).  
a. The combined value of all such accounts was more than  
Enter the name of each foreign country in which a foreign  
account described on line 16 is located.  
$10,000 at any time during the calendar year; and  
26  
Instructions for Form 990-PF (2023)  
         
Line 11—Example A  
Statement of Information Regarding Transfers to a Controlled Entity  
(A)  
(B)  
(C)  
(D)  
Amount of  
transfer  
Name and address of each controlled entity  
Employer  
identification  
number  
Description of transfer  
a
b
c
d
e
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  
Line 11—Example B  
Statement of Information Regarding Transfers From a Controlled Entity  
(A)  
(B)  
(C)  
(D)  
Amount of  
transfer  
Name and address of each controlled entity  
Employer  
identification  
number  
Description of transfer  
a
b
c
d
e
Total .  
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27  
Instructions for Form 990-PF (2023)  
   
1. 100% of the voting stock in the business enterprise is  
held by the private foundation at all times during the tax year;  
and  
2. All of the private foundation’s ownership interests were  
acquired by means other than purchase, such as a gift or  
bequest.  
Part VI-B. Statements Regarding  
Activities for Which Form 4720 May  
Be Required  
The purpose of these questions is to determine whether there is  
any initial excise tax due under sections 4941–4945, 170(f)(10),  
4960, and 4965. If the answer is “Yes” to the question on line 1b,  
1c, 2b, 3b, 4a, 4b, 5b, 6b, 7b, or 8, complete and file Form 4720  
unless an exception applies. Foundations described in section  
4948(b) must complete Part VI-B (except line 2) and file Form  
4720, but chapter 42 taxes don't apply to such foundations  
(except section 4948). Organizations in a 60-month termination  
under section 507(b)(1)(B) must complete this part but might not  
be liable for private foundation excise taxes—see U. Section  
Termination, earlier.  
The requirements of section 4943(g)(3) are met if the  
business enterprise, no later than 120 days after the close of the  
tax year, distributes an amount equal to its net operating income  
for such tax year to the private foundation. For purposes of this  
paragraph, the net operating income of any business enterprise  
for any tax year is an amount equal to the gross income of the  
business enterprise for the tax year, reduced by the sum of:  
1. The deductions allowed by chapter 1 for the tax year that  
are directly connected with the production of such income,  
2. The tax imposed by chapter 1 on the business enterprise  
for the tax year, and  
Line 1. Self-dealing. The activities listed in lines 1a(1)–(6) are  
considered self-dealing under section 4941 unless one of the  
3. An amount for a reasonable reserve for working capital  
and other business needs of the business enterprise.  
The requirements of section 4943(g)(4) are met if, at all times  
during the tax year:  
The terms “disqualified person” and “foundation manager” are  
1. No substantial contributor (as defined in section 4958(c)  
(3)(C)) to the private foundation or family member (as  
determined under section 4958(f)(4)) of such a contributor is a  
director, officer, trustee, manager, employee, or contractor of the  
business enterprise (or an individual having powers or  
responsibilities similar to any of the foregoing);  
2. At least a majority of the board of directors of the private  
foundation are persons who are not (i) directors or officers of the  
business enterprise, or (ii) family members of a substantial  
contributor to the private foundation; and  
defined under C. Definitions, earlier.  
Line 1b. If you answered “Yes” to any of the questions in line 1a,  
you should answer “Yes” to line 1b unless all of the acts engaged  
in were acts excepted by the regulations under section 4941 or  
other guidance, including Notices published in the Internal  
Revenue Bulletin relating to disaster assistance.  
Line 2a. Under section 4942, a foundation (other than an  
operating foundation) must make qualifying distributions of its  
distributable amount for a tax year by the end of the following tax  
year. Otherwise, the foundation’s undistributed income as of the  
end of the following tax year is generally subject to tax until  
corrected. Parts IX through XII are used in determining whether  
the foundation has met its requirements under section 4942.  
3. There is no loan outstanding from the business enterprise  
to a substantial contributor to the private foundation or to any  
family member of such a contributor.  
This provision does not apply to any donor-advised fund  
treated as a private foundation by section 4943(e), a supporting  
organization treated as a private foundation by section 4943(f), a  
trust described in section 4947(a)(1), or a trust described in  
section 4947(a)(2).  
Line 2b. Taxes on failure to distribute income. If you answer  
“No” to the question on line 2b, attach a statement explaining:  
All the facts regarding the incorrect valuation of assets; and  
The actions taken (or planned) to comply with section 4942(a)  
(2)(B), (C), and (D) and the related regulations.  
Section 4943(g) shall apply to tax years beginning after  
Foreign foundations described in section 4948(b) need not  
December 31, 2017.  
complete line 2.  
For more information about excess business holdings, see  
the Instructions for Form 4720.  
Line 3a. A private foundation generally is subject to tax under  
section 4943 if it owns any excess business holdings. In general,  
the holdings of a private foundation, combined with the holdings  
of related foundations and other disqualified persons, can't  
exceed 20% of the voting stock of a corporation, the profits  
interest in a partnership, or the beneficial remainder interest in a  
trust. (See “disqualified person” under C. Definitions, earlier.)  
Regardless of the holdings of disqualified persons, however, a  
foundation is permitted to own holdings that don't exceed 2% of  
either the voting stock or value of all outstanding shares of all  
classes of stock in a corporation. A similar exception applies to a  
beneficial or profits interest in any business enterprise that is a  
trust or partnership.  
Line 4. Taxes on investments that jeopardize charitable  
purposes. In general, an investment that jeopardizes any of the  
charitable purposes of a private foundation is one for which a  
foundation manager didn't exercise ordinary business care to  
provide for the long- and short-term financial needs of the  
foundation in carrying out its charitable purposes. For more  
details, see the regulations under section 4944.  
Line 5. Taxes on taxable expenditures and political expen-  
ditures. In general, payments made for the activities described  
on lines 5a(1)–(5) are taxable expenditures.  
Line 5a(2). Under section 4955, a section 501(c)(3)  
organization must pay an excise tax for any amount paid or  
incurred on behalf of or in opposition to any candidate for public  
office. The organization must pay an additional excise tax if it  
doesn't correct the expenditure timely.  
A manager of a section 501(c)(3) organization who knowingly  
agrees to a political expenditure must pay an excise tax unless  
the agreement isn't willful and there is reasonable cause. A  
manager who doesn't agree to a correction of the political  
expenditure may have to pay an additional excise tax.  
Section 4943(g), added by the Bipartisan Budget Act of 2018,  
P.L. 115-123, 132 Stat. 64 (2018), provides an exception for  
certain limited holdings to independently operated businesses.  
In general, the excess business holdings provisions of section  
4943(a) shall not apply with respect to the holdings of a private  
foundation in any business enterprise that meets all the  
requirements of section 4943(g)(2), (3), and (4). Accordingly,  
answer “No” to line 3a if the following requirements are met.  
The requirements of section 4943(g)(2) are met if:  
28  
Instructions for Form 990-PF (2023)  
       
A section 501(c)(3) organization will lose its exempt status if it  
engages in political activity.  
A political expenditure that is treated as an expenditure under  
section 4955 isn't treated as a taxable expenditure under section  
4945.  
engaged in were “excepted” transactions. Excepted transactions  
are described in Regulations section 53.4945-2 through  
53.4945-5 and appear in Notices published in the Internal  
Revenue Bulletin relating to disaster assistance. For example,  
see Pub. 3833, Disaster Relief.  
Line 6b. Check “Yes” if, in connection with any transfer of funds  
to a private foundation, the foundation directly or indirectly pays  
premiums on any personal benefit contract, or there is an  
understanding or expectation that any person will directly or  
indirectly pay these premiums.  
Report the premiums it paid and the premiums paid by others,  
but treated as paid by the private foundation, on Form 8870,  
Information Return for Transfers Associated With Certain  
Personal Benefit Contracts, and pay the excise tax (which is  
equal to premiums paid) on Form 4720.  
For purposes of the section 4955 tax, when an organization  
promotes a candidate for public office (or is used or controlled by  
a candidate or prospective candidate), amounts paid or incurred  
for the following purposes are political expenditures.  
Remuneration to the individual (or candidate or prospective  
candidate) for speeches or other services.  
Travel expenses of the individual.  
Expenses of conducting polls, surveys, or other studies, or  
preparing papers or other material for use by the individual.  
Expenses of advertising, publicity, and fundraising for such  
individual.  
For more information, see Form 8870 and Notice 2000-24,  
Any other expense that has the primary effect of promoting  
2000-17 I.R.B. 952.  
public recognition or otherwise primarily accruing to the benefit  
of the individual.  
Line 7a. Answer “Yes” if the foundation was a party to a  
prohibited tax shelter transaction (PTST) as described in section  
4965(e) at any time during the tax year.  
See the regulations under section 4945 for more information.  
Line 5a(3). Answer “Yes” if the organization made a grant to an  
individual for travel, study, or similar purposes. Such purposes  
include scholarships, fellowships, certain prizes and awards, and  
grants to achieve a specific objective, produce a report or similar  
product, or improve a literary, artistic, musical, scientific,  
PTST. In general, a PTST means any listed transaction and any  
prohibited reportable transaction.  
Listed transaction. A listed transaction, within the meaning of  
section 6707A(c)(2), is a transaction that is the same as, or  
substantially similar to, any transaction that has been specifically  
identified by the Secretary in published guidance as a tax  
avoidance transaction for purposes of section 6011.  
teaching, or other similar skill of the grantee. Similar purposes  
don't include grants to individuals in relief of poverty or distress  
(other than grants of the type described above), or prizes or  
awards that don't finance any future activities of the recipient.  
A grant to an individual for travel, study, or similar purposes is  
a taxable expenditure under section 4945(d)(3) unless the  
foundation awarded the grant on an objective and  
Prohibited reportable transaction. Prohibited reportable  
transaction means any confidential transaction or any  
transaction with contractual protection (as defined under  
regulations prescribed by the Secretary) (see Regulations  
section 1.6011-4(b)(3) and (4)) that is a reportable transaction  
(as defined in section 6707A(c)(1)).  
If the answer to this question is Yes,the foundation must  
also file Form 8886-T, Disclosure by Tax-Exempt Entity  
Regarding Prohibited Tax Shelter Transactions.  
nondiscriminatory basis under a procedure approved in advance  
by the IRS, as required under section 4945(g). The foundation  
may request approval of its procedure in the process of applying  
for exemption with Form 1023 (Schedule H), or thereafter with  
Form 8940, Request for Miscellaneous Determination.  
Line 5a(4). Except as discussed below, a grant by a private  
foundation to a public charity described in section 509(a)(1), (2),  
or (3) or to an exempt operating foundation (as defined in section  
4940(d)(2) and the instructions for Part VI) isn't a taxable  
expenditure if the private foundation doesn't earmark the grant  
for any of the activities described in lines 5a(1)–(5), and there is  
no oral or written agreement by which the grantor foundation  
may cause the grantee to engage in any such prohibited activity  
or to select the grant recipient.  
A grant made to a section 509(a)(3) Type III supporting  
organization (as defined in section 4943(f)(5)) that isn't a  
functionally integrated supporting organization (as defined in  
section 4943(f)(5)(B)) is a taxable expenditure unless you  
exercise expenditure responsibility. Check “Yes” on line 5a(4) if  
you made a grant to such an organization. See Regulations  
section 1.509(a)-4(i), for more information about whether an  
organization is functionally integrated.  
Line 7b. Answer “Yes” if the foundation answered “Yes” to  
line 7a, and it had net income or received proceeds attributable  
to the PTST during the tax year.  
If the foundation answers “Yes” to both lines 7a and 7b, it may  
be required to file Form 4720 and pay tax with respect to each  
PTST. The foundation's managers may also be required to file  
Form 4720 and pay tax with respect to the relevant PTSTs.  
Line 8. See the instructions for Form 4720, Schedule N, to  
determine if you paid to any covered employee more than $1  
million in remuneration or paid an excess parachute payment  
during the year. Remuneration paid to a covered employee  
includes any remuneration paid by a related organization.  
Part VII. Information About Officers,  
Directors, Trustees, Foundation  
Managers, Highly Paid Employees,  
and Contractors  
Line 1. List of officers, directors, trustees, etc. List the  
names, addresses, and other information requested for those  
who were officers, directors, and trustees (or any person who  
had responsibilities or powers similar to those of officers,  
directors, or trustees) of the foundation at any time during the  
year. Each must be listed whether or not they receive any  
compensation from the foundation. Give the address at which  
officers, etc., prefer the IRS to contact them.  
A grant made to any other supporting organization (including  
a functionally integrated Type III), if a disqualified person of the  
private foundation controls the supporting organization or any of  
its supported organizations, is also a taxable expenditure unless  
you exercise expenditure responsibility. Check “Yes” on  
line 5a(4) if you made a grant to such an organization. In  
addition, check “Yes” on line 5a(4) if you made a grant in a prior  
year with respect to which you have a continuing obligation to  
exercise expenditure responsibility. See Regulations sections  
53.4942(a)-3(a)(3) and 53.4945-5(a) for more information.  
Line 5b. If you answered “Yes” to any of the questions in line 5a,  
you should answer “Yes” to line 5b unless all of the transactions  
29  
Instructions for Form 990-PF (2023)  
   
Also include on this list any officers or directors (or any  
person who had responsibilities or powers similar to those of  
officers or directors) of a disregarded entity owned by the  
foundation who aren't officers, directors, etc., of the foundation.  
If the foundation (or disregarded entity) pays any other  
person, such as a management services company, for the  
services provided by any of the foundation's officers, directors,  
or trustees (or any person who had responsibilities or powers  
similar to those of officers, directors, or trustees), report the  
compensation and other items on Part VII as if you had paid the  
officers, etc., directly.  
Show all forms of compensation earned by each listed officer,  
etc. In addition to completing Part VII, if you want to explain the  
compensation of one or more officers, directors, and trustees,  
you may provide an attachment describing the person's entire  
2023 compensation package.  
Enter zero in columns (c), (d), and (e) if no compensation was  
paid. Attach a schedule if more space is needed.  
Column (b). A numerical estimate of the average hours per  
week devoted to the position is required for the answer to be  
considered complete.  
Line 3. Five highest-paid independent contractors for pro-  
fessional services. Fill in the information requested for the five  
highest-paid independent contractors (if any), whether  
individuals or professional service corporations or associations,  
to whom the organization paid more than $50,000 for the year to  
perform personal services of a professional nature for the  
organization (for example, attorneys, accountants, and doctors).  
Also show the total number of all other independent contractors  
who received more than $50,000 for the year for performing  
professional services.  
Part VIII-A. Summary of Direct  
Charitable Activities  
List the foundation's four largest programs as measured by the  
direct and indirect expenses attributable to each that consist of  
the direct active conduct of charitable activities. Whether any  
expenditure is for the direct active conduct of a charitable activity  
is determined, generally, by the definitions and special rules of  
section 4942(j)(3) and the related regulations, which define a  
private operating foundation.  
Except for significant involvement grant programs, described  
below, don't include in Part VIII-A any grants or expenses  
attributable to administering grant programs, such as reviewing  
grant applications, interviewing or testing applicants, selecting  
grantees, and reviewing reports relating to the use of the grant  
funds.  
Phrases such as “as needed” or “as required” are  
unacceptable entries for column (b).  
!
CAUTION  
Column (c). Enter salary, fees, bonuses, and severance  
payments received by each person listed. Include current-year  
payments of amounts reported or reportable as deferred  
compensation in any prior year.  
Include scholarships, grants, or other payments to individuals  
as part of an active program in which the foundation maintains  
some significant involvement. Related administrative expenses  
should also be included. Examples of active programs and  
definitions of the term “significant involvement” are provided in  
Regulations sections 53.4942(b)-1(b)(2) and 53.4942(b)-1(d).  
Column (d). Include all forms of deferred compensation and  
future severance payments (whether or not funded or vested,  
and whether or not the deferred compensation plan is a qualified  
plan under section 401(a)). Include payments to welfare benefit  
plans (employee welfare benefit plans covered by Part I of Title 1  
of the Employee Retirement Income Security Act of 1974  
(ERISA), providing benefits such as medical, dental, life  
insurance, apprenticeship and training, scholarship funds,  
severance pay, disability, etc.) on behalf of the officers, etc.  
Reasonable estimates may be used if precise cost figures aren't  
readily available.  
Unless the amounts are reported in column (c), report, as  
deferred compensation in column (d), salaries and other  
compensation earned during the period covered by the return,  
but not yet paid by the date the foundation files its return.  
Column (e). Enter both taxable and nontaxable fringe  
benefits, expense account and other allowances (other than de  
minimis fringe benefits described in section 132(e)). See Pub.  
525, Taxable and Nontaxable Income, for more information.  
Examples of allowances include amounts for which the recipient  
didn't account to the organization or allowances that were more  
than the payee spent on serving the organization. Include  
payments made in connection with indemnification  
arrangements, the value of the personal use of housing,  
automobiles, or other assets owned or leased by the  
organization (or provided for the organization's use without  
charge).  
Don't include any program-related investments (reportable in  
Part VIII-B) in the description and expense totals.  
Include qualified set-asides for direct charitable activities  
reported on line 3 of Part XI. Also, include in Part VIII-A amounts  
paid or set aside to acquire assets used in the direct active  
conduct of charitable activities. Don't include current-year  
expenditures of amounts previously reported as set-asides in  
Part VIII-A.  
Expenditures for direct charitable activities include, among  
others, amounts paid or set aside to:  
1. Acquire or maintain the operating assets of a museum,  
library, or historic site or to operate the facility;  
2. Provide goods, shelter, or clothing to indigent or disaster  
victims if the foundation maintains some significant involvement  
in the activity rather than merely making grants to the recipients;  
3. Conduct educational conferences and seminars;  
4. Operate a home for the elderly or disabled;  
5. Conduct scientific, historic, public policy, or other  
research with significance beyond the foundation's grant  
program that doesn't constitute a prohibited attempt to influence  
legislation;  
6. Publish and disseminate the results of such research,  
reports of educational conferences, or similar educational  
material;  
7. Support the service of foundation staff on boards or  
advisory committees of other charitable organizations or on  
public commissions or task forces;  
8. Provide technical advice or assistance to a governmental  
body, a governmental committee, or subdivision of either, in  
response to a written request by the governmental body,  
committee, or subdivision;  
Line 2. Compensation of five highest-paid employees. Fill  
in the information requested for the five employees (if any) of the  
foundation (or disregarded entity that the foundation owns) who  
received the greatest amount of annual compensation over  
$50,000. Don't include employees listed on line 1. Also enter the  
total number of other employees who received more than  
$50,000 in annual compensation.  
Show each listed employee's entire compensation package  
for the period covered by the return. Include all forms of  
compensation that each listed employee received in return for  
the employee’s services. See the line 1 instructions for more  
details on includible compensation.  
30  
Instructions for Form 990-PF (2023)  
     
9. Conduct performing arts performances; or  
distributions. Don't report in the amount column (1) the amount  
of a loan guarantee except to the extent that the foundation  
makes a guarantee payment that would be a qualifying  
distribution, or (2) the amount of a program-related investment in  
an organization described in the exceptions set forth in the Part I,  
line 25, column (d), instructions. If an amount isn't reportable in  
the amount column, then report it in the column describing the  
program-related investment.  
10. Provide technical assistance to grantees and other  
charitable organizations. This assistance must have significance  
beyond the purposes of the grants made to the grantees and  
must not consist merely of monitoring or advising the grantees in  
their use of the grant funds. Technical assistance involves the  
furnishing of expert advice and related assistance regarding, for  
example:  
Investments consisting of loans to individuals (such as  
educational loans) aren't required to be listed separately but may  
be grouped with other program-related investments of the same  
type. Loans to other section 501(c)(3) organizations and all other  
types of program-related investments must be listed separately  
on lines 1 through 3 or on an attachment.  
a. Compliance with governmental regulations,  
b. Reducing operating costs or increasing program  
accomplishments,  
c. Fundraising methods, and  
d. Maintaining complete and accurate financial records.  
Lines 1 and 2. List the two largest program-related investments  
made by the foundation in 2023, if any, whether or not the  
investments were still held by the foundation at the end of the  
year. If none, enter “NONE.”  
Report both direct and indirect expenses in the expense  
totals. Direct expenses are those that can be specifically  
identified as connected with a particular activity. These include,  
among others, compensation and travel expenses of employees  
and officers directly engaged in an activity, the cost of materials  
and supplies utilized in conducting the activity, and fees paid to  
outside firms and individuals in connection with a specific  
activity.  
Line 3. Combine all other program-related investments and  
enter the total on line 3 in the Amount column. List the individual  
investments or groups of investments included (attach a  
schedule, if necessary).  
Indirect (overhead) expenses are those that aren't specifically  
identified as connected with a particular activity but that relate to  
the direct costs incurred in conducting the activity. Examples of  
indirect expenses include:  
The total of lines 1 through 3 in the Amount column must  
equal the amount reported on line 1b of Part XI.  
TIP  
Part IX. Minimum Investment Return  
Occupancy expenses;  
Supervisory and clerical compensation;  
Repair, rental, and maintenance of equipment;  
Expenses of other departments or cost centers (such as  
Who must complete this section? All domestic foundations  
must complete Part IX.  
Foreign foundations that checked Item D2 in the Heading  
section don’t have to complete Part IX unless claiming status as  
a private operating foundation.  
accounting, personnel, and payroll departments or units) that  
service the department or function that incurs the direct  
expenses of conducting an activity; and  
Other applicable general and administrative expenses,  
Private operating foundations described in section 4942(j)(3)  
including the compensation of top management, to the extent  
reasonably allocable to a particular activity.  
or 4942(j)(5) must complete Part IX in order to complete Part XIII.  
Overview. A private foundation that isn't a private operating  
foundation must pay out, as qualifying distributions, its  
distributable amount, as determined in Part X. The distributable  
amount is the minimum investment return with certain  
No specific method of allocation is required. The method  
used, however, must be reasonable and must be used  
consistently.  
adjustments. An organization’s minimum investment return, as  
determined in Part IX, is 5% of the total fair market value (less  
acquisition indebtedness) of its noncharitable-use assets.  
Examples of acceptable allocation methods include:  
Compensation allocated on a time basis;  
Employee benefits allocated on the basis of direct salary  
Minimum investment return. In figuring the minimum  
investment return, include only those assets that aren't actually  
used or held for use by the organization for a charitable,  
educational, or other similar function that contributed to the  
charitable status of the foundation. Cash on hand and on deposit  
is considered used or held for use for charitable purposes only to  
the extent of the reasonable cash balances reported in Part IX,  
line 4. See the instructions for lines 1b and 4, later.  
Assets held for the production of income or for investment  
aren't considered to be used directly for charitable functions  
even though the income from the assets is used for charitable  
functions. It is a factual question whether an asset is held for the  
production of income or for investment rather than used or held  
for use directly by the foundation for charitable purposes.  
expenses;  
Travel, conference, and meeting expenses charged directly to  
the activity that incurred the expense;  
Occupancy expenses allocated on a space-utilized basis; and  
Other indirect expenses allocated on the basis of direct salary  
expenses or total direct expenses.  
Part VIII-B. Summary of  
Program-Related Investments  
Program-related investment. Section 4944(c) and  
corresponding regulations define a program-related investment  
as one that is made primarily to accomplish a charitable purpose  
of the foundation and no substantial purpose of which is to  
produce investment income or a capital gain from the sale of the  
investment. Examples of program-related investments include  
educational loans to individuals and low-interest loans to other  
section 501(c)(3) organizations.  
For example, an office building used to provide offices for  
employees engaged in managing endowment funds for the  
foundation isn't considered an asset used for charitable  
purposes.  
Dual-use property. When property is used both for  
charitable and other purposes, the property is considered used  
entirely for charitable purposes if 95% or more of its total use is  
for that purpose. If less than 95% of its total use is for charitable  
purposes, a reasonable allocation must be made between  
charitable and noncharitable uses.  
General instructions. Report all program-related investments  
made in the current tax year. Don't report any investments made  
in a prior year even if they were still held by the foundation in the  
current tax year.  
Report in the amount column only the amounts of  
program-related investments that may be treated as qualifying  
31  
Instructions for Form 990-PF (2023)  
       
Excluded property. Certain assets are excluded entirely  
from the computation of the minimum investment return. These  
include pledges of grants and contributions to be received in the  
future and future interests in estates and trusts.  
The qualified person may not be a disqualified person (see C.  
Definitions, earlier) with respect to the private foundation or an  
employee of the foundation.  
Commonly accepted valuation methods must be used in  
making the appraisal. A valuation based on acceptable methods  
of valuing property for federal estate tax purposes will be  
considered acceptable.  
The appraisal must include a closing statement that, in the  
appraiser's opinion, the appraised assets were valued according  
to valuation principles regularly employed in making appraisals  
of such property, using all reasonable valuation methods. The  
foundation must keep a copy of the independent appraisal for its  
records. If a valuation is reasonable, the foundation may use it for  
the tax year for which the valuation is made and for each of the 4  
following tax years.  
Any valuation of real estate by a certified, independent  
appraisal may be replaced during the 5-year period by a  
subsequent 5-year certified, independent appraisal or by an  
annual valuation as described above. The most recent valuation  
should be used to figure the foundation's minimum investment  
return.  
If the valuation is made according to the above rules, the IRS  
will continue to accept it during the 5-year period for which it  
applies even if the actual fair market value of the property  
changes during the period. For specific rules, see Regulations  
section 53.4942(a)-2(c)(4)(iv)(b).  
Valuation date. An asset required to be valued annually may  
be valued as of any day in the private foundation's tax year,  
provided the foundation values the asset as of that date in all tax  
years. However, a valuation of real estate determined on a  
5-year basis by a certified, independent appraisal may be made  
as of any day in the first tax year of the foundation to which the  
valuation applies.  
Line 1a. Average monthly fair market value of securities. If  
market quotations are readily available, a foundation may use  
any reasonable method to determine the average monthly fair  
market value of securities such as common and preferred stock,  
bonds, and mutual fund shares, as long as that method is  
consistently used. For example, a value for a particular month  
might be determined by the closing price on the first or last  
trading days of the month or an average of the closing prices on  
the first and last trading days of the month. Market quotations are  
considered readily available if a security is any of the following.  
Listed on an exchange in which quotations appear on a daily  
basis, including foreign securities listed on a recognized foreign  
national or regional exchange.  
Regularly traded in the national or regional over-the-counter  
market for which published quotations are available.  
Locally traded, for which quotations can be readily obtained  
from established brokerage firms.  
If securities are held in trust for, or on behalf of, a foundation  
by a bank or other financial institution that values those  
securities periodically using a computer pricing system, a  
foundation may use that system to determine the value of the  
securities. The system must be acceptable to the IRS for federal  
estate tax purposes.  
The foundation may reduce the fair market value of securities  
only to the extent that it can establish that the securities could  
only be liquidated in a reasonable period of time at a price less  
than the fair market value because of:  
The size of the block of the securities,  
The fact that the securities held are securities in a closely held  
corporation, or  
Assets held for less than a tax year. To determine the  
value of an asset held less than 1 tax year, divide the number of  
days the foundation held the asset by the number of days in the  
tax year. Multiply the result by the fair market value of the asset.  
The fact that the sale of the securities would result in a forced  
or distress sale.  
Any reduction in value allowed under these provisions may  
not be more than 10% of the fair market value (determined  
without regard to any reduction in value).  
Also, see Regulations sections 53.4942(a)-2(c)(4)(i)(b), (c),  
and (iv)(a), relating to the rules summarized above and to the  
general rules for valuing other assets.  
Line 1e. Reduction claimed for blockage or other factors. If  
the fair market value of any securities, real estate holdings, or  
other assets reported on lines 1a and 1c reflects a blockage  
discount, marketability discount, or other reduction from full fair  
market value because of the size of the asset holding or any  
other factor, enter on line 1e the aggregate amount of the  
discounts claimed. Attach an explanation that includes the  
following information for each asset or group of assets involved.  
Line 1b. Average of monthly cash balances. Figure cash  
balances on a monthly basis by averaging the amount of cash on  
hand on the first and last days of each month. Include all cash  
balances and amounts that may be used for charitable purposes  
set aside and taken as a qualifying distribution (see Part XI.  
1. A description of the asset or asset group (for example,  
20,000 shares of XYZ, Inc., common stock).  
2. For securities, the percentage of the total issued and  
outstanding securities of the same class that is represented by  
the foundation's holding.  
Line 1c. Fair market value of all other assets. The  
foundation must report on line 1c the value of all assets other  
than charitable-use assets, publicly traded securities, cash, and  
certain “excluded assets” described in Regulations section  
53.4942(a)-2(c)(2). The foundation must value the assets  
reported on line 1c annually, except that real estate may be  
valued every 5 years if the independent appraisal procedures  
discussed under 5-year valuation below are followed.  
Alternatively, an annual valuation may be made by private  
foundation employees or by any other person even if that person  
is a disqualified person. If the IRS accepts an annual valuation, it  
is valid only for the tax year for which it is made. A new valuation  
is required for the next tax year.  
3. The fair market value of the asset or asset group before  
any claimed blockage discount or other reduction.  
4. The amount of the discount claimed.  
5. A statement that explains why the claimed discount is  
appropriate in valuing the asset or group of assets for section  
4942 purposes.  
In the case of securities, there are certain limitations on the  
size of the reduction in value that can be claimed. See the  
instructions for Part IX, line 1a.  
Line 2. Acquisition indebtedness. Enter the total acquisition  
indebtedness that applies to assets included on line 1. For  
details, see section 514(c)(1).  
5-year valuation. A written, certified, and independent  
appraisal of the fair market value of any real estate, including any  
improvements, may be determined on a 5-year basis by a  
qualified person.  
Line 4. Cash deemed held for charitable activities.  
Foundations may exclude from the assets used in the minimum  
investment return computation the reasonable cash balances  
32  
Instructions for Form 990-PF (2023)  
 
necessary to cover current administrative expenses and other  
normal and current disbursements directly connected with the  
charitable, educational, or other similar activities. The amount of  
cash that may be excluded is generally 1.5% of the fair market  
value of all assets (minus any acquisition indebtedness) as  
figured in Part IX, line 3. However, if under the facts and  
circumstances an amount larger than the deemed amount is  
necessary to pay expenses and disbursements, then you may  
enter the larger amount instead of 1.5% of the fair market value  
on line 4. If you use a larger amount, attach an explanation.  
paid for the specific project within 60 months from the date of the  
first set-aside and meets (1) or (2) below.  
1. The project can be better accomplished by a set-aside  
than by the immediate payment of funds (suitability test).  
2. The private foundation meets the requirements of section  
4942(g)(2)(B)(ii) (cash distribution test).  
Set-aside under item 1. For any set-aside under (1) above,  
the private foundation must apply for IRS approval by the end of  
the tax year in the amount of the set-aside. The request for  
approval is submitted with Form 8940, Request for  
Line 6. Short tax periods. If the foundation's tax period is less  
than 12 months, determine the applicable percentage by dividing  
the number of days in the short tax period by 365 (or 366 in a  
leap year). Multiply the result by 5% (0.05). Then multiply the  
modified percentage by the amount on line 5 and enter the result  
on line 6.  
Miscellaneous Determination, under sections 507, 509(a), 4940,  
4942, 4945, and 6033. The Instructions for Form 8940 provide  
what information is required to be included with the set-aside  
ruling request. Submit the completed Form 8940, user fee  
payment, and all other required information as directed in the  
Instructions for Form 8940.  
Set-aside under item 2. For any set-aside under (2) above,  
the private foundation must attach a schedule to its annual  
information return showing how the requirements are met. A  
schedule is required for the year of the set-aside and for each  
subsequent year until the set-aside amount has been distributed.  
See Regulations section 53.4942(a)-3(b)(7)(ii) for specific  
requirements.  
Part X. Distributable Amount  
If the organization is claiming status as a private operating  
foundation described in section 4942(j)(3) or (j)(5) or if it is a  
foreign foundation that checked Item D2 in the Heading section  
on page 1, check the box in the Heading section for Part X. You  
don't need to complete this part. See the Part XIII instructions for  
more details on private operating foundations.  
Part XII. Undistributed Income  
Section 4942(j)(5) foundations are classified as private  
operating foundations for purposes of section 4942 only if they  
meet the requirements of Regulations section 53.4942(b)-1(a)  
(2).  <