Instructions For Form 990-Pf - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - 2001 Page 19
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30organization and not subject to this
However, if the state law does not
3. The aggregate contributions made
withholding, the organization can claim
apply to a governing instrument that
by the person, and related persons, are
credit for the amount withheld.
contains mandatory directions conflicting
determined by the IRS to be insignificant
with any of its requirements and the
compared to the aggregate amount of
Do not claim erroneous backup
!
organization has such mandatory
contributions to the foundation by any
withholding on line 6d if you claim
directions in its governing instrument,
other person and the appreciated value of
it on Form 990-T.
CAUTION
then the organization has not satisfied the
contributions held by the foundation.
Line 8 — Penalty. Enter any penalty for
requirements of section 508(e) by the
The term related person includes any
underpayment of estimated tax shown on
operation of that legislation.
other person who would be a disqualified
Form 2220. Form 2220 is used by both
Line 8a. In the space provided list all
person because of a relationship with the
corporations and trusts.
states:
substantial contributor (section 4946).
Line 9 — Tax due. Domestic foundations
When the substantial contributor is a
1. To which the organization reports in
should see General Instruction P.
corporation, the term also includes any
any way about its organization, assets, or
All foreign organizations should
officer or director of a corporation. The
activities and
enclose a check or money order (in U.S.
term “substantial contributor” does not
2. With which the organization has
funds), made payable to the United
include public charities (organizations
registered (or which it has otherwise
States Treasury, with Form 990-PF.
described in section 509(a)(1), (2), or (3)).
notified in any manner) that it intends to
be, or is, a charitable organization or that
Line 11 — Public inspection
Part VII-A—Statements
it is, or intends to be, a holder of property
requirements and web site address. All
Regarding Activities
devoted to a charitable purpose.
domestic private foundations (including
section 4947(a)(1) nonexempt charitable
Each question in this section must be
Attach a separate list if you need more
trusts treated as private foundations) are
answered “Yes,” “No,” or “N/A” (not
space.
subject to the public inspection
applicable).
Line 9. If the organization claims status
requirements. See General Instruction Q
Line 1. Political purposes include, but are
as a private operating foundation for 2001
for information on making the foundation’s
not limited to: directly or indirectly
and, in fact, meets the private operating
annual returns and exemption application
accepting contributions or making
foundation requirements for that year (as
available for public inspection.
payments to influence the selection,
reflected in Part XIV), any excess
nomination, election, or appointment of
Enter the foundation’s web site
distributions carryover from 2000 or prior
any individual to any Federal, state, or
address if the the foundation has a web
years may not be carried over to 2001 or
local public office or office in a political
site. Otherwise, enter “N/A.”
any year after 2001 in which it does not
organization, or the election of
Line 13 — Section 4947(a)(1) trusts.
meet the private operating foundation
presidential or vice presidential electors,
requirements. See the instructions for
Section 4947(a)(1) nonexempt charitable
whether or not the individual or electors
Part XIII.
trusts that file Form 990-PF instead of
are actually selected, nominated, elected,
Form 1041 must complete this line. The
Line 10 — Substantial contributors. If
or appointed.
trust should include exempt-interest
you answer “Yes,” attach a schedule
Line 3. A “conformed” copy of an
dividends received from a mutual fund or
listing the names and addresses of all
organizational document is one that
other regulated investment company as
persons who became substantial
agrees with the original document and all
well as tax-exempt interest received
contributors during the year.
its amendments. If copies are not signed,
directly.
attach a written declaration signed by an
The term substantial contributor
officer authorized to sign for the
Part VII-B—Activities for
means any person whose contributions or
organization, certifying that they are
bequests during the current tax year and
Which Form 4720 May Be
complete and accurate copies of the
prior tax years total more than $5,000 and
original documents.
are more than 2% of the total
Required
contributions and bequests received by
Line 6. For a private foundation to be
The purpose of these questions is to
the foundation from its creation through
exempt from income tax, its governing
determine if there is any initial excise tax
the close of its tax year. In the case of a
instrument must include provisions that
due under sections 170(f)(10),
trust, the term “substantial contributor”
require it to act or refrain from acting so
4941 – 4945, and section 4955. If the
also means the creator of the trust
as not to engage in an act of self-dealing
answer is “Yes” to question 1b, 1c, 2b,
(section 507(d)(2)).
(section 4941), or subject the foundation
3b, 4a, 4b, 5b, or 6b, complete and file
to the taxes imposed by sections 4942
The term person includes individuals,
Form 4720, unless an exception applies.
(failure to distribute income), 4943
trusts, estates, partnerships, associations,
Line 1 — Self-dealing. The activities
(excess business holdings), 4944
corporations, and other exempt
listed in 1a(1) – (6) are considered
(investments which jeopardize charitable
organizations.
self-dealing under section 4941 unless
purpose), and 4945 (taxable
Each contribution or bequest must be
one of the exceptions applies. See Pub.
expenditures). A private foundation may
valued at fair market value on the date it
578.
satisfy these section 508(e) requirements
was received.
either by express language in its
The terms “disqualified person” and
governing instrument or by application of
Any person who is a substantial
“foundation manager” are defined in
state law that imposes the above
contributor on any date will remain a
General Instruction C.
requirements on the foundation or treats
substantial contributor for all later periods.
Line 1b. If you answered “Yes” to any of
these requirements as being contained in
the questions in 1a, you should answer
However, a person will cease to be a
the governing instrument. If an
“Yes” to 1b unless all of the acts engaged
substantial contributor with respect to any
organization claims it satisfies the
in were “excepted” acts. Excepted acts
private foundation if:
requirements of section 508(e) by
are described in Regulations sections
operation of state law, the provisions of
1. The person, and all related
53.4941(d)-3 and 4 or appear in Notices
state law must effectively impose the
persons, made no contributions to the
published in the Internal Revenue
section 508(e) requirements on the
foundation during the 10-year period
Bulletin, relating to disaster assistance.
organization. See Rev. Rul. 75-38,
ending with the close of the taxable year;
1975-1 C.B.161, for a list of states with
2. The person, or any related person,
Line 2 — Taxes on failure to distribute
legislation that satisfies the requirements
was never the foundation’s manager
income. If you answer “No” to question
of section 508(e).
during this 10-year period; and
2b, attach a statement explaining:
-19-
Form 990-PF Instructions
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