Instructions For Form 990-Pf - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - 2001 Page 20
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301. All the facts regarding the incorrect
not treated as a taxable expenditure
etc., want the Internal Revenue Service to
valuation of assets and
under section 4945.
contact them.
2. The actions taken (or planned) to
Also include on this list, any officers or
For purposes of the section 4955 tax,
comply with section 4942(a)(2)(B), (C),
directors (or any person who had
when an organization promotes a
and (D) and the related regulations.
responsibilities or powers similar to those
candidate for public office (or is used or
of officers or directors) of a disregarded
controlled by a candidate or prospective
Line 3a. A private foundation is not
entity owned by the foundation who are
candidate), amounts paid or incurred for
treated as having excess business
not officers, directors, etc., of the
the following purposes are political
holdings in any enterprise if, together with
foundation.
expenditures:
related foundations, it owns 2% or less of
If the foundation (or disregarded entity)
1. Remuneration to the individual (or
the voting stock and 2% or less in value
pays any other person, such as a
candidate or prospective candidate) for
of all outstanding shares of all classes of
management services company, for the
speeches or other services.
stock. (See “disqualified person” under
services provided by any of the
2. Travel expenses of the individual.
General Instruction C.) A similar
foundation’s officers, directors, or trustees
3. Expenses of conducting polls,
exception applies to a beneficial or profits
(or any person who had responsibilities or
surveys, or other studies, or preparing
interest in any business enterprise that is
powers similar to those of officers,
papers or other material for use by the
a trust or partnership.
directors, or trustees), report the
individual.
For more information about excess
compensation and other items on Part
4. Expenses of advertising, publicity,
business holdings, see Pub. 578 and the
VIII as if you had paid the officers, etc.,
and fundraising for such individual.
instructions for Form 4720.
directly.
5. Any other expense that has the
Line 4 — Taxes on investments that
primary effect of promoting public
Show all forms of compensation
jeopardize charitable purposes. In
recognition or otherwise primarily
earned by each listed officer, etc. In
general, an investment that jeopardizes
accruing to the benefit of the individual.
addition to completing Part VIII, if you
any of the charitable purposes of a private
want to explain the compensation of one
See the regulations under section
foundation is one for which a foundation
or more officers, directors, and trustees,
4945 for more information.
manager did not exercise ordinary
you may provide an attachment
business care to provide for the long- and
Line 5b. If you answered “Yes” to any of
describing the person’s entire 2001
short-term financial needs of the
the questions in 5a, you should answer
compensation package.
foundation in carrying out its charitable
“Yes” to 5b unless all of the transactions
Enter zero in columns (c), (d), and (e)
purposes. For more details, see Pub. 578
engaged in were “excepted” transactions.
if no compensation was paid. Attach a
and the regulations under section 4944.
Excepted transactions are described in
schedule if more space is needed.
Regulations section 53.4945 or appear in
Line 5 — Taxes on taxable
Column (b). A numerical estimate of
Notices published in the Internal Revenue
expenditures and political
the average hours per week devoted to
Bulletin, relating to disaster assistance.
expenditures. In general, payments
the position is required for the answer to
made for the activities described on lines
Line 6b. Check “Yes” if, in connection
be considered complete.
5a(1) – (5) are taxable expenditures. See
with any transfer of funds to a private
Phrases such as “as needed” or
Pub. 578 for exceptions.
foundation, the foundation directly or
!
“as required” are unacceptable
A grant by a private foundation to a
indirectly pays premiums on any personal
entries for column (b).
CAUTION
public charity is not a taxable expenditure
benefit contract, or there is an
Column (c). Enter salary, fees,
if the private foundation does not earmark
understanding or expectation that any
bonuses, and severance payments
the grant for any of the activities
person will directly or indirectly pay these
received by each person listed. Include
described in lines 5a(1) – (5), and there is
premiums.
current year payments of amounts
no oral or written agreement by which the
Report the premiums it paid and the
reported or reportable as deferred
grantor foundation may cause the grantee
premiums paid by others, but treated as
compensation in any prior year.
to engage in any such prohibited activity
paid by the private foundation, on Form
or to select the grant recipient.
Column (d). Include all forms of
8870 and pay the excise tax (which is
deferred compensation and future
Grants made to exempt operating
equal to premiums paid) on Form 4720.
severance payments (whether or not
foundations (as defined in section
For more information, see Form 8870
funded or vested, and whether or not the
4940(d)(2) and the instructions to Part VI)
and Notice 2000-24, 2000-17 I.R.B. 952
deferred compensation plan is a qualified
are not subject to the expenditure
(April 24, 2000).
plan under section 401(a)). Include
responsibility provisions of section 4945.
payments to welfare benefit plans
Under section 4955, a section
Part VIII—Information
(employee welfare benefit plans covered
501(c)(3) organization must pay an excise
by Part I of Title 1 of ERISA, providing
About Officers, Directors,
tax for any amount paid or incurred on
benefits such as medical, dental, life
behalf of or opposing any candidate for
Trustees, Foundation
insurance, apprenticeship and training,
public office. The organization must pay
scholarship funds, severance pay,
an additional excise tax if it does not
Managers, Highly Paid
disability, etc.) on behalf of the officers,
correct the expenditure timely.
etc. Reasonable estimates may be used if
Employees, and
A manager of a section 501(c)(3)
precise cost figures are not readily
Contractors
organization who knowingly agrees to a
available.
political expenditure must pay an excise
Unless the amounts are reported in
Line 1 — List of officers, directors,
tax unless the agreement is not willful and
column (c), report, as deferred
trustees, etc. List the names, addresses,
there is reasonable cause. A manager
compensation in column (d), salaries and
and other information requested for those
who does not agree to a correction of the
other compensation earned during the
who were officers, directors, and trustees
political expenditure may have to pay an
period covered by the return, but not yet
(or any person who had responsibilities or
additional excise tax.
paid by the date the foundation files its
powers similar to those of officers,
A section 501(c)(3) organization will
return.
directors, or trustees) of the foundation at
lose its exempt status if it engages in
any time during the year. Each must be
Column (e). Enter both taxable and
political activity.
listed whether or not they receive any
nontaxable fringe benefits, expense
A political expenditure that is treated
compensation from the foundation. Give
account and other allowances (other than
as an expenditure under section 4955 is
the preferred address at which officers,
de minimis fringe benefits described in
-20-
Form 990-PF Instructions
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