Instructions For Form 990-Pf - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - Internal Revenue Service - 2007 Page 20
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32Line 9. If the organization claims status
2. Interest (of profit or capital) in a
contract described above had been
as a private operating foundation for 2007
partnership, or
renewed with substantially similar terms.
and, in fact, meets the private operating
3. Beneficial interest of any other
Line 12 — Interest in insurance
foundation requirements for that year (as
entity.
contracts. Answer “Yes” if after August
reflected in Part XIV), any excess
17, 2006, but before August 17, 2008, the
The foundation must apply section 318
distributions carryover from 2006 or prior
foundation directly or indirectly acquired
in determining its ownership of stock in a
years may not be carried over to 2007 or
any applicable insurance contract that is a
corporation and use similar principles in
any year after 2007 even if it does not
part of a structured transaction involving a
determining its ownership interests in
meet the private operating foundation
pool of such contracts. If you answer
other entities.
requirements. See the instructions for
“Yes,” complete Forms 8921 and 8922.
Part XIII.
The foundation must attach the
An applicable insurance contract is
applicable schedules described below:
Line 10 — Substantial contributors. If
any life insurance, annuity, or endowment
you answer “Yes,” attach a schedule
1. If the foundation answered “Yes” to
contract in which an applicable exempt
listing the names and addresses of all
line 11a, and
organization and a person other than an
persons who became substantial
2. If at any time during the tax year,
applicable exempt organization have
contributors during the year.
the foundation made any loans or
directly or indirectly held an interest in the
transfers to a controlled entity, or
The term “substantial contributor”
contract (whether or not at the same
3. If at any time during the tax year,
means any person whose contributions or
time). However, an applicable insurance
the foundation received any transfers of
bequests during the current tax year and
contract does not include any life
funds or payments (received or accrued)
prior tax years total more than $5,000 and
insurance, annuity, or endowment
from a controlled entity, including, but not
are more than 2% of the total
contract if:
limited to, interest, annuities, royalties,
contributions and bequests received by
1. All persons directly or indirectly
rents, dividends, fees, or other payments
the foundation from its creation through
holding any interest in the contract (other
for services, contributions to capital, and
the close of its tax year. In the case of a
than applicable exempt organizations)
loans.
trust, the term “substantial contributor”
have an insurable interest in the insured
also means the creator of the trust
under the contract independent of any
Attached schedule for transfers to
(section 507(d)(2)(A)).
interest of an applicable exempt
controlled entities. If at any time during
organization in the contract, or
The term “person” includes individuals,
the tax year, the foundation made any
2. The sole interest in the contract of
trusts, estates, partnerships, associations,
loans or transfers to a corporation,
an applicable exempt organization or
corporations, and other exempt
partnership, or other entity, which it
each person other than an applicable
organizations.
controlled within the meaning of section
exempt organization is as a named
512(b)(13), attach a schedule using the
Each contribution or bequest must be
beneficiary, or
format provided in the sample schedule
valued at fair market value on the date it
3. The sole interest in the contract of
below. In column (c), describe each loan
was received.
each person other than an applicable
or transfer. In column (d), enter the
Any person who is a substantial
exempt organization is:
amount for each loan or transfer to each
contributor on any date will remain a
controlled entity.
a. As a beneficiary of a trust holding
substantial contributor for all later periods.
an interest in the contract, but only if the
Attached schedule for transfers from
person’s designation as such beneficiary
However, a person will cease to be a
controlled entities. If at any time during
was made without consideration and
substantial contributor with respect to any
the tax year, the foundation received any
solely on a gratuitous basis, or
private foundation if:
transfers of funds or payments from a
b. As a trustee who holds an interest
controlled entity within the meaning of
1. The person, and all related
in the contract in a fiduciary capacity
section 512(b)(13), attach a schedule
persons, made no contributions to the
solely for the benefit of applicable
using the format provided in the sample
foundation during the 10-year period
organizations or persons described above
schedule below. In column (c), describe
ending with the close of the taxable year;
in 1, 2, or 3a. An applicable organization
each transfer or payment received,
2. The person, or any related person,
is the foundation and any organization to
including payment of interest, annuities,
was never the foundation’s manager
which contributions are deductible for
royalties, rents, dividends, fees or other
during this 10-year period; and
income tax, estate tax, or gift tax
payments for services, contributions to
3. The aggregate contributions made
purposes and Indian tribal governments.
capital, and loans. Also indicate whether
by the person, and related persons, are
such transfer or payment was a qualifying
determined by the IRS to be insignificant
Line 13 — Public inspection
specified payment. In column (d), enter
compared to the aggregate amount of
requirements and website address. All
the amount of each loan or transfer to
contributions to the foundation by any
domestic private foundations (including
each controlled entity.
other person and the appreciated value of
section 4947(a)(1) nonexempt charitable
contributions held by the foundation.
A qualifying specified payment is:
trusts treated as private foundations) are
any payment of interest, annuity, royalty
subject to the public inspection
The term “related person” includes any
or rent that is:
requirements. See General Instruction Q
other person who would be a disqualified
1. Received or accrued after
for information on making the foundation’s
person because of a relationship with the
December 31, 2005, and before January
annual returns and exemption application
substantial contributor (section 4946).
1, 2008, and
available for public inspection.
When the substantial contributor is a
2. Made under:
corporation, the term also includes any
Enter the foundation’s website address
a. A binding written contract that was
officer or director of the corporation. The
if the foundation has a website.
in effect on August 17, 2006; or
term “substantial contributor” does not
Otherwise, enter “N/A.”
b. A renewal contract, under
include public charities (organizations
Line 15 — Section 4947(a)(1) trusts.
substantially similar terms, of a contract
described in section 509(a)(1), (2), or (3)).
Section 4947(a)(1) nonexempt charitable
described in (a).
Line 11a. Answer “Yes” if at any time
trusts that file Form 990-PF instead of
during the tax year the foundation owned
Line 11b. Answer “Yes” if the foundation
Form 1041 must complete this line. The
a controlled entity. A controlled entity is
had a contract covering payments from a
trust should include exempt-interest
an entity in which the foundation owns
controlled entity of interest, annuities,
dividends received from a mutual fund or
more than 50% of the:
royalties, or rents, but only if the contract
other regulated investment company as
1. Stock (by vote or value) in a
was in writing, legally enforceable, and in
well as tax-exempt interest received
corporation,
effect on August 17, 2006; or if the
directly.
-20-
Form 990-PF Instructions
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