Instructions For Form 990-Pf - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - Return Of Private Foundation Or Section 4947(A)(1) Nonexempt Charitable Trust Treated As A Private Foundation - Page 26
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31during a 4-year period consisting of the
should be in greater detail than merely
Part XIV—Private
tax year in question and the 3
classifying them as charitable,
Operating Foundations
immediately preceding tax years. It may
educational, religious, or scientific
also meet the tests based on the total of
activities.
All organizations that claim status as
all related amounts of income or assets
private operating foundations under
For example, use an identification
held, received, or distributed during that
such as:
section 4942(j)(3) or (5) for 2005 must
•
4-year period. A foundation may not use
Payments for nursing service,
complete Part XIV.
•
one method for satisfying the income test
For fellowships, or
Certain elderly care facilities (section
•
and another for satisfying one of the three
For assistance to indigent families.
4942(j)(5)). For purposes of section 4942
alternative tests. Thus, if a foundation
only, certain elderly care facilities may be
Entries such as “grant” or
meets the income test on the
classified as private operating
!
“contribution” under the column
3-out-of-4-year basis for a particular tax
foundations. To be so classified, they
titled Purpose of grant or
year, it may not use the 4-year
CAUTION
must be operated and maintained for the
contribution are unacceptable. See
aggregation method for meeting one of
principal purpose explained in section
Completed Example of Form 990-PF
the three alternative tests for that same
4942(j)(5) and also meet the endowment
found in Package 990-PF, Returns for
year.
test described below.
Private Foundations, for additional
In completing line 3c(3) of Part XIV
examples that describe the purpose of a
If the foundation is a section
under the aggregation method, the largest
grant or contribution.
4942(j)(5) organization, complete only
amount of support from an exempt
lines 1a, 1b, 2c, 2d, 2e, and 3b. Enter
Line 3a — Paid during year. List all
organization will be based on the total
“N/A” on all other lines in the Total column
contributions, grants, etc., actually paid
amount received for the 4-year period
for Part XIV.
during the year, including grants or
from any one exempt organization.
contributions that are not qualifying
Private operating foundation (section
A new private foundation must use the
4942(j)(3)). The term “private operating
distributions under section 4942(g).
aggregation method to satisfy the tests for
Include current year payments of
foundation” means any private foundation
its first tax year in order to be treated as a
set-asides treated as qualifying
that spends at least 85% of the smaller of
private operating foundation from the
its adjusted net income or its minimum
distributions in the current tax year or any
beginning of that year. It must continue to
prior year.
investment return directly for the active
use the aggregation method for its 2nd
conduct of the exempt purpose or
Line 3b — Approved for future
and 3rd tax years to maintain its status for
functions for which the foundation is
payment. List all contributions, grants,
those years.
organized and operated (the Income
etc., approved during the year but not
Test) and that also meets one of the three
Part XV—Supplementary
paid by the end of the year, including the
tests below.
unpaid portion of any current year
Information
1. Assets test. 65% or more of the
set-aside.
foundation’s assets are devoted directly
Complete this part only if the foundation
Part XVI-A—Analysis of
to those activities or functionally related
had assets of $5,000 or more at any time
businesses, or both. Or 65% or more of
during the year. This part does not apply
Income-Producing
the foundation’s assets are stock of a
to a foreign foundation that during its
corporation that is controlled by the
entire period of existence received
Activities
foundation, and substantially all of the
substantially all (85% or more) of its
In Part XVI-A, analyze revenue items that
assets of the corporation are devoted to
support (other than gross investment
are also entered in Part I, column (a),
those activities or functionally related
income) from sources outside the
lines 3 – 11, and on line 5b. Contributions
businesses.
United States.
reported on line 1 of Part I are not entered
2. Endowment test. The foundation
Line 2. In the space provided (or in an
in Part XVI-A. For information on
normally makes qualifying distributions
attachment, if necessary), furnish the
unrelated business income, see the
directly for the active conduct of the
required information about the
Instructions for Form 990-T and Pub. 598.
exempt purpose or functions for which it
organization’s grant, scholarship,
Columns (a) and (c). In column (a),
is organized and operated in an amount
fellowship, loan, etc., programs. In
enter a 6-digit business code, from the list
that is two-thirds or more of its minimum
addition to restrictions or limitations on
in the Instructions for Form 990-T, to
investment return.
awards by geographical areas, charitable
identify any income reported in column
3. Support test. The foundation
fields, and kinds of recipients, indicate
(b). In column (c), enter an exclusion
normally receives 85% or more of its
any specific dollar limitations or other
code, from the list on page 29, to identify
support (other than gross investment
restrictions applicable to each type of
any income reported in column (d). If
income as defined in section 509(e)) from
award the organization makes. This
more than one exclusion code is
the public and from five or more exempt
information benefits the grant seeker and
applicable to a particular revenue item,
organizations that are not described in
the foundation. The grant seekers will be
select the lowest numbered exclusion
section 4946(a)(1)(H) with respect to
aware of the grant eligibility requirements
code that applies. Also, if nontaxable
each other or the recipient foundation.
and the foundation should receive only
revenues from several sources are
Not more than 25% of the support (other
applications that adhere to these grant
reportable on the same line in column (d),
than gross investment income) normally
application requirements.
use the exclusion code that applies to the
may be received from any one of the
If the foundation only makes
largest revenue source.
exempt organizations and not more than
contributions to preselected charitable
one-half of the support normally may be
Columns (b), (d), and (e). For amounts
organizations and does not accept
received from gross investment income.
reported in Part XVI-A on lines 1 – 11,
unsolicited applications for funds, check
enter in column (b) any income earned
the box on line 2.
See regulations under section 4942 for
that is unrelated business income (see
the meaning of “directly for the active
Line 3. If necessary, attach a schedule
section 512). In column (d), enter any
conduct” of exempt activities for purposes
for lines 3a and 3b that lists separately
income earned that is excluded from the
of these tests.
amounts given to individuals and amounts
computation of unrelated business
given to organizations.
Complying with these tests. A
taxable income by Code section 512, 513,
foundation may meet the income test and
Purpose of grant or contribution.
or 514. In column (e), enter any related or
either the assets, endowment, or support
Entries under this column should reflect
exempt function income; that is, any
test by satisfying the tests for any 3 years
the grant’s or contribution’s purpose and
income earned that is related to the
-26-
Form 990-PF Instructions
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