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 - 2008 Page 20
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32officer or director of the corporation. The
contract in which an applicable exempt
Line 1 — Self-dealing. The activities
term “substantial contributor” does not
organization and a person other than an
listed in 1a(1) – (6) are considered
include public charities (organizations
applicable exempt organization have
self-dealing under section 4941 unless
described in section 509(a)(1), (2), or (3)).
directly or indirectly held an interest in the
one of the exceptions applies. See www.
contract (whether or not at the same
irs.gov/charities/foundations/article/
Line 11. Answer “Yes” if at any time
time). However, an applicable insurance
0,,1d=137679,00.html.
during the tax year the foundation owned
contract does not include any life
a controlled entity. A controlled entity is
The terms “disqualified person” and
insurance, annuity, or endowment
an entity in which the foundation owns
“foundation manager” are defined in
contract if:
more than 50% of the:
General Instruction C.
1. All persons directly or indirectly
1. Stock (by vote or value) in a
Line 1b. If you answered “Yes” to any of
holding any interest in the contract (other
corporation,
the questions in 1a, you should answer
than applicable exempt organizations)
2. Interest (of profit or capital) in a
“Yes” to 1b unless all of the acts engaged
have an insurable interest in the insured
partnership, or
in were “excepted” acts. Excepted acts
under the contract independent of any
3. Beneficial interest of any other
are described in Regulations sections
interest of an applicable exempt
entity.
53.4941(d)-3 and 4 or appear in Notices
organization in the contract, or
published in the Internal Revenue Bulletin
The foundation must apply section 318
2. The sole interest in the contract of
relating to disaster assistance.
in determining its ownership of stock in a
an applicable exempt organization or
Line 2b — Taxes on failure to distribute
corporation and use similar principles in
each person other than an applicable
income. If you answer “No” to question
determining its ownership interests in
exempt organization is as a named
2b, attach a statement explaining:
other entities.
beneficiary, or
•
All the facts regarding the incorrect
3. The sole interest in the contract of
The foundation must attach the
valuation of assets, and
each person other than an applicable
applicable schedules described below:
•
The actions taken (or planned) to
exempt organization is:
1. If the foundation answered “Yes” to
comply with section 4942(a)(2)(B), (C),
a. As a beneficiary of a trust holding
line 11, and
and (D) and the related regulations.
an interest in the contract, but only if the
2. If at any time during the tax year,
Line 3a. A private foundation is not
person’s designation as such beneficiary
the foundation made any loans or
treated as having excess business
was made without consideration and
transfers to a controlled entity, or
holdings in any enterprise if, together with
solely on a gratuitous basis, or
3. If at any time during the tax year,
related foundations, it owns 2% or less of
b. As a trustee who holds an interest
the foundation received any transfers of
the voting stock and 2% or less in value
in the contract in a fiduciary capacity
funds or payments (received or accrued)
of all outstanding shares of all classes of
solely for the benefit of applicable
from a controlled entity, including, but not
stock. (See “disqualified person” under
organizations or persons described above
limited to, interest, annuities, royalties,
General Instruction C.) A similar
in 1, 2, or 3a. An applicable organization
rents, dividends, fees, or other payments
exception applies to a beneficial or profits
is the foundation and any organization to
for services, contributions to capital, and
interest in any business enterprise that is
which contributions are deductible for
loans.
a trust or partnership.
income tax, estate tax, or gift tax
Attached schedule for transfers to
purposes and Indian tribal governments.
For more information about excess
controlled entities. If at any time during
business holdings, see the instructions for
Line 13 — Public inspection
the tax year, the foundation made any
Form 4720.
requirements and website address. All
loans or transfers to a corporation,
Line 4 — Taxes on investments that
domestic private foundations (including
partnership, or other entity, which it
jeopardize charitable purposes. In
section 4947(a)(1) nonexempt charitable
controlled within the meaning of section
general, an investment that jeopardizes
trusts treated as private foundations) are
512(b)(13), attach a schedule using the
any of the charitable purposes of a private
subject to the public inspection
format provided in the sample schedule
foundation is one for which a foundation
requirements. See General Instruction Q
below. In column (c), describe each loan
manager did not exercise ordinary
for information on making the foundation’s
or transfer. In column (d), enter the
business care to provide for the long-and
annual returns and exemption application
amount for each loan or transfer to each
short-term financial needs of the
available for public inspection.
controlled entity.
foundation in carrying out its charitable
Enter the foundation’s website address
Attached schedule for transfers from
purposes. For more details, see the
if the foundation has a website.
controlled entities. If at any time during
regulations under section 4944.
Otherwise, enter “N/A.”
the tax year, the foundation received any
Line 5 — Taxes on taxable
transfers of funds or payments from a
Line 15 — Section 4947(a)(1) trusts.
expenditures and political
controlled entity within the meaning of
Section 4947(a)(1) nonexempt charitable
expenditures. In general, payments
section 512(b)(13), attach a schedule
trusts that file Form 990-PF instead of
made for the activities described on lines
using the format provided in the sample
Form 1041 must complete this line. The
5a(1) – (5) are taxable expenditures. Go to
schedule below. In column (c), describe
trust should include exempt-interest
each transfer or payment received,
dividends received from a mutual fund or
0,,id=137250,00.html.
including payment of interest, annuities,
other regulated investment company as
royalties, rents, dividends, fees or other
well as tax-exempt interest received
Except as discussed below, a grant by
payments for services, contributions to
directly.
a private foundation to a public charity is
capital, and loans. In column (d), enter
not a taxable expenditure if the private
Part VII-B—Activities for
the amount of each loan or transfer to
foundation does not earmark the grant for
each controlled entity.
any of the activities described in lines
Which Form 4720 May Be
5a(1) – (5), and there is no oral or written
Line 12 — Interest in insurance
Required
agreement by which the grantor
contracts. Answer “Yes” if after August
foundation may cause the grantee to
17, 2006, but before August 17, 2008, the
The purpose of these questions is to
engage in any such prohibited activity or
foundation directly or indirectly acquired
determine if there is any initial excise tax
to select the grant recipient.
any applicable insurance contract that is a
due under sections 170(f)(10),
part of a structured transaction involving a
4941 – 4945, 4955, 4958, 4966, and 4967.
Grants made to exempt operating
pool of such contracts. If you answer
If the answer is “Yes” to question 1b, 1c,
foundations (as defined in section
“Yes,” complete Forms 8921 and 8922.
2b, 3b, 4a, 4b, 5b, 6b, or 7b, complete
4940(d)(2) and the instructions to Part VI)
An applicable insurance contract is
and file Form 4720, unless an exception
are not subject to the expenditure
any life insurance, annuity, or endowment
applies.
responsibility provisions of section 4945.
-20-
Form 990-PF Instructions
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