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 - 2004 Page 24
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30first tax year beginning after 1969 in
not be divided into two or more projects
for the circumstances under which a
which a repayment of loan principal is
covering periods of no more than 60
second-tier tax could be imposed.
made and for each tax year after that in
months each.)
Line 1 — Distributable amount. Enter
which any repayment of loan principal is
the distributable amount for 2004 from
Set-aside under item 2. For any
made. The statement should show:
Part XI, line 7.
set-aside under 2 above, the private
•
The lender’s name and address,
•
foundation must attach a schedule to its
Line 2 — Undistributed income. Enter
The amount borrowed,
annual information return showing how
•
the distributable amount for 2003 and
The specific use of the borrowed funds,
the requirements are met. A schedule is
amounts for earlier years that remained
and
•
required for the year of the set-aside and
undistributed at the beginning of the 2004
The private foundation’s election to
for each subsequent year until the
tax year.
treat repayments of loan principal as
set-aside amount has been distributed.
Line 2b. Enter the amount of
qualifying distributions.
See Regulations section
undistributed income for years before
Line 1b — Program-related
53.4942(a)-3(b)(7)(ii) for specific
2003.
investments. Enter the total of the
requirements.
“Amount” column from Part IX-B. See the
Line 3 — Excess distributions
Line 5 — Reduced tax on investment
carryover to 2004. If the foundation has
Part IX-B instructions for the definition of
income under section 4940(e). If the
program-related investments.
made excess distributions out of corpus in
organization does not qualify for the 1%
prior years, which have not been applied
Line 3 — Amounts set aside. Amounts
tax under section 4940(e), enter zero.
in any year, enter the amount for each
set aside may be treated as qualifying
See Parts V and VI of the instructions.
year. Do not enter an amount for a
distributions only if the private foundation
particular year if the organization was a
establishes to the satisfaction of the IRS
Part XIII—Undistributed
private operating foundation for any later
that the amount will be paid for the
year.
specific project within 60 months from the
Income
date of the first set-aside and meets 1 or
Lines 3a through 3e. Enter the amount
If you checked box D2 on page 1, do not
2 below.
of any excess distribution made on the
fill in this part.
line for each year listed. Do not include
1. The project can be better
any amount that was applied against the
accomplished by a set-aside than by the
If the organization is a private
distributable amount of an earlier year or
immediate payment of funds (suitability
operating foundation for any of the years
that was already used to meet
test), or
shown in Part XIII, do not complete the
pass-through distribution requirements.
2. The private foundation meets the
portions of Part XIII that apply to those
(See the instructions for line 7.)
requirements of section 4942(g)(2)(B)(ii)
years. If there are excess qualifying
(cash distribution test).
distributions for any tax year, do not carry
Line 3f. This amount can be applied in
them over to a year in which the
2004.
Set-aside under item 1. For any
organization is a private operating
Line 4 — Qualifying distributions. Enter
set-aside under 1 above, the private
foundation or to any later year. For
the total amount of qualifying distributions
foundation must apply for IRS approval by
example, if a foundation made excess
made in 2004 from Part XII, line 4. The
the end of the tax year in which the
qualifying distributions in 2002 and
total of the amounts applied on lines 4a
amount is set aside. Send the application
became a private operating foundation in
through 4e is equal to the qualifying
for approval to the:
2004, the excess qualifying distributions
distributions made in 2004.
from 2002 could be applied against the
Internal Revenue Service
Line 4a. The qualifying distributions for
distributable amount for 2003 but not to
P.O. Box 27720
2004 are first used to reduce any
any year after 2003.
McPherson Station
undistributed income remaining from
The purpose of this part is to enable
Washington, DC 20038
2003. Enter only enough of the 2004
the foundation to comply with the rules for
qualifying distributions to reduce the 2003
The application for approval must give
applying its qualifying distributions for the
undistributed income to zero.
all of the following information:
•
year 2004. In applying the qualifying
The nature and purposes of the specific
Lines 4b and 4c. If there are any 2004
distributions, there are three basic steps.
project and the amount of the set-aside
qualifying distributions remaining after
1. Reduce any undistributed income
for which approval is requested,
reducing the 2003 undistributed income to
•
for 2003 (but not below zero).
The amounts and approximate dates of
zero, one or more elections can be made
2. The organization may use any part
any planned additions to the set-aside
under Regulations section
or all remaining qualifying distributions for
after its initial establishment,
53.4942(a)-3(d)(2) to apply all or part of
•
2004 to satisfy elections. For example, if
The reasons why the project can be
the remaining qualifying distributions to
undistributed income remained for any
better accomplished by the set-aside than
any undistributed income remaining from
year before 2003, it could be reduced to
by the immediate payment of funds,
years before 2003 or to apply to corpus.
•
zero or, if the foundation wished, the
A detailed description of the project,
Elections. To make these elections,
distributions could be treated as
including estimated costs, sources of any
the organization must file a statement
distributions out of corpus.
future funds expected to be used for
with the IRS or attach a statement, as
3. If no elections are involved, apply
completion of the project, and the
described in the above regulations
remaining qualifying distributions to the
location(s) (general or specific) of any
section, to Form 990-PF. An election
2004 distributable amount on line 4d. If
physical facilities to be acquired or
made by filing a separate statement with
the remaining qualifying distributions are
constructed as part of the project, and
the IRS must be made within the year for
•
greater than the 2004 distributable
A statement of an appropriate
which the election is made. Otherwise,
amount, the excess is treated as a
foundation manager that the amounts set
attach a statement to the Form 990-PF
distribution out of corpus on line 4e.
aside will actually be paid for the specific
filed for the year the election was made.
project within a specified period of time
Where to enter. If the organization
ending within 60 months after the date of
If for any reason the 2004 qualifying
elected to apply all or part of the
the first set-aside; or a statement
distributions do not reduce any 2003
remaining amount to the undistributed
explaining why the period for paying the
undistributed income to zero, the amount
income remaining from years before
amount set aside should be extended and
not distributed is subject to a 15% tax. If
2003, enter the amount on line 4b.
indicating the extension of time
the 2003 income remains undistributed at
requested. (Include in this statement the
the end of 2005, it could be subject again
If the organization elected to treat
reason why the proposed project could
to the 15% tax. Also, see section 4942(b)
those qualifying distributions as a
-24-
Form 990-PF Instructions
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