Schedule N (Form 990 Or 990-Ez) - Liquidation, Termination, Dissolution, Or Significant Disposition Of Assets - 2015 Page 5
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Schedule N (Form 990 or 990-EZ) (2015)
Page
Line 6c. If the organization checked “Yes” on
2. One of a series of related dispositions or
• Asset sales made in the ordinary course of
line 6b, explain in Part III how the bond
events commenced in a prior year, that, when
the organization's exempt activities to
liabilities were discharged, defeased, or
combined, comprise more than 25 percent of
accomplish the organization's exempt
otherwise settled during the year. Also
the FMV of the organization’s net assets as of
purposes; for instance, gross sales of
provide an explanation if any bond liabilities
the beginning of the tax year when the first
inventory.
were discharged, defeased, or otherwise
disposition in the series was made. Whether a
• Grants or other assistance made in the
settled other than in accordance with the
significant disposition occurred through a
ordinary course of the organization's exempt
Code or applicable state law, or if the
series of related dispositions or events
activities to accomplish the organization's
organization did not discharge or defease any
depends on the facts and circumstances in
exempt purposes; for instance, the regular
of its bond liabilities. If the organization
each case.
charitable distributions of a United Way or
avoided the need for a defeasance of bonds,
A significant disposition of net assets may
other federated fundraising organization.
such as through the transfer of assets to
result from either an expansion or a
• A decrease in the value of net assets due to
another section 501(c)(3) organization, provide
contraction of operations. Examples of the
market fluctuation in the value of assets held
the name of the transferees of such assets,
types of transactions required to be reported
by the organization.
the CUSIP number of the bond issue, and a
in Part II as significant dispositions of net
description of the terms of such arrangements
• Transfers to a disregarded entity of which
assets include the following:
in Part III.
the organization is the sole member.
• Taxable or tax-free sales or exchanges of
An organization that completes
For purposes of Schedule N, “net assets”
exempt assets for cash or other consideration
Part I does not complete Part II.
means total assets less total liabilities. The
TIP
(such as a social club described in section
determination of a significant disposition of
501(c)(7) selling land or assets it had used to
net assets is made by reference to the FMV of
further its exempt purposes).
the organization’s net assets at the beginning
Part II. Sale, Exchange,
• Sales, contributions, or other transfers of
of the tax year (in the case of a series of
assets to establish or maintain a partnership,
Disposition, or Other Transfer of
related dispositions that commenced in a
joint venture, or a corporation (for-profit or
More Than 25 Percent of the
prior year, at the beginning of the tax year
nonprofit) regardless of whether such sales or
during which the first disposition was made).
Organization’s Assets
transfers are governed by section 721 or
Line 1. Refer to the instructions for Part I, line
section 351, and whether or not the transferor
If an organization answered “Yes” to Form
1, columns (a)–(g), earlier.
receives an ownership interest in exchange
990, Part IV, line 32 or Form 990-EZ, line 36,
for the transfer.
If there are more transactions to report in
because it made a significant disposition of
Part II than space available, Part II can be
net assets during the tax year, it must
• Sales of assets by a partnership or joint
duplicated to report the additional
complete Part II. A significant disposition of
venture in which the organization has an
transactions.
the organization’s net assets includes a sale,
ownership interest.
exchange, disposition, or other transfer of
Line 2. Refer to the instructions for Part I, line
• Transfers of assets pursuant to a
more than 25 percent of the FMV of its net
2, earlier.
reorganization in which the organization is a
assets during the tax year, regardless of
surviving entity.
Part III. Supplemental Information
whether the organization received full and
The following types of situations are not
adequate consideration. A significant
Use Part III to provide the narrative
required to be reported in Part II:
disposition of net assets involves:
information required in Part I, lines 2e, 3, and
• The change in composition of publicly
1. One or more dispositions during the
6c, and Part II, line 2e. Also use Part III to
traded securities held in an exempt
organization’s tax year amounting to more
provide additional narrative explanations and
organization’s passive investment portfolio.
than 25 percent of the FMV of the
descriptions as necessary to support or
organization’s net assets as of the beginning
supplement any responses in Part I or II.
of its tax year; or
Identify the specific part and line(s) that the
response supports. Part III may be duplicated
if more space is needed.
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