Question 1

My foundation has recorded a zero gross revenue. Should I still need to complete Form-990 PF?

Accepted Answer

It is mandatory to file Form 990-PF return to the IRS even if your foundation has recorded zero gross revenue for the tax year and has undergone a loss on its investments.

Question 2

If my organization's tax-exempt status has been revoked, do I need to file Form 990-PF?

Accepted Answer

An organization's tax-exempt status will be automatically revoked by the IRS if it fails to file IRS Form 990-PF for three consecutive years.

Question 3

Can I file Form 990 or 990-EZ instead of Form 990-PF?

Accepted Answer

No, you cannot file Form 990 or 990-EZ instead of IRS Form 990-PF as form 990-PF is an information return that needs to be filed specifically by Private foundations.&#160;

Question 4

How do I amend a previously filed 990-PF return?

Accepted Answer

In ExpressTaxExempt, the user can file 990-PF amended return only if the original return was accepted through our e-file system.

Question 5

What is the cost to amend a Form 990-PF return?

Accepted Answer

The cost to amend Form 990-PF return is $49. The filing flow behaves the same as it is for the original return flow.

Question 6

What is a private non-operating foundation?

Accepted Answer

A private non-operating foundation is a foundation that grants money and distributes funds to other charitable organizations. These foundations contribute money for charitable purposes and make up for the vast majority of the private foundation community.

Question 7

What are non-operating private foundations?

Accepted Answer

The organizations that make 501(c)3 organizations to operate for them with the money they collect from other activities are called as non-operating private foundations. These organizations grant money to other charitable organizations rather than working on their own.

Question 8

What type of savings and temporary cash investments must be stated while filing Form 990-PF?

Accepted Answer

Investments, such as money market funds, commercial paper, certificates of deposit, and U.S. Treasury bills or other governmental obligations with a maturity period, only less than a year should be stated.

Question 9

What is a conformed copy?

Accepted Answer

A conformed copy is a copy that agrees with the organization's original document and all its amendments. If the copy isn't signed, the organization must attach a written declaration signed by an officer who is authorized to sign on behalf of the organization.

Question 10

What is the minimum investment return?

Accepted Answer

The distributable amount that includes assets that aren't used or held up for use by the organization for any charitable, educational, or other similar functions is called a minimum investment return.

Question 11

What must be listed as Program service revenue in Form 990-PF?

Accepted Answer

Program services are generally the activities conducted by the organization for the tax year. It also includes the organization's unrelated trade or business activities. For example, the investments (such as the interest earned on scholarship loans) can be defined as program services.&#160;

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