IRS Form 990-PF (Return of Private Foundation) is an annual tax filing used by private foundations to provide the IRS with information about their financial activities, governance, and compliance with tax regulations.
Please see our links at the end of this page for a video walkthrough of a sample Form 990-PF.
This form is used by both private nonoperating and operating foundations. A public charity does not file Form 990-PF. Instead, public charities file Form 990 (Return of Organization Exempt From Tax).
Purpose of Form 990-PF
- Financial Reporting: To report the foundation’s financial information, including income, expenses, assets, and liabilities.
- Compliance: To ensure compliance with tax laws and regulations governing private foundations.
- Public Disclosure: To provide transparency about the foundation’s operations, grants, and activities to the IRS and the public.
- Annual Filing: Form 990-PF must be filed annually, regardless of the amount of income or the level of activity.
- Due Date: The form is due on the 15th day of the 5th month after the end of the foundation’s accounting period. For calendar year filers, this is May 15.
Information Required on Form 990-PF (2022 version)
- Part I – Analysis of Revenue and Expenses. Details about the foundation’s income, expenses, changes in net assets, net investment income, and disbursements for charitable purposes.
- Part II – Balance Sheet. This section provides information on the foundation’s assets, liabilities, and net assets and also discloses the fair market value of the foundation’s assets at the end of the current year.
- Part III – Analysis of Changes in Net Assets or Fund Balances. A reconciliation of changes in net assets or fund balances from the beginning to the end of the year.
- Part IV – Capital Gains and Losses for Tax on Investment Income. Reporting information on capital gains and losses from the sale of investments. Information reported includes the name of the investment, cost basis, sale price, date acquired, date sold, and any depreciation allowed or allowable, if applicable.
- Part V – Excise Tax on Investment Income. The calculation of net investment income and any applicable excise tax on net investment income. Foundations can also report the amount of estimated tax paid, taxes paid with an extension request, or credits from prior years.
- Part VI – Excise Tax Based on Investment Income. Calculation of the excise tax owed based on the foundation’s net investment income.
- Part VI-A and VI-B – Statements Regarding Activities. Information about the foundation’s activities, including grants made, compliance with certain tax regulations, and lobbying activities.
- Part VII – Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors. Details about the foundation’s directors, officers, and key personnel.
- Part VIII-A and VIII-B – Summary of Direct Charitable Activities and Program-Related Investments. If the foundation is an operating foundation and conducts direct charitable activities, it must disclose those details in this section.
- Part IX – Minimum Investment Return. Calculation of the foundation’s minimum investment return which is the amount of assets the foundation must distribute each year. In general, private nonoperating foundations must distribute 5% of its net assets each year.
- Part X – Distributable Amount. Calculation of the amount the foundation is required to distribute to charities each year.
- Part XI – Qualifying Distributions. Information on qualifying distributions made to meet distribution requirements.
- Part XII – Undistributed Income. Calculation and reporting of any undistributed income from prior years and any excess distributions carried forward to subsequent tax years.
- Part XIII – Private Operating Foundations. This part is generally not applicable to nonoperating foundations.
- Part XIV – Supplementary Information. Detailed information on foundation managers, grants, and contributions made during the year, as well as grants pledged for disbursement in a later year.
- Part XV-A – Analysis of Income-Producing Activities. The foundation must disclose separate items of investment income, program service revenue, membership dues and assessments, and other income.
- Part XV-B – Relationship of Activities to the Accomplishment of Exempt Purpose. If the foundation generates any related or exempt function income, it must provide additional details on how those revenues contribute to the foundation’s exempt purpose.
- Part XVI – Information Regarding Transfers to and Transactions with Noncharitable Exempt Organizations. If the foundation engages in transactions with noncharitable organizations, it must disclose more details on the relationship.
- Schedule B – Schedule of Contributors. The foundation includes Schedule B to disclose those individuals and entities who made substantial contributions to the foundation during the tax year.
Video Tutorials on Form 990-PF
Please visit our channel for some video tutorials on Form 990-PF and related issues:
- Form 990-PF Tutorial for the 2022 Tax Year
- Form 990-T Tutorial for the 2022 Tax Year
- Form 990-T Tutorial for the 2023 Tax Year
Additional Information
Foundations can find more information in the Form 990-PF Instructions and on the IRS website.